Last updated on July 2nd, 2019 at 09:20 am
Sheboygan-based iHemp Alliance Medical LLC plans to raise $12 million to build a 48,768-square-foot industrial hemp growhouse and laboratory, according to a recent SEC filing.
According to iHemp’s website, its hemp would be grown for a variety of uses, including clothing, food and beverages, paper, building supplies, plastics, building materials and chemical cleanup. The company plans to build a pharmaceutical-grade ISO Class 5 Cleanroom facility and use aeroponic technology to grow its hemp.
iHemp was incorporated in March by Thomas Ducharme, president and chief executive officer.
Vincent Petrescu, a CPA who also works for iHemp, confirmed the funds were being raised to build the growhouse, but declined to comment on the plans because the company is in “stealth mode.”
According to iHemp’s site, it plans to break ground on the plant in July and complete construction in October. The company projects it would annually produce more than 12,000 kilograms of industrial hemp flower tops for wholesale to the cannabidoil industry, and generate $42 million in annual revenue.
Under a provision in the 2014 federal farm bill, the state Legislature passed a law in November that directed the Wisconsin Department of Agriculture, Trade and Consumer Protection to write an emergency administrative rule within 90 days to set up an industrial hemp production pilot program. The rule became effective March 2, and the DATCP accepted applications through May 1 for industrial hemp licensing.
Wisconsin is one of 32 states with industrial hemp pilot programs. Growers and processors must pass a background check and show they have no state or federal drug convictions, as well as register annually with the DATCP. Their plants are inspected by the DATCP and are to contain no more than 0.3 percent THC (tetrahydrocannabinol).