Kemin Industries invests equity stake in supplier of hemp, cannabinoid products
Kemin Industries announced Wednesday that it has taken an equity stake in Driftless Extracts, a United States Department of Agriculture-certified organic hemp producer, processor and ingredient supplier. Kemin is entering a supply agreement with Driftless Extracts, which will allow the ingredient manufacturer’s Human Nutrition and Health division to expand its offerings of hemp-based ingredients in the U.S. and globally. “We are excited to be partnering with Driftless Extracts, a company that pairs its strong cannabinoid ingredient portfolio and extensive cultivation experience with a passion to shape a better future through sustainable solutions,” Chris Nelson, president and CEO of Kemin Industries, said in a release. “We look forward to accelerating innovation through hemp plant science, furthering our vision to sustainably transform the quality of life for people around the world.” The United States retail hemp-cannabidiol (CBD) market is currently valued at $803 million with growth expected to reach $1.2 billion in 2023, according to Nutrition Business Journal.