Memphis-Based CBD Company Receives $50K Grant from Tennessee
- A CBD company in the Memphis area has received $50,000 from the Tennessee Department of Agriculture in the form of a grant.
- The program funding the grant was put together in 2017 and has a focus on supporting agribusinesses that benefit the state.
- The company will be creating a variety of CBD products to take to market while also providing other businesses with bulk material.
Hemp2Lab, a CBD company in the Memphis area, has received a $50,000 grant from the Tennessee Department of Agriculture (TDA), more specifically a program called the Agriculture Enterprise Fund.
This program, created in 2017, aims to support agribusinesses that provide a positive impact for the state of Tennessee. To date, the Agriculture Enterprise Fund has dishes out around $4.3 million to different agribusinesses.
“Any way we can support economic development and job creation is a win for families, their communities, and the state,” state Gov. Bill Lee said in a release about the grant.
“TDA continues to be responsive to the needs of farmers and foresters who are, in turn, responsive to consumer demand,” Gov. Lee continued. “For many of these businesses, AEF grants mean they will secure greater access to consumer markets which goes a long way to strengthen the economy.”
Hemp2Lab began operations on September 1st after being founded in 2019, so the grant comes at a perfect time to help them hit the ground running. Their operations consist of providing businesses with bulk material, extraction, and producing private and white label CBD products. They also possess a multimillion-dollar licensing agreement with Easyriders, a motorcycle brand.
Hemp2Lab will be creating tinctures, cream, gummies, smokeables, beverages, vitamins, and pure sleep oil to take to market. They are confident in their ability to become a successful company, especially with the saturated CBD market taking a hit due to the economic ramifications of the Coronavirus pandemic.