Socati Corp. (Woodburn, Oregon) plans on hiring 40 workers, in addition to keeping Blue Marble Biomaterials’ employees, to process hemp into retail products after the psychoactive THC is removed.
Blue Marble Biomaterials had used the 22,000-square-foot plant to produce renewable specialty chemicals for the food, fragrance, and cosmetics markets. Because the facility is already certified for food-grade products, Socati can rapidly scale production.
“Socati’s acquisition of Blue Marble reflects our commitment to an industry with the potential to grow to $22 billion by 2022,” Socati CEO Josh Epstein tells Missoulian. “This acquisition positions Socati to capitalize on this meteoric growth through quality manufacturing, product development and innovation, setting the bar for product purity and consistency.”
To date, Socati has raised about $32 million in venture funds.