Kemin Industries, a global ingredient manufacturer that strives to sustainably transform the quality of life every day for 80 percent of the world with its products and services, announced today that the company has made a strategic investment in Driftless Extracts LLC, a United States Department of Agriculture (USDA)-certified organic hemp producer, processor and ingredient supplier based in Wisconsin, United States.
Driftless Extracts has seen tremendous growth in recent years with increasing awareness and demand from consumers and businesses for hemp-based solutions. Kemin’s equity stake in Driftless Extracts brings the global company’s quality reputation and customer and industry expertise to the hemp producer and processor’s cultivation experience and portfolio of organic hemp-based ingredients.
As part of the partnership, Kemin has entered into a supply agreement with Driftless Extracts related to various hemp-based products. Through this partnership, Kemin Human Nutrition and Health will expand its current offering of hemp-based ingredients with the addition of Driftless Extracts’ full-spectrum hemp ingredients for the health and wellness market in the United States and globally. The United States retail hemp-cannabidiol (CBD) market is currently valued at USD$803 million with growth expected to reach USD$1.2 billion in 2023, according to Nutrition Business Journal.1
“We are excited to be partnering with Driftless Extracts, a company that pairs its strong cannabinoid ingredient portfolio and extensive cultivation experience with a passion to shape a better future through sustainable solutions,” said Dr. Chris Nelson, President and CEO, Kemin Industries. “We look forward to accelerating innovation through hemp plant science, furthering our vision to sustainably transform the quality of life for people around the world. Kemin recently announced our commitment to achieving net zero greenhouse gas emissions by 2050, and we appreciate the alignment working with Driftless Extracts brings to this important ambition.”
By investing in and collaborating with Driftless Extracts, Kemin will expand its plant-based offerings for the health and wellness industry, as well as support existing companies operating in the sleep and general wellness markets.
“Driftless Extracts is thrilled to partner with a company of Kemin’s stature in the general wellness ingredient space, as Kemin has a proven ability to deliver innovative and quality plant-based products to the marketplace. We look forward to collaborating with Kemin to further lead and advance the science, production and supply of hemp-based cannabinoids throughout the world,” said Ed Liegel, CEO, Driftless Extracts. “Our shared company missions, dedication to sustainability and commitment to family values are well aligned, making this partnership a natural fit, built for the long term.”
Through its engagement with Kemin, Driftless Extracts will be able to accelerate its vision to revitalize agriculture with hemp as a centerpiece to a renewable future. The company operates from a LEED-certified Gold facility in Wisconsin and aims to establish a renewable materials industry within the Great Lakes manufacturing sector that marries natural hemp materials and manufacturing. Having already established dozens of renewable hemp products, including cannabinoids (extracts, powders) and various hemp-fiber products, Driftless Extracts is working with local farmers to create a sustainable natural materials market for large-scale agricultural hemp production.
To learn more about Kemin’s partnership with Driftless Extracts, visit www.kemin.com/hemp
REFERENCES:
1 Nutrition Business Journal. (2021). Hemp Special Report. Retrieved from NutritionalBusinessJournal.com
Innovations in Food (& Beverage) Technology is a quarterly magazine distributed globally both in Print and Digital formats. www.innovationsfood.com. Twitter: @Innovfoodtech. Instagram: @innovationsinfoodtechnology. Linkedin: www.linkedin.com/in/terry-prior52
