Shyne Labs plans to expand its footprint in the Franklin’s Wilkey North Industrial Park. The new plan involves a $9 million new facility and will employ 60 people full-time.
“Shyne Labs’ decision to locate in Kentucky brings with it important job opportunities for residents of South Central Kentucky,” Gov Andy Beshear told the press. “I’m grateful to the company for taking this step forward in these tumultuous times, and I deeply appreciate the investment in our commonwealth.”
Shyne’s first facility in Franklin opened in April, taking on 20 people. The focus of the project is to extract CBD from local Kentucky Hemp. The company previously operated in California.
“Moving from California has been quite a difference, definitely for the better,” Allan Huang, President of Shyne Labs, said. “Franklin is a very business-friendly city and welcomed our company to the community. I appreciate the work that the Franklin-Simpson Industrial Authority and the Kentucky Cabinet for Economic Development did to help us locate our new plant in Simpson County.”
The plant specializes in pure CBD isolate powder and get it from up to 18,000 pounds of hemp biomass per day.
“We want to work with farmers from the local region who need their hemp processed, especially those who plan on growing again this year,” said Jon Miller, COO of Shyne Labs. “We see this as a long-term opportunity and are looking to build relationships with people in the industry for the foreseeable future. We understand that many in the industry have been misled and disenfranchised by other hemp processing facilities, and we are going to strive to do better. We provide transparency on production, expectations, and pricing. The CBD industry is still young and volatile, but we see massive growth happening within the next few years.”
To help capitalize on that potential growth, Shyne Labs has already gotten a deal under the Kentucky Busines Investment Program. They signed a five-year deal with the Kentucky Economic Development Finance Authority which included an investment by the company of $1.51 million. In exchange, Shyne will have performance-based incentives that could save them up to $250,000 in taxes as long as they provide Kentucky residents 30 full-time jobs with an average wage of $27 per hour.