FRANKFORT, Ky. — To help local company Kentucky Farmaceuticals, LLC develop their business and aid in job creation, Gov. Andy Beshear and the Department for Local Government announced Tuesday a $1 million Community Development Block Grant to Mount Vernon.
“Funding projects that bring jobs to our communities are critical for Kentuckians,” said Beshear. “I want to thank Mount Vernon and Kentucky Farmaceuticals, LLC for their commitment to job creation and industry development in their city.”
Kentucky Farmaceuticals, LLC specializes in storing and processing Kentucky-grown hemp for the purpose of cannabidiol (CBD) oil extraction and refinement. Mount Vernon will use the funding to purchase equipment to lease to the company so they can meet current industry needs and demands.
“It is always encouraging to see state grant funding come into Rockcastle County,” said Judge Executive Howell Holbrook. “With every endeavor comes the possibility for employment opportunities. We have to keep reaching for growth and economic development.”
The project is expected to create 50 full-time jobs over the first two years and the company’s products will be 100% Kentucky made. Beyond job creation, the company is expected to widely distribute their products to manufacturers in-state and nationwide.
“Everyone should have access to good-paying jobs in their communities,” said DLG Commissioner Dennis Keene. “Promoting opportunities for economic development, like this, is necessary to move our state forward.”
Senator Jared Carpenter expressed enthusiasm about the opportunities the funding will provide.
“These grant funds promote state-wide economic growth, create jobs and strengthen local communities,” said Senator Carpenter. “I look forward to Mount Vernon having the means necessary to be more competitive within Kentucky’s booming hemp industry.”