ColorPoint KY to Fully Convert 1.8 Million Square Foot Kentucky Greenhouse Operation for Hemp Production, Merges Operations With AgTech Scientific
May 29, 2019 22:35 ET | Source: Color Point LLCphoto-release
PARIS, Ky., May 29, 2019 (GLOBE NEWSWIRE) -- ColorPoint KY, has transitioned to become a hemp only company and has merged operations with AgTech Scientific of Paris, KY. The fully vertically integrated hemp company will immediately become a leader of outdoor and indoor grown quality hemp products. The operations have been granted both a Hemp Grower License and Hemp Processor License from the Kentucky Department of Agriculture.
The companies met in 2017 and later formed a business relationship to produce clones beginning with the 2019 outdoor farming season. Additionally, a successful beta test of an indoor hemp grow in late 2018 led to a supply agreement between the companies that included agricultural processing, clones and an indoor grow during the summer season.
ColorPoint had been researching alternative crops for numerous years and after careful consideration approached AgTech Scientific in early 2019 to accelerate their relationship. The parties agreed that it was best to move forward with a merger of operations and to convert the entire greenhouse to premium hemp products.
Indoor Greenhouse & Facility Highlights:
AgTech Scientific Director of Communications Jessica Scott added, “The announcement today is the big next step for the hemp industry. AgTech and ColorPoint are committed to their people, appreciated by everyone, especially farmers. I have been in the industry for numerous years and I am more excited about the future today than ever before.”
ColorPoint, established in 2001, has grown to become the sixth largest commercial greenhouse operation in the United States producing over 80 Million high quality bedding plants for big box retailers in the Midwest. ColorPoint’s core strengths are producing high quality plants and tracking production and plant performance from root to shelf. These attributes, combined with an experienced growing team, logistic strengths and a premier industry management group have created an unparalleled ability to deliver superior products. ColorPoint, as of May 2019, has fully committed all operations to the production of quality indoor and outdoor hemp derived products.
For more information:
VP of Communications
About AgTech Scientific
The company was founded in 2015 by a small group of Canadians as a pet food research project. After an extensive search which concluded in early 2017, Paris, Kentucky was chosen as the company’s new home base due to local and state leadership within the hemp industry. AgTech, partnering with local farmers, grew over 80 acres of hemp in 2018 during the successful season. The company broke ground on a 50,000 square foot GMP standard manufacturing and extraction facility in October 2018 with a projected opening of August 2019. AgTech has partnered with ColorPoint, (the 6th largest commercial U.S. greenhouse) on numerous projects since 2018 and has merged operations with ColorPoint as of May 2019. The company has farm agreements in 2019 for 1500 prime acres and will grow 5,000,000+ plants. The 1,800,000 square foot next generation indoor hemp grow is expected to commence in June 2019 with continuous production, year after year.
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Director of Corporate Communications
Certain statements herein relating to the Company constitute “forward-looking statements” within the meaning of applicable securities laws, including without limitation, statements regarding future estimates, business plans and/or objectives, sales programs, forecasts and projections, assumptions, expectations, and/or beliefs of future performance, are “forward-looking statements”. Such “forward-looking statements” involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements. Forward-looking statements include, but are not limited to, statements with respect to commercial operations, including production and/or sales of medical marijuana, quantities of future medical marijuana production, anticipated revenues in connection with such sales, the overall projected size of the market, completion and/or expansion of production facilities, and other information that is based on forecasts of future results, estimates of production not yet determinable, and other key management assumptions. Actual results may differ materially from those expressed or implied by such forward-looking statements and involve risk and uncertainties relating to the Company’s historical experience with regulatory changes, timeliness of government approvals for the granting of permits and licenses, changes in medical marijuana prices, actual operating performance of facilities, and other uninsured risks. The Company assumes no responsibility to update or revise forward- looking information to reflect new events or circumstances unless required by law. Contents are provided for general information purposes only and do not constitute an offer to sell or a solicitation of an offer to buy any security in any jurisdiction. The information in this news release is qualified in its entirety.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0a64b9c1-1964-4079-8f8e-336b15efcdca
BOURBON COUNTY, Ky. (November 8, 2018) - When you think of Kentucky-made products, hemp doesn't quite have the brand recognition of bats or bourbon, but it could be poised to boom. AgTech Scientific recently broke ground on a 50,000-square-foot facility in Paris.
"We have the best farmers in the world right in Kentucky," AgTech spokeswoman Jessica Scott smiled. "And we’re so happy to be working alongside them."
AgTech Scientific breaks ground on 50,000 sq. ft. hemp production facility in Paris
Company has been working with handful of local farmers to produce in 2018
Once completed, Paris facility expected to employ 250 new workers
Read More: Spectrum News 1
FRANKFORT, Ky. (October 18, 2018) – Gov. Matt Bevin congratulated AgTech Scientific for breaking ground Thursday on a new facility to develop and manufacture hemp-based products in Paris. The facility is part of AgTech’s plan to work with Kentucky farmers to grow hemp and to partner with the University of Kentucky on research.
Read More: The Laine Report
PARIS, Ky. (October 18, 2018) – AgTech Scientific will break ground today on a new facility to develop and manufacture hemp-based products in Paris. The facility is part of AgTech’s plan to work with Kentucky farmers to grow hemp and to partner with the University of Kentucky on research.
The ceremony will take place in Paris, where AgTech is building a 50,000-square-foot, state-of-the-art structure on a 10-acre site in the Bourbon County Business Park, 333 Cleveland Drive at 12:30 p.m.
Read More: KYForward.com
FRANKFORT, Ky. (June 18, 2018) – The Department for Local Government (DLG) has approved funding for a $1 million Community Development Block Grant (CDBG) to Bourbon County Fiscal Court on behalf of the Paris-Bourbon County Economic Development Authority (PBCEDA). The federal funds will allow the development authority to purchase a Vitalis Extraction Machine, which will be leased to AgTech Scientific LLC, a diversified industrial hemp company.
Read More: kydlgweb.ky.gov
PARIS, Ky. (January 30, 2019) - A company called AgTech Scientific has big plans for an empty lot in Bourbon County, involving Kentucky farmers, the University of Kentucky and hemp.
The company plans to create 271 jobs through a new hemp-products development and manufacturing center in Paris.
Along with their own research, the company plans on partnering with UK's College of Agriculture to research the potential health benefits of hemp-based additives in pet and equine food.
Read More: WKYT
Paris, Ky (January 29, 2018) - AgTech Scientific plans to create 271 jobs at a new hemp-products development and manufacturing center in Paris, KY. The company will buy 10 acres and a 10-acre option in the Bourbon County Business Park to build a state-of-the-art, 50,000-square-foot facility, expected to open in 2018. AgTech’s $5 million-plus investment could grow in the future.
Read More: Business Facilities
Office of the Governor
FRANKFORT, Ky. (January 26, 2018) — AgTech Scientific plans to create 271 jobs at a new hemp-products development and manufacturing center in Paris as it forges relationships with Kentucky farmers and partners on research projects with the state’s flagship university, Gov. Matt Bevin announced Jan. 26.
“AgTech’s plans for Bourbon County put the company at the forefront of realizing Kentucky’s potential as an international leader in hemp production,” said Gov. Bevin. “The fact that their business plan includes groundbreaking research being performed at the University of Kentucky and mutually beneficial partnerships with our state’s farmers holds exciting possibilities for both industrial and agricultural hemp. This would not have been possible without last year’s efforts to better align state law with federal guidelines, which ensure hemp is grown and processed with the utmost transparency and under strict law enforcement supervision.”
Source: Kentucky Department of Agriculture