Canadian Fiber Composite Manufacturer Secures $40M to Fund Hemp Projects

May 1, 2023 · Ganjapreneur

A Canada-based manufacturer of natural fiber composites has secured $40 million in funding from a private New York Family Office that will assist the firm in hemp-related projects including the construction of a hemp fiber processing facility in western Canada

In a statement, INCA Renewable Technologies CEO and Chairman David Saltman said the funding “is an important milestone” for the firm. 

INCA has deployed its fiber processing and bio-composites innovation and manufacturing to produce lighter prepregs for the automotive industry, large dimensional panels to replace plywood in RV sidewalls, cores for wind turbine blades and boats, and compounded pellets to replace glass-reinforced plastics. 

“Our ability to transform a low-cost raw material into a set of patented high value products, will enable our customers to produce lighter, stronger, lower cost and far more environmentally sustainable products,” Saltman said in a statement. “We think it is a winning value proposition.” 

The product line will be manufactured from hemp, which has been legally grown in the Canadian Prairies since 1998, primarily for plant-based protein. INCA will acquire the waste biomass from large growers, refine it into long fiber, short fiber, and hurd and manufacture the full product line.  (Full Story)

In categories:Hemp International
Tags:
Next Post

Week in Review: Singapore’s Shame; 420 Sales Hit $100 Million

In this week’s cannabis round-up, Singapore executes Tangaraju Suppiah for cannabis delivery; Delaware legalizes adult use cannabis in an unusual way; Colorado announces new funding opportunities for cannabis businesses; put your best foot forward in CBD sneakers and record sales…
Read
Previous Post

Failure to launch: What happened to Canada’s ‘cannabis strategy table?’

A proposed cannabis “strategy table” appears to be stuck in bureaucratic and political gridlock in Canada’s capital, more than a year after it was first announced. In April 2022, the planned strategy table was unveiled in the country’s federal budget…
Read
Random Post

Republicans LOL'ed the Idea of the SAFE Banking Act for Cannabis Businesses Passing Anytime Soon

First reported by Marijuana Moment, a Republican senator has voiced skepticism regarding Senate Majority Leader Chuck Schumer's ambitious plan to address marijuana banking and other legislative priorities during the summer session. Senator John Cornyn believes that Schumer's proposed timeline is unrealistic, deeming it…
Read
Random Post

First Of Its Kind; Cannabis Dispensary Shares Space With Cafe, Bakery

Some customers tend to go to a cannabis dispensary for hybrid products, but never to a hybrid dispensary space that is shared with a bakery and a liquor-licensed cafe.  Well, this is now the reality for Wheeling’s second cannabis dispensary…
Read
Random Post

Alabama Dispensaries Could Be Open For Business By 2024, Regulators Say

No raw plant materials or products for smoking or eating will be allowed. Alabama is set to launch its medical marijuana industry later this year, with up to 17 companies expected to receive licenses to grow and process cannabis for…
Read
Random Post

GOP Presidential Candidate Ramaswamy’s Veterans Plan Includes Marijuana And Psychedelics Access To Treat PTSD

Vivek Ramaswamy, a 2024 Republican presidential candidate, says that if he’s elected, he would remove federal restrictions on marijuana and psychedelics such as ayahuasca and MDMA to free up access for military veterans suffering from serious mental health conditions. The entrepreneur…
Read