Investment takes large-scale US hemp a step closer
06/04/2023
The fund is owned by the Southern Ute Indian Tribe, a federally recognised tribe.
Located in Texas, PHPHG is on track to become the largest hemp decortication centre in the US and among the world’s largest industrial hemp processing facilities when it opens in the fourth quarter of this year.
Panda president Dixie Carter said: “Panda Biotech could not have selected a better equity partner for our first project. The Southern Ute Indian Tribe and its subsidiaries bring numerous strategic opportunities to what is anticipated to be a successful, long-term partnership.”
The Southern Ute Indian Tribe is the first Indian tribe in the nation to achieve a ‘AAA’ credit rating, earned through years of steady governance and successful business transactions. The Growth Fund, the business division of the Southern Ute Indian Tribe, aims to support eco-minded business investment opportunities and supports the potential of natural hemp fibre.
Growth Fund executive director Shane Seibel added: “The Tribe and Panda have had decades of success in various business endeavours. We view the PHPHG investment as a complementary and strategic partnership that will align with our company values and result in a business providing sustainable solutions for the future.”
Industrial hemp requires significantly less water, herbicides, fungicides, and pesticides to grow than most crops used in textile manufacturing.
Around 95% of the processing equipment has been manufactured, most of which has been delivered to the 500,000-square-foot facility in Wichita Falls.
The PHPHG facility will process only US-grown hemp straw. Panda is contracting with producers for the 2023 growing season and has seed available for farmers.
Share this story:
