The New Mexico Economic Development Department is investing $200,000 in 420 Valley LLC, a Las Cruces-based hemp productions and processing plant, the agency announced on Wednesday. Officials say the commitment is part of plans to invest in sustainable agriculture and other economic sectors that can help diversify the state’s economy.
Gov. Lujan Grisham (D) said hemp and sustainable agriculture “are essential components” of the administration’s “mission to expand” the state’s economy. The funds will be distributed to 420 Valley over three years.
“We must think broader than one industry and one industry alone; we must create opportunity for New Mexico entrepreneurs and residents of all ages who are eager to find fulfilling work and launch sustainable careers. And through our Economic Development Department and other key initiatives we will do exactly that.” – Grisham, in a statement
420 Valley is a vertically integrated CBD products supplier, expected to hire 55 employees over three years who will earn an average salary of $33,000 per year, and the firm’s total payroll is expected to reach $2 million in three years. 420 Valley is set to begin hiring employees next year. The company has also signed an agreement to by a 13,000-square-foot building in Las Cruces, expecting to move in by January. 420 Valley Co-founder Rick Morales called the building “an eyesore” and the state investment will allow the firm to “make it usable and suitable.”
Las Cruces Mayor Ken Miyagishima said the business and state investment put the city “on the cusp of becoming a leader in growing a thriving industrial hemp industry.”
In May, the EDD pledged $2 million to Rich Global Hemp, which plans to hire 180 employees. In September, the agency dedicated $250,000 to New Mexico Hemp Services, a Santa Rosa-based industry job training business.
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