CBD News Aggregator – Looking to reignite his hometown’s local economy after watching it deflate in the last few decades, a Richmond real estate developer is getting into the hemp business.
Rick Gregory and his development firm Lynx Ventures are preparing to open a hemp-based cannabinoid processing facility in South Boston, Virginia.
Gregory, co-founder of Lynx Ventures, grew up on a tobacco farm in South Boston, a small town in Halifax County about 100 miles southwest of Richmond near the North Carolina border.
“As I was growing up in the ’60s and ’70s, it was a very dynamic economy there, with tobacco, textiles and furniture,” Gregory said of South Boston. “In the past 20 to 30 years all three have gone out of existence. It’s disappointing to see. I want to try to find another cash crop to replace tobacco.” Gregory thought up a plan to help the town benefit from CBD oil processing – an industry that’s on the rise in Virginia following legislative changes in recent years. CBD is a chemical compound found in the cannabis plant, but does not contain levels of THC to produce a psychoactive high.