SIMPSON COUNTY, Ky. — Simpson County is welcoming a new hemp processing company, a $9 million facility and 60 full-time jobs.
Gov. Andy Beshear (D) announced that Shyne Labs, originally from California, would expand from its 12,400 square-foot location in Franklin's Wilkey North Industrial Park.
“Shyne Labs’ decision to locate in Kentucky brings with it important job opportunities for residents of South Central Kentucky,” Beshear said. “I’m grateful to the company for taking this step forward in these tumultuous times, and I deeply appreciate the investment in our commonwealth.”
Shyne Labs began its first Kentucky facility, which currently employs 20 people, in April. Its current workforce includes recent Western Kentucky University and University of Kentucky graduates.
At its Franklin facility, Shyne Labs extracts CBD oil from Kentucky-grown industrial hemp and makes CBD products.
“Moving from California has been quite a difference, definitely for the better,” said Allan Huang, president of Shyne Labs. “Franklin is a very business-friendly city and welcomed our company to the community. I appreciate the work that the Franklin-Simpson Industrial Authority and the Kentucky Cabinet for Economic Development did to help us locate our new plant in Simpson County.”
The facility can process up to 18,000 pounds of hemp plant material per day and convert it to pure CBD isolate powder.
“We want to work with farmers from the local region who need their hemp processed, especially those who plan on growing again this year,” said Jon Miller, Shyne Labs COO and co-owner. “We see this as a long-term opportunity and are looking to build relationships with people in the industry for the foreseeable future. We understand that many in the industry have been misled and disenfranchised by other hemp processing facilities, and we are going to strive to do better. We provide transparency on production, expectations and pricing. The CBD industry is still young and volatile, but we see massive growth happening within the next few years.”
The Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved a five-year incentive agreement with the Shyne Labs under the Kentucky Business Investment program. Based on the company's investment of $1.51 million, the performance-based agreement may provide up to $250,000 in tax incentives with annual targets of:
- Creating and maintaining 30 Kentucky-resident, full-time jobs across five years
- Paying an average hourly wage of $27 including benefits for those jobs
If Shyne Labs meets those targets, it can be eligible to keep a portion of the new tax revenue it generates. It can also claim eligible incentives against its income tax liability and/or wave assessments.
Shyne Labs can also receive resources from the Kentucky Skills Network, such as no-cost recruitment and job placement services, reduced-cost customized training and job training incentives.