The state of New Mexico is investing $750,000 in a project that aims to expand CBD processing and manufacturing under the state’s Local Economic Development Act (LEDA).
The investment will support NewBridge Global Ventures Inc. in building a canning facility and expanding its CBD processing operations in the area.
“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 Rob Black, New Mexico’s Economic Development Department Secretary-designate.
The investment is a departure from the broader trend in the CBD sector, which has faced significant contraction in recent years due to market oversaturation, regulatory uncertainty, and declining demand, leading many companies to either shutter operations or scale back their expansion plans.
Economic boost envisioned
NewBridge, a San Francisco-based agricultural technology company, is nearing completion of a CBD processing facility on the King family farm near the City of Moriarty. The King operation is the company’s growing partner.
State officials, the company, and the King family of former New Mexico Gov. Bruce King, are banking on the project’s potential to boost the local economy. Over the next five years, the expansion is expected to create nearly three dozen jobs.
NewBridge’s work aligns with Gov. Michelle Lujan Grisham’s priorities to expand infrastructure and manufacturing, particularly in rural areas, according to the governor’s office.
“This project will positively impact and boost the local economy, creating well-paying jobs, with a positive economic ripple effect throughout both Torrance and southern Santa Fe Counties,” said Myra Pancrazio, former director of the Estancia Valley Economic Development Association, which is assisting NewBridge with site selection and technical expertise for the expansion.
$millions invested
The LEDA funds will be disbursed as NewBridge meets specific benchmarks, with the Moriarty City government acting as the fiscal agent. The company has already invested over $20 million in New Mexico, including its partnership with King.
NewBridge claims to make CBD for Nestlé, Purina, and General Mills, and manufactures its own products – a cream and a beverage. Those products are currently made out of state, but the planned canning facility will allow the company to produce them locally in the future, NewBridge said.
Over the next five years, the expansion is expected to create nearly three dozen jobs. Read More
