The New Mexico Economic Development Department and NewBridge Global Ventures (NewBridge) announced that the Ag Tech company is planning a major expansion in the Estancia Valley to grow and integrate its farming, processing, manufacturing, and distribution businesses centered around industrial-scale hemp and CBD.
“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,” Cabinet Secretary-Designate Rob Black said. “This state investment in the Estancia Valley aligns with Gov. Michelle Lujan Grisham’s priorities to expand infrastructure and manufacturing and grow value-added agriculture in New Mexico.”
San Francisco-based NewBridge uses a patented technology to process fresh biomass and extract valuable components directly on the farm where the crop is grown, eliminating the need for costly and time-intensive drying and curing. This breakthrough approach has been refined over the last five years, making NewBridge the only company offering CBD made from fresh plants. NewBridge brings the health and wellness benefits of their high-quality CBD ingredient directly to consumers with a beverage and lotion sold through online and retail stores under the embodygreen brand.
The state of New Mexico has pledged $750,000 from the New Mexico Economic Development Department’s job-creation LEDA fund to assist NewBridge with its expansion as it completes a processing plant on the farm. The company can also benefit from post-performance state incentives and tax credits for workforce training; high-wage job hiring; and research and development after it ramps up its hiring and operations in the rural community.
NewBridge plans to construct a canning facility in the region, which will generate 34 jobs over the coming years. The company plans to invest an additional $5.3 million in New Mexico, raising its total investment to over $20 million.
NewBridge CEO Lance Dalton stated that the company developed a patented technology that is a first in the industry. This innovative process uses water and shockwaves instead of chemical solvents to produce all-natural CBD. As a result, it is more environmentally friendly and enables the production of higher-grade CBD oil with greater efficiency compared to traditional methods.
Dalton noted that the Estancia Valley offers ideal conditions for growing outdoor cannabis due to its rich, fertile soil, high elevation, absence of predators, and dry climate.
“We can pull the plant off the field and squeeze it within 45 minutes of harvest, producing 60 gallons of oil per minute. That process used to take weeks, not even counting the drying, curing of the plant. We were able to bring this to New Mexico because we have the perfect farming partner and strong support from the local community and the state,” Dalton said.
The City of Moriarity Town Council has approved an ordinance to be the fiscal agent for the state’s LEDA assistance and will monitor compliance. The state assistance would be reimbursed as the company meets economic development and hiring benchmarks.
The city also hopes to work with NewBridge on its future needs for additional manufacturing and warehouse space as those plans are finalized.
“The City of Moriarty is pleased to partner with NewBridge to create local jobs that will greatly benefit the community and diversify the agricultural base of the Estancia Valley,” Moriarty Mayor Brandon S. Webb said.
The Estancia Valley Economic Development Association has assisted NewBridge with site selection and technical expertise. “The Estancia Valley Economic Development Association is excited to promote the NewBridge investment into the Estancia Valley,” said former Executive Director Myra Pancrazio, who helped coordinate the agreement. “The 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.”