Richmonders launching large hemp processing facility in South Boston

Blue Ribbon Extraction plans to buy $70M in industrial hemp from local farmers

Published June 18, 2020 by Richard Foster

Blue Ribbon Extraction, a company started by two Richmonders, is investing $3.26 million to establish Virginia’s first large-scale industrial hemp processing and cannabidiol (CBD) oil extraction facility in South Boston, Gov. Ralph Northam announced Thursday. The project will create 22  jobs and the company plans to source about $70 million in hemp — more than 90% of its expected supply — from Virginia farmers over the next three years.

The facility expects to process up to 5,000 pounds of industrial hemp per day.  The company’s founders and primary investors, Richmonders Rick Gregory and Sterling Edmunds, are both natives of Halifax County and serve as co-chief executive officers for Blue Ribbon Extraction.

“Encouraging the development of new markets for Virginia farmers is one of our top priorities for growing the commonwealth’s agricultural economy,” said Governor Northam. “I am pleased to see that industrial hemp continues to create opportunity and economic vibrancy in rural Virginia, and I congratulate Halifax County, Blue Ribbon Extraction and all other partners involved in bringing this important new processing capacity to our commonwealth.”