AgTech Scientific closes historic $30,000,000 hemp business loan with BB&T Bank, now Truist Financial, one of the United States’ largest financial institutions
December 11th, 2019
PARIS, Ky., Dec. 10, 2019 (GLOBE NEWSWIRE) — AgTech Scientific owns and operates a 2,000,000 sq. ft. state-of-the-art greenhouse and ag-processing center in Paris, Kentucky. The company propagated and planted over 7,000,000 clones on over 1,800 acres with local farmers in 2019. The company successfully harvested over 2,700,000 pounds of high-grade extraction-ready biomass. AgTech designed and built its own industrial scale drying, stripping and milling technology to support the 2019 Harvest.
Recently, the USDA proposed new regulations to govern the hemp industry. The AgTech Farming First program and ag-processing model is well poised to adapt to the new regulations. Further, AgTech Scientific has been working on ground-breaking clinical research with leading universities since 2017 in the areas of dosing, efficacy and delivery methods.
The company has recently finished the construction of its 50,000 sq. ft. extraction and manufacturing facility located in the Bourbon County Business Park. AgTech will be able to supply true Root to Shelf™ products from its 24-7 continuous production environments where the company also plans to achieve GMP and ISO certification in the near term.
Truist’s Middle Market Banking Leader for Kentucky, Ohio and Indiana, Craig Carlson, commented, “We are honored to serve the agricultural community and its expansion into producing hemp. We are looking forward to a long and prosperous relationship with AgTech Scientific as they continue to execute their business plan.”
AgTech Scientific president Art VanWingerden added, “We are excited to have a new financing partner in Truist. To date, traditional banks have been tepid on providing services to the burgeoning hemp industry. Truist has followed every step of our plan for over 6 months and the announcement today is a testament to everyone’s commitment to our mission of bringing hemp derived consumer products to the mainstream. The current funding will allow for consolidation of debt and expansion of production environments.”
AgTech Scientific LLC recently closed its full merger with ColorPoint LLC to become AgTech Scientific Corp. Together, the companies aim to be one of the largest providers of hemp derived ingredients and consumer products to mass market conglomerates nationwide.
About AgTech Scientific
Headquartered in Paris, Kentucky, AgTech Scientific is a large-scale food supplement provider and product manufacturer with hemp derived compounds as its key ingredients for sale in bulk and in its proprietary consumer packaged goods. AgTech Scientific is dedicated to compliance and controlling every channel within its supply chain to ensure full chain of custody for its R2S (Root to Shelf™) brand of products.
The company has two large facilities in Paris, Kentucky within close proximity to each other. The 2,000,000 million sq. ft. greenhouse and ag-processing center allows for year-round indoor cultivation and serves outdoor farming operations in Central Kentucky.
The purpose built 50,000 sq. ft. extraction and manufacturing center (phase 2 completion expected in Q1, 2020) has been designed and constructed to meet GMP and ISO standards, producing a variety of bulk T Free formulates and consumer products to mass market scale.
The AgTech family includes partners and subsidiaries in 13 states for additional indoor/outdoor growing, extraction, consumer packaged goods manufacturing and distribution.
In 2017, the company signed agreements with leading U.S. universities to research AgTech’s hemp derived formulates for safety, dosing, efficacy and delivery methods through quantitative and qualitative clinical studies. The first publication date is anticipated by mid-2020.
Watch the following video on AgTech Scientific’s 2019 Harvest here:
To learn more about AgTech Scientific and see additional content, visit our website at http://www.agtechscientific.com/ or contact corporate communications at:
Director of Corporate Communications
Certain statements herein relating to the Company constitute “forward-looking statements” within the meaning of applicable securities laws, including without limitation, statements regarding future estimates, business plans and/or objectives, sales programs, forecasts and projections, assumptions, expectations, and/or beliefs of future performance, are “forward-looking statements.” Such “forward-looking statements” involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements. Forward-looking statements include, but are not limited to, statements with respect to commercial operations, including production and/or sales of hemp derived products, quantities of future hemp products production, anticipated revenues in connection with such sales, the overall projected size of the market, completion and/or expansion of production facilities, and other information that is based on forecasts of future results, estimates of production not yet determinable, and other key management assumptions. Actual results may differ materially from those expressed or implied by such forward-looking statements and involve risk and uncertainties relating to the Company’s historical experience with regulatory changes, timeliness of government approvals for the granting of permits and licenses, changes in hemp products prices, actual operating performance of facilities, and other uninsured risks. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Contents are provided for general information purposes only and do not constitute an offer to sell or a solicitation of an offer to buy any security in any jurisdiction. The information in this news release is qualified in its entirety.
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