Two prominent New Mexico hemp companies are joining forces in an attempt to offer a wider array of services from seed to sale. Reports Albuquerque Journal
Santa Fe Farms, a hemp grower and processor, announced last week it had acquired Fathom New Mexico, a hemp exchange founded by former Democratic gubernatorial hopeful Jeff Apodaca. Leaders of both companies characterized the acquisition as a partnership designed to spur future growth, with Apodaca coming onboard as Santa Fe Farms’ vice chairman.
Apodaca and Santa Fe Farms CEO Steven Gluckstern said their goal was to build a more vertically integrated company that could help propel New Mexico’s hemp industry forward.
“We think hemp and the hemp industry is going to be a huge boon for all of us,” Apodaca told the Journal.
Apodaca and Gluckstern met earlier this year, at a socially distanced get-together on the beds of pickup trucks in Santa Fe.
Fathom offers a mix of services for hemp operations across the region, ranging from trimming assistance to helping them find end markets. While Gluckstern said Santa Fe Farms is too large to need the services for itself, he saw that the two companies had complementary needs, and were both looking to expand.
“I recognized that Jeff had identified a whole market that was very interesting,” Gluckstern said.
Under the new organizational structure, Fathom’s operations will be rebranded as H47, an homage to New Mexico becoming the 47th state in 1912. Other than the name, Apodaca said very little will change for the approximately 25 growers across the southwest that have sought out the company’s services.
Additionally, Apodaca said H47 will begin producing its own hemp as well, incorporating technology from Santa Fe Farms designed to help with horticulture.