Are there great new business investment opportunities in the Lowcountry? The answer is a strong and enthusiastic “yes!” Just consider one of many, Magnolia Botanicals, now establishing an industrial hemp processing plant in Ridgeville, SC. Located at the Pine Hill Business Campus, Ridgeville is within the Charleston-North Charleston-Summerville metropolitan area and just 38 miles north of Charleston.
Magnolia Botanicals is a new business joint venture between South-Carolina based Blue Water Green Bridge, LLC, and United Cannabis Corporation. The company will utilize a $3.2 million capital investment to establish the plant and will create about 52 new jobs. The plant, expected to be operational during the first quarter of 2020, will provide hemp extraction services for farmers, working under the 2018 Federal Farm Bill and S.C. Department of Agriculture’s Industrial Hemp Pilot Program.
Said State Secretary of Commerce Bobby Hitt at the time of the investment announcement, “South Carolina has a rich history in the agribusiness sector, and today’s announcement by Magnolia Botanicals shows that this industry continues to flourish in the Palmetto State. We congratulate this innovative company on its new operations and look forward to all Magnolia Botanicals will achieve in Dorchester County.” Added Governor Henry McMaster, “We work hard every day to show companies the benefits of doing business in South Carolina, so it’s exciting to see announcements like this one.”
Magnolia Botanicals is a state-of-the-art CBD extraction facility and laboratory that specializes in the processing and distribution of wholesale CBD crude oil, distillates and isolates. Its experienced team conducts research into the cultivation, propagation and selective breeding of industrial hemp. It also does sophisticated laboratory testing and certification of industrial hemp and its products.
South Carolina, A Great State for New Business
South Carolina consistently ranks as one of the top five states in the nation to do business. The state is committed to investing in research and development and offers world-class universities and research facilities. It is recognized for industrial successes in producing cars, airplanes, and chemicals. It offers an outstanding industrial transportation system with interstates, seaports, and rail, making it easy to reach East Coast markets.
Add to these factors the climate, lifestyle, sports, great workforce, low unemployment, arts and entertainment attractions of the area, and it is no wonder South Carolina is attractive to residents, tourists, and the business community. And, the business community now includes more than 1,200 operations of international companies, with more on the way as a part of a major global trade and investment strategy.
South Carolina and Charleston in 2019
The economy for both South Carolina and the Charleston area were strong in 2019, with these highlights:
- The Port of Charleston continued to set shipping records, even during periods of some trade uncertainty with China.
- The jobless rate in South Carolina declined to its lowest point on record at the end of the year—2.4%, which was the second-lowest rate in the US.
- British Airways launched twice-weekly nonstop flights between Charleston and London.
- Retail got some new lift with a promising development of the West Ashley shopping center area.
Seek Expert Real Estate Services to Find Your Perfect Location
Every great business needs a great facility. Caldwell Commercial Real Estate Services is your trusted partner for commercial real estate in Charleston, SC. Our commercial realtors and property managers have a combined 80 years of experience, so you can rest easy knowing that your commercial real estate needs will be met with results and superior satisfaction.