An agriculture technology company plans a major expansion in the Estancia Valley to grow and integrate its farming, processing, manufacturing and distribution businesses centered around industrial-scale hemp and CBD.
NewBridge Global Ventures and the New Mexico Economic Development Department announced last week that the San Francisco-based AgTech company is close to finishing a CBD processing facility and plans to build a canning facility in Moriarty. The project will generate 34 jobs over the coming years.
“The City of Moriarty is pleased to partner with NewBridge to create local jobs that will greatly benefit the community and diversify the agricultural base of the Estancia Valley,” Moriarty Mayor Brandon S. Webb said.
The Moriarity City Council has approved an ordinance to be the fiscal agent for the state’s Local Economic Development Act assistance and will monitor compliance. According to a press release, the state assistance would be reimbursed as the company meets economic development and hiring benchmarks. The city also hopes to work with NewBridge on its future needs for additional manufacturing and warehouse space as those plans are finalized.
The state of New Mexico has pledged $750,000 from the New Mexico Economic Development Department’s job-creation LEDA fund to assist NewBridge with its expansion as it completes a processing plant on the farm. After ramping up its hiring and operations in the rural community, the company can also benefit from post-performance state incentives and tax credits for workforce training, high-wage job hiring, and research and development.
The company plans to invest an additional $5.3 million in New Mexico, raising its total investment to over $20 million.
“The Economic Development Department supports this initiative that leverages local resources and New Mexico’s rich agricultural heritage to create quality jobs in a rural community,” Cabinet Secretary Designate Rob Black said. “This state investment in the Estancia Valley aligns with Gov. Michelle Lujan Grisham’s priorities to expand infrastructure and manufacturing and grow value-added agriculture in New Mexico.”
The release said NewBridge uses patented technology to process fresh biomass and extract valuable components directly on the farm where the crop is grown, eliminating the need for costly and time-intensive drying and curing. This approach has been refined over the last five years, making NewBridge the only company offering CBD made from fresh plants.
NewBridge CEO Lance Dalton stated that the company developed a patented technology that is a first in the industry.
This innovative process uses water and shockwaves instead of chemical solvents to produce all-natural CBD. As a result, it is more environmentally friendly and enables higher-grade CBD oil production with greater efficiency than traditional methods. Dalton said the Estancia Valley offers ideal conditions for growing outdoor cannabis due to its rich, fertile soil, high elevation, absence of predators, and dry climate.
“We can pull the plant off the field and squeeze it within 45 minutes of harvest, producing 60 gallons of oil per minute. That process used to take weeks, not even counting the drying and curing of the plant,” Dalton said. “We were able to bring this to New Mexico because we have the perfect farming partner and strong support from the local community and the state.”
The Estancia Valley Economic Development Association has assisted NewBridge with site selection and technical expertise.
“The Estancia Valley Economic Development Association is excited to promote the NewBridge investment into the Estancia Valley,” said former Executive Director Myra Pancrazio, who helped coordinate the agreement. “The project will positively impact and boost the local economy, creating well-paying jobs, with a positive economic ripple effect throughout both Torrance and southern Santa Fe Counties.”