Panda Biotech teams with Ute tribe on Wichita Falls plant
Panda Biotech, owner of a hemp gin under construction in Wichita Falls, announced it has joined in an equity partnership deal with the Southern Ute Indian Tribe Growth Fund, which is owned by the Southern Ute Indian Tribe.
The growth fund is the business arm of the tribe and is based on the reservation in Colorado. The fund "aims to support eco-minded business investment opportunities," according to a news release from Dallas-based Panda.
The release said the investment "marks a significant advancement" toward opening of the Wichita Falls plant, which Panda now says will happen in the fourth quarter of 2023. The plant is slated to process hemp for industrial use.
The release said 95 percent of the equipment is in the building, a former Delphi automotive plant on I-44 north of the city. Panda bought the building from a local group in July 2021 with the intent of opening what it billed as the nation's largest hemp processing plant.
The company has received a $2.8 million incentive deal from the city in exchange for a promise to create at least 50 new jobs. The deal included a $1-million dollar loan and Panda has received extensions because of delays in opening the plant.
This article originally appeared on Wichita Falls Times Record News: Panda Biotech teams with Ute tribe on Wichita Falls plant
