Pittsburgh firm contributes capital for medical hemp industry
Primal Equity, a Chicago-based investment advisory firm with offices in Pittsburgh, is raising capital for the Oregon-based medical hemp producer 4TF Investments.
The capital will go directly toward one of the largest medical-grade hemp harvests to date and will help the cannabidiol, or CBD, market continue to grow, said Joseph Kirkpatrick, associate principal of Primal Equity Partners.
4TF, based in Medford, Ore., is set to harvest 2,000 acres of medical-grade hemp from a network of hemp farms in multiple states for CBD use. CBD oil, a plant extract of hemp, is valued as a vitamin supplement and for other purported medical benefits.
Although the same species of plant as marijuana, hemp is mainly grown for fiber, seed and oil.
“4TF is positioned to be a top player in the industry,” said 4TF CFO Jeffery Yarosz. “We have the ability to produce medical-grade hemp on a large scale, as opposed to industrial grade. Industrial grade is the majority of hemp currently being grown in the United States.”
The 2018 Farm Bill made industrial hemp legal on a federal level. According to analysts, hemp is projected to be a $20 billion industry by 2022.
Both hemp and marijuana come from the same cannabis species but are genetically distinct and are further distinguished by use, chemical makeup and cultivation methods.
Hemp can be grown as a renewable source for raw materials that can be incorporated into thousands of products. Its seeds and flowers are used in health foods, organic body care and other nutraceuticals.
Stephen Huba is a Tribune-Review staff writer. You can contact Stephen at 724-850-1280, [email protected] or via Twitter .