In 2020, Biodynamic Ventures plans to increase the acres of land under industrial hemp cultivation in Indiana. The announcement comes just weeks before its sister concern, BDX, starts a hemp extraction center in Westfield.
President and chief executive officer of Biodynamic Ventures, John Bales announced the plans of expansion of the company, “We plan to significantly increase our capacity in 2020, and already have selected strains that have a proven record of high performance in various climates and geographic locations.”
The firm basically processes the hemp obtained to produce CBD products that is used to treat chronic conditions by some people. Bales said, “Homegrown hemp never leaves Indiana, and ultimately, will serve consumers as our premium brand of Denver CBD product.” Along with this, they will also be packaging hemp oil that will be marketed by private label brands.
Partner firm BDX will be opening its hemp extraction facility later this month, where CBD oil will be extracted from the plant. Biodynamic last year announced its two-phased investment of $24 million to establish the production facility.
Biodynamic Ventures has partnered with Purdue University to acquire an industrial hemp license. This is a requirement mandated by the Indiana state laws; hemp fields are required to have a research component.
Bales projected, “Hemp is expected to be a $55 billion industry by 2025.”
Hemp cultivation began in Indiana just a year back. The Indiana-based Biodynamics had signed contracts with 21 cultivators who harvested around 400 acres of hemp.