Pueblo’s city council on Monday voted 5-1 to extend nearly $8 million in incentives from the city’s half-cent economic development sales tax fund to help CBD Biosciences get its hemp-oil processing plant off the ground.
The Pueblo Development Foundation will spend $3 million to rehab a Boeing rocket assembly plant at Pueblo Airport Industrial Park that has been vacant since 2004. CBD Biosciences, apartnership of Denver-based O.penVape and Thar Process Inc., receive $4.89 million to help purchase equipment.
According to the agreement OK’d by the council, the company will create 163 new jobs by 2018 that will pay an average annual salary of $41.590, not including benefits.
According to KRDO TV, councilman Chris Nicoll voted against the proposal because he was concerned about backing a venture that remains illegal under federal law. [Read more at The Denver Post]