A Kentucky company planning to develop hemp-derived wood products has begun production even as it appeals a 25% tariff on some equipment from China. Fibonacci opened its $5.8 million facilities in Murray, Kentucky, this week.
The company, which plans to employ 25 people making hemp-based wood products such as flooring and furniture components, is appealing a tariff it had to pay on an industrial wood press. The company is arguing that it tried but failed to find a U.S. supplier to make the machine.
Fibonacci received a 10-year tax incentive worth $300,000 from the Kentucky Economic Development Finance Authority for its investment and if it meets annual targets, according to The Lane Report, a Kentucky business news service.
The company has also qualified for state assistance in recruiting employees.