NEW MEXICO – The New Mexico Economic Development Department and NewBridge Global Ventures (NewBridge) announced that the Ag Tech company is planning a major expansion in Estancia Valley to grow and integrate its hemp and CBD-focused growing, processing, manufacturing and distribution businesses on an industrial scale.
“The Economic Development Department supports this initiative that leverages local resources and New Mexico’s rich agricultural heritage to create quality jobs in a rural community,” said Cabinet Secretary-Designate Rob Black.
San Francisco-based NewBridge uses patented technology to process fresh biomass and extract valuable components directly on the farm where it is grown, eliminating the need for costly and time-consuming drying and curing. This innovative approach has been perfected over the past five years, making NewBridge the only company to offer CBD made from fresh plants.
In addition, the company noted that it brings the health and wellness benefits of its high-quality CBD ingredient directly to consumers with a beverage and lotion sold through online stores and retailers under the embodygreen brand.
The state of New Mexico has pledged $750,000 from the New Mexico Economic Development Department’s LEDA job creation fund to assist NewBridge in its expansion as it completes an on-farm processing plant.
The company may also benefit from state incentives and tax credits for workforce training, hiring highly skilled workers, and research and development once it increases its hiring and operations in the rural community.
NewBridge plans to build a canning plant in the region, which will generate 34 jobs over the next few years. The company plans to invest an additional $5.3 million in New Mexico, bringing its total investment to more than $20 million.
NewBridge CEO Lance Dalton stated that the company has developed patented technology that is pioneering the industry.
Dalton noted that the Estancia Valley offers ideal conditions for outdoor cannabis cultivation due to its rich, fertile soil, high altitude, lack of predators and dry climate.
The Moriarity City Council has passed an ordinance to be the fiscal agent for the LEDA state aid and will monitor compliance. The state aid would be repaid as the company meets economic development and contracting criteria.
The city also expects to work with NewBridge on its future needs for additional manufacturing and warehouse space as plans are finalized.
The Estancia Valley Economic Development Partnership has assisted NewBridge with site selection and technical expertise.
