Dallas-based Generation Hemp Inc. has acquired a processing company in Kentucky with a 48,000-square-foot facility for $5.1 million.
The acquisition of Halcyon Thruput LLC will be payable in $2.5 million of restricted common stock, $1.75 million in cash and a $870,000 promissory note, Generation Hemp said Tuesday. Generation Hemp will also take over $1 million in existing debt.
Halcyon Thrutput processes harvested hemp directly from the field and wet-baled hemp at the company’s facility in Hopkinsville, Kentucky.
“The drying services technology greatly increases efficiency and capacity during harvest for farmers who need to quickly move harvested hemp while preserving the cannabinoid potency,” according to Generation Hemp.
The facility can process about 4,000 wet pounds per hour.