On June 24, 2019, Seymour City Council approved a tax abatement request from Thrive Well, LLC for equipment totaling $1,504,000, as the company plans to begin CBD processing services at 1501 West Tipton Street.
Kocolene Development previously had announced plans to begin growing industrial hemp and become one of the state’s first processors of cannabidiol or CBD. Under the name Thrive Well LLC, the company will begin commercial production of CBD this fall.
Earlier this year, Kocolene announced it had received an industrial hemp license, and created Thrive Well to be a CBD processor. Through processing, cannabidiol is extracted from the hemp and is sold to other businesses to produce CBD products.
The project is expected to create six new positions. B and A Grain Farm in nearby Cortland, Indiana will dedicate seven acres to hemp production for use by Thrive Well, further expanding the impact of the project in the local community.
Purdue University is the company’s research sponsor, which is required by the state for anyone growing hemp.