China-Based Hemp Company Sets Up Shop in North Carolina

Why It Matters:

The establishment of Q-Power's hemp production facility in North Carolina highlights the growing significance of the industrial hemp market, which is projected to be worth over $16 billion by 2030. This investment brings economic opportunities and alternative consumer options to the region.

The Details:

• Q-Power plans to automate its operations using computer-run machines at its Franklin County facility.

• The initial investment for phase one is $10 million, with the company expecting to hire 20 to 30 employees.

• Industrial hemp production is a booming industry due to its high protein content and health benefits. It can be used in various food products and is legal.

• The industrial hemp market was estimated to be worth nearly $5 billion in 2022, with Asian Pacific companies leading the market.

• Q-Power aims to expand its product offerings and plans to acquire a larger factory in the future.

• Franklin County economic development director Barbara Fiedor believes this investment will attract more opportunities from Q-Power and other companies.

• The project started in 2018 but was delayed by the COVID-19 pandemic.

Conclusion:

Q-Power's establishment of a hemp production facility in North Carolina signifies the growth and potential of the industrial hemp market. This investment brings economic benefits to the region and provides consumers with alternative hemp-based products.