The Mesilla Valley Economic Development Alliance (MVEDA) and the City of Las Cruces joined Economic Development Department Cabinet Secretary Alicia J. Keyes in an announcement by 420 Valley, LLC to purchase a vacant 13,000-square-foot building in Las Cruces, New Mexico to process hemp into manufactured products such as oil, pens, edibles and topical ointments. The business is set to begin hiring employees in early 2020 who will earn an average of over $33,000 annually. The company’s payroll is expected to be $2 million in three years.
The company founders have already worked with farmers in Deming to successfully grow and harvest hemp in 2019 and are currently consulting with an indoor grow facility in Las Cruces and a manufacturing facility in Socorro, said 420 Valley co-founders Rick Morales and Scott Bannister, who have partnered in other Las Cruces-area businesses.
“The investment by the state will help us become an industry-leader in the blossoming extraction industry as well as create more than 50 jobs in Dona Ana County,” Morales said.
The New Mexico Economic Development Department has pledged to invest $400,000 in a hemp production and processing business in Las Cruces that will help farmers grow the plant and then manufacture from its ingredients. The $400,000 state investment comes from the Local Economic Development Act (LEDA), a closing fund established by the Legislature to help with business growth, relocation and expansion. The City of Las Cruces has also pledged $150,000 for the project.
Las Cruces Mayor Ken Miyagishima said the new hemp business will help the region become a national leader in hemp manufacturing. “We are excited to help support the growth of innovative local companies such as this one in Las Cruces that help to diversify our economy with well-paying job opportunities. Las Cruces is truly on the cusp of becoming a leader in growing a thriving industrial hemp industry.”
Technical assistance for the project was provided by the Mesilla Valley Economic Development Alliance (MVEDA). “This announcement not only further showcases the growing hemp industry in Las Cruces but also the opportunities the industry is creating for local entrepreneurs,” said MVEDA President Davin Lopez.
The announcement is the second major agricultural initiative funded by the EDD in Dona Ana County. In May the state pledged up to $2 million in assistance to Rich Global Hemp, which took over a greenhouse business in La Mesilla and plans to hire 180 employees.
LEDA grant money is tied to certain job-creation benchmarks and funds will be distributed to 420 Valley over a three-year period. The business has promised to have 55 employees by Dec. 31, 2023.
Media wishing to interview the business can contact rickmorales@msn.com or 703-906-1613.
Posted December 4, 2019
