A north Texas town courting a new hemp decortication facility has authorized $2.8 million worth of incentives to lure Panda Biotech to its town.
Wichita Falls officials say the potential processing site could draw some $90 million in investment from Panda Biotech and employ up to 50 people, the Wichita Falls Times Record reported.
The city council unanimously approved the incentives package Tuesday. The package includes:
- A $2 million, five-year forgivable loan.
- $350,000 cash if the company fulfills 50 positions.
- Relocation assistance for employees coming to the area.
- $150,000 for railroad-line improvements to ease transportation for hemp coming in and out of the plant.
Panda Biotech says its considering two other sites for its Texas decortication facility and will settle on a location in coming weeks.
Panda Biotech says it plans to install machinery capable of decorticating 10 tons of raw hemp an hour. The company also plans to cottonize the hemp fibers at the decortication facility.
Wichita Falls is about 150 miles northwest of Dallas.
