Project to help company meet increased industry demand
FRANKFORT, Ky. (Aug. 29, 2024) – Today, Gov. Andy Beshear announced continued momentum of the state’s manufacturing sector as Victory Hemp Foods plans to expand production in Carroll County with a $2.5 million investment, creating 22 quality Kentucky jobs.
“Kentucky’s manufacturing industry continues to grow, creating job opportunities for our people all across the state,” said Gov. Beshear. “This is an incredible investment in the Carroll County community that will add to the state’s hemp industry, which has a long and successful tradition here in the commonwealth. I want to thank the company’s leadership for their belief in Kentucky and look forward to their continued success.”
The investment will see the company expand its existing manufacturing operation in Carroll County to meet growing industry and consumer demand. The project will include upgrades to the company’s 5,200-square-foot facility, creating 22 new jobs and bringing Victory Hemp’s total Kentucky employment to 27. The new positions will include executive roles and numerous manufacturing hires to expand production. Victory Hemp Foods remains actively involved in the community and is committed to hiring and training Kentuckians to help strengthen the impact of the manufacturing industry across the state.
“Kentucky has been a supportive home for Victory Hemp since 2015,” said Chad Rosen, CEO of Victory Hemp Foods. “We’re looking forward to bringing additional jobs and new value-added agriculture products to the market to help continue to support the advanced agriculture economy in Kentucky.”
Victory Hemp Foods manufactures products that are used to create allergen-free, high Omega-3 beverages, foods and skin care products. With transparent sourcing from North American farmers, the company’s leadership has expressed a commitment to purchasing hundreds of thousands of acres worth of hempseed by 2030 to bring the benefits of hempseed to farmers, brands and consumers.
Carroll County Judge/Executive David Wilhoite looks forward to supporting the company’s continued success in the community: “Carroll County is proud to be a part of Victory Hemp’s journey and looks forward to continuing to support its most recent expansion. Victory Hemp’s commitment as an excellent community partner is a testament to our shared values, and I eagerly anticipate their continued success here.”
Carrollton Mayor Robb Adams noted the positive impact the project will have on the area: “This is another exciting time for our community and for economic opportunity and growth. We are always proud to step up and support any company that opens in Carroll County that creates jobs, is a good community partner and aids our farmers. Victory Hemp produces quality products in the food and beverage industry, and we look forward to supporting them.”
Matthew Adkins, executive director of the Kentucky I-71 Economic Development Alliance, highlighted the key role the company will play in the region’s agriculture sector: “Agriculture is a significant contributor to our state’s economy. Victory Hemp’s work in Carroll County has not only revolutionized how people view hemp-related products but also brought about a positive change in our community. I am excited to see the fantastic things that this company will accomplish in the future.”
Victory Hemp Foods’ investment and job creation build on the best four-year period for economic growth in state history.
Since the beginning of his administration, Gov. Beshear has announced more than 1,000 private-sector new-location and expansion projects totaling over $32 billion in announced investments, creating approximately 55,000 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history.
The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 and 2023 topped $26 in consecutive years for the first time.
Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On’s transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County; AESC’s $2 billion, 2,000-job gigafactory project in Warren County; Toyota’s $1.3 billion investment in Scott County; and INFAC North America’s $53 million investment in Taylor County, among others.
The Governor’s administration also secured the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history. Last year, Kentucky set the record for the longest period with the lowest unemployment rates in state history.
Kentucky also secured rating increases from major credit rating agencies Fitch Ratings and S&P Global Ratings, and Moody’s Investors Service upgraded Kentucky’s credit outlook from stable to positive.
In March, Site Selection magazine ranked Kentucky third nationally and first in the South Central region for economic development projects per capita in its 2023 Governor’s Cup rankings. In April, Site Selection placed Kentucky second in the South Central region and in the top 10 nationally in its 2024 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.
Gov. Beshear announced a “Supply Kentucky” initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) on Thursday preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $400,000 in tax incentives based on the company’s investment of $2.5 million and annual targets of:
- Creation and maintenance of 22 Kentucky-resident, full-time jobs across 10 years; and
- Paying an average hourly wage of $32.68, including benefits, across those jobs.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.
In addition, Victory Hemp Foods can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.
For more information on Victory Hemp Foods, visit victoryhempfoods.com.
A detailed community profile for Carroll County can be viewed here.
Information on Kentucky’s economic development efforts and programs is available at CED.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.
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