Resonate Foods LLC, a Lyon County-based hemp grower and processor, plans to expand its presence with a $2.7 million investment expected to create at least 16 full-time jobs, Kentucky Gov. Matt Bevin announced.
“With each hemp-related announcement, Kentucky cements its place at the forefront of this rapidly growing industry,” Gov. Bevin said. “Resonate Foods is one of the local companies to greatly benefit from a rise in customer demand, as represented by their recent success. As companies like Resonate expand, the commonwealth will continue to work to ensure they have every opportunity to succeed. This announcement is great news for the Lyon County community, and we are grateful to this company for its commitment to the Bluegrass State.”
Resonate currently operates a 15-acre processing site near I-24. The expansion’s first phase would include greenhouses, drying buildings and equipment. As well, plans include a state-of-the-art craft processing lab to extract, distill and refine hemp into wholesale and retail products at scale.
Following a successful harvest in 2018, the company significantly increased its production contracts with Kentucky farmers for 2019, including some USDA organic acreage. Similar to 2018, Resonate also will create seasonal jobs to dry a significant portion of its grown hemp for use in the company’s processing operations.
“Resonate is honored and proud to be part of the honest and hardworking hemp economy in West Kentucky,” said Matt Willse, president and founder of Resonate. “As a craft hemp company, we create differentiated artisanal hemp products founded on quality, consistency and dependability. We are happy and thankful to be home here in Lyon County, and look forward to continuing to invest in the local community and expand our network of trusted suppliers and customers here and in the region.”
Based in Eddyville, Resonate produces a range of food and pharmaceutical-grade hemp-related products sold to customers throughout the US. The company sells consumer-focused retail hemp products, as well as wholesale hemp products such as hemp raw material and extracts.
Agriculture Commissioner Ryan Quarles said Resonate continues a positive trend in the commonwealth.
“At the Kentucky Department of Agriculture, we have the vision that Kentucky will be the epicenter of hemp production and processing in the United States,” Commissioner Quarles said. “Expanding our processor base is key to that strategy. I’d like to thank Resonate Foods for their continued support of Kentucky’s hemp industry and wish them well as they execute their plans to create jobs in Lyon County.”
Resonate’s project joins 16 other new facility or expansion announcements by hemp processors in Kentucky during the Bevin administration. Including Resonate’s, those projects promise to create more than 900 full-time jobs in communities across the state in the coming years with a total investment of nearly $94 million.
Sen. Stan Humphries, of Cadiz, said Resonate’s investment will greatly benefit the local community.
“Modernizing infrastructure promotes statewide economic growth and strengthens local communities,” Sen. Humphries said. “This project will afford Lyon County the means necessary to be more competitive within Kentucky’s booming hemp industry.”
Rep. Chris Freeland, of Benton, said the region has been a hot bed for hemp activity during the industry’s resurgence.
“Western Kentucky has been ground zero for the resurgence of industrial hemp, a crop that has a storied history in the commonwealth and is now providing new economic opportunities for our farmers and rural communities,” Rep. Freeland said. “The expansion of Resonate Foods is terrific news for Lyon County, and hopefully just the beginning in the continued success of the hemp industry.”
Lyon County Judge-Executive Wade White expressed gratitude for the company’s commitment to growth and job creation.
“We are thankful Resonate Foods chose Lyon County and look forward to their continued growth and success,” Judge-Executive White said.
Amanda Davenport, executive director of the Lake Barkley Partnership, said Lyon County possesses the traits necessary for a company like Resonate to succeed.
“We are very excited for the expansion of Resonate Foods. This expansion is indicative of our strong agriculture and manufacturing industries in the Lake Barkley region,” Davenport said. “We are thrilled with the growth Resonate Foods has experienced and look forward to see the innovation that comes from the expansion of this processing facility.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) on Thursday preliminarily approved the company for tax incentives up to $375,000 through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of the new tax revenue it generates over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets.
In addition, Resonate Foods can receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives.