An investment firm is providing $2 million to a Georgia-based industrial hemp company to use for working capital and buying new equipment.
The firm, Advantage Capital, said the money will also allow GAXtracts to hire 30 people as the company expands.
GAXtracts CEO Don Barden said the investment will “provide much-needed jobs in the rural market.” GAXtracts is located in Watkinsville, about 70 miles east of Atlanta. The investment was made through a state program aimed at supporting agribusinesses in rural areas.
Advantage Capital, which has offices in St. Louis and New Orleans, would not disclose the terms of the company’s stake in GAXtracts.
GAXtracts’ primary focus is making CBD and hemp-derived products. Most recently, the company has also been producing medical grade hand sanitizer since the COVID-19 outbreak.
