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Home 🌿 Marijuana Business News 🌿 Pueblo hemp oil processing plant gets $8M in incentives 🌿

Pueblo hemp oil processing plant gets $8M in incentives

Submitted by Marijuana News on Tue, 10/27/2015 - 14:55

 

Pueblo’s city council on Monday voted 5-1 to extend nearly $8 million in incentives from the city’s half-cent economic development sales tax fund to help CBD Biosciences get its hemp-oil processing plant off the ground.

The Pueblo Development Foundation will spend $3 million to rehab a Boeing rocket assembly plant at Pueblo Airport Industrial Park that has been vacant since 2004. CBD Biosciences, a partnership of Denver-based O.penVape and Thar Process Inc., receive $4.89 million to help purchase equipment.

According to the agreement OK’d by the council, the company will create 163 new jobs by 2018 that will pay an average annual salary of $41.590, not including benefits.

According to KRDO TV, councilman Chris Nicoll voted against the proposal because he...

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