North Jeolla Province has initiated serious investment talks with a leading U.S. global hemp company to develop a hemp industry cluster in Saemangeum.
On Wednesday, executives from Luxedeum Inc., a pioneer in global hemp and smart agriculture, met with provincial officials to explore investment opportunities and technological collaboration in Saemangeum.
This preliminary meeting, preceding a formal agreement, aimed to solidify strategies for attracting foreign investment and fostering an industrial ecosystem.
CEO Jacob Holley and key executives discussed the Saemangeum project’s business landscape and phased investment plans. The delegation later toured the proposed site in Saemangeum’s agricultural biozone to assess conditions firsthand.
Founded in 2017, Luxedeum is a cutting-edge enterprise specializing in hemp genetics research and the development of CBD (cannabidiol) therapeutics. The company leverages AI, Web3 technology, and smart logistics systems in its global platform.
As Luxedeum expands its footprint across North America, Europe, and the Middle East, North Jeolla officials highlighted the company’s state-of-the-art closed smart farms in Adele and Irvine, California, noted for their advanced production management systems.
During the talks, Luxedeum outlined a multi-phase investment strategy, including the establishment of smart farm-based hemp cultivation and processing facilities, the creation of an export hub for CBD-infused foods and beverages, and the formation of joint ventures with local firms to facilitate technology transfer.
The company expressed keen interest in Saemangeum’s vast land resources, strategic logistics position, and supportive policy framework.
Holley said North Jeolla’s policy acumen and Saemangeum’s geopolitical advantages position it as an ideal strategic base for penetrating the Asian market, adding that through ongoing collaboration, the partners aim to transform Saemangeum into a pivotal Asian hub.
Min Seon Sik, director of North Jeolla’s Agricultural Bio Industry Bureau, said the partnership with a global industry leader marks a crucial step in establishing Saemangeum as a strategic center for the hemp industry. He pledged robust support for the project’s swift implementation, saying the province will closely coordinate with federal agencies and relevant stakeholders once a detailed investment plan is finalized.