Press Release
USDA Approves New Phase of Temporary Puerto Rico Nutrition Assistance to Support Disaster Recovery
WASHINGTON, July 9, 2019 – Puerto Rico residents continuing to recover from 2017’s hurricanes could be eligible for increased nutrition assistance funded by Congress and provided through a grant from the U.S. Department of Agriculture (USDA). This temporary assistance will be distributed through Puerto Rico’s Nutrition Assistance Program (NAP) beginning as early as August. NAP is administered by USDA and is operated by the Commonwealth’s Department of the Family.
The new grant reflects active collaboration over the last month between USDA and Puerto Rico to implement the Additional Supplemental Appropriations for Disaster Relief Act of 2019, signed by the President on June 6. Since then, USDA’s Food and Nutrition Service (FNS) staff has been available on-site to help Puerto Rico amend its nutrition assistance plan, as required to distribute NAP funding. On July 2, Puerto Rico officials completed changes outlining how they will deliver disaster benefits and protect integrity. USDA’s approval today will launch $600 million in new benefits to help Puerto Rico residents feed their families, as the recovery continues.
“Our fellow citizens in Puerto Rico are still dealing with challenges caused by the severe damage that multiple hurricanes caused to the island’s economy and infrastructure,” said Acting Deputy Under Secretary for Food, Nutrition, and Consumer Services Brandon Lipps. “Congress has provided this supplemental funding, and we are committed to working with local officials to support Puerto Rico’s recovery by providing the vital nutrition assistance families need as they rebuild and restore their communities.”
Unlike the Supplemental Nutrition Assistance Program (SNAP), NAP is a block grant with a set amount of funding annually, and the program must operate within that amount. The funding announced today will augment the assistance available through NAP, in recognition of the sustained economic disruption faced by the island. Puerto Rico plans to provide a supplemental benefit to all households that participate in NAP over the next 12 months.
The announcement is the latest in a series of USDA actions to help residents affected by disaster, which also include authorizing flexibilities in school meals, providing nutritious USDA Foods for the Disaster Household Distribution program, and authorizing flexibilities in the Special Supplemental Nutrition Program for Women, Infants and Children (WIC) to ensure that this vital program remained accessible.
FNS administers 15 nutrition assistance programs, including the National School Lunch and School Breakfast programs, the Child and Adult Care Food Program, the Summer Food Service Program, WIC, and SNAP, which together comprise America's nutrition safety net. For more information on FNS assistance during times of disaster, visit www.fns.usda.gov/disaster.
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Hemp, Inc. Launches its New Advanced Proprietary Hemp Flower Drying System
Las Vegas, NV, July 09, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Unwavering in its commitment to the industrial hemp industry, Hemp, Inc. (OTC PINK: HEMP) disclosed today the successful development of its innovative hemp flower drying system for smokable hemp flower. Highly efficient, this compact proprietary hemp flower drying system is fast, drying in only 3 days as opposed to the traditional 7 days while maintaining the critical terpene profile of the product. To be unveiled at its Oregon location, Hemp, Inc. executives expect this advanced hemp flower drying system to bring in excess of $10,000,000 in revenue for the company from the Oregon 2019 harvest season.
Kept under wraps by Hemp, Inc. executives until now, this news could not have been released at a better time for its shareholders. The Company has been in the trenches of developing this advanced proprietary hemp flower drying system for the past year. With all the costs involved in the research and development, prototype fabrication, and final roll-out, the company will undoubtedly recover all costs within the first 30 days and show significant profits by year’s end.
“As a global leader in the industrial hemp industry with extensive knowledge and a goldmine of invaluable contacts and connections, this new advanced proprietary hemp flower drying system will revolutionize the industry, catapulting Hemp, Inc. to heights we haven’t even seen yet,” says Bruce Perlowin, CEO of Hemp, Inc. "Ten million dollars in expected revenue would be quite impressive just from our Oregon operations.”
The current drying process for hemp flower, which is very different from drying hemp biomass, is both labor and time intensive. Drying flower typically takes 7 days. However, Hemp, Inc.’s new proprietary hemp flower drying system reduces costs and time dramatically. The drying time is cut by over 71% (drying in as little as 3 days) all while maintaining the valuable terpene profile which allows smoking aficionados to enjoy a richer, flavorful experience while reducing anxiety and lessening pain. In terms of the amount of space needed for the drying system, this advanced proprietary hemp flower drying system reduces the square footage needed to dry hemp flower by over 66%.
Hemp, Inc. executives are confident that this proprietary hemp flower drying system will provide the company with a measurable competitive advantage within the industrial hemp industry. “The company’s investment in research in the hemp growing and processing industry will soon pay off for our shareholders and we will continue to develop more efficient, streamline processes,” said Perlowin.
Additionally, the flexibility of the design enables the company to transport the system to other geographical areas with later growing seasons such as in Arizona. The system is designed to be mobile allowing Hemp, Inc. to follow the harvest from Oregon to Arizona with its new mobile system. Hemp expects this to increase revenue from processing while giving Hemp, Inc. the opportunity to select the best product for use in its new consumable items.
A significant amount of the hemp crop in Oregon in 2018 was lost due to lack of processing facilities. That waste was enormous. While modest increases in processing capacity have occurred for the 2019 drying season, the amount of hemp grown has sky rocketed. Even more hemp is expected to be lost this year due to lack of processing centers. Hemp, Inc. hopes to help combat this problem with its new advanced hemp flower drying system.
Hemp, Inc. is a global leader in the industrial hemp industry with bi-coastal processing centers including the 85,000 square-foot multipurpose industrial hemp processing facility in Spring Hope, North Carolina, a state-of-the-art processing center in Medford, Oregon, and a 500-acre hemp growing Eco-Village in Golden Valley, Arizona.
WHAT IS HEMP, INC.?
What is Hemp, Inc.? With a deep-rooted social and environmental mission at its core, Hemp, Inc. seeks to build a business constituency for the American small farmer, the American veteran, and other groups experiencing the ever-increasing disparity between tapering income and soaring expenses. As a leader in the industrial hemp industry with ownership of the largest commercial multi-purpose industrial hemp processing facility in North America, Hemp, Inc. believes there can be tangible benefits reaped from adhering to a corporate social responsibility plan.
HEMP, INC.’S TEN DIVISIONS
Hemp, Inc. has been helping to build the industrial hemp infrastructure that was basically non-existent in America. There are now ten divisions:
Division One – The Industrial Hemp Infrastructure
Division Two – The Hemp Farming Infrastructure
Division Three – The Hemp Extraction Infrastructure
Division Four – The Hemp Educational Infrastructure
Division Five – The Hemp Marketing Infrastructure
Division Six – Accessories, Products and Services
Division Seven – Research and Development
Division Eight – Industrial Hemp Investments and Joint Ventures
Division Nine – Industrial Hemp Consulting
Division Ten – Entertainment
Division One – The Industrial Hemp Infrastructure
The Industrial Hemp Infrastructure (Division One) currently consists of two hemp processing facilities across the country, with two more under development, which will include an in-house third-party testing laboratory. The largest of the two is its multi-purpose industrial hemp processing facility and milling operation in Spring Hope, North Carolina. It’s the largest “industrial hemp processing center” in the western hemisphere and has grown to become one of the pre-eminent centers of the industrial hemp industry. The 85,000 square foot facility sits on a 9-acre campus. It is environmentally sustainable and was built from the ground up in hopes of “Making America Hemp Again." With a patent pending manufacturing process, the North Carolina facility is operating full time to process millions of pounds of our unique kenaf, hemp blend, to manufacture an all green natural loss circulation materials (LCMs) that are to be sold to the oil and gas drilling industry, along with an all green natural oil spill absorbent, a second industrial hemp/kenaf product called Spill-Be-Gone.
(To see a one-minute video of the millions of pounds of kenaf, go to Bruce Perlowin's personal Facebook page, September 7th, 11th, 13th, 20th and 22nd, 2018.)
In addition to the company’s industrial hemp processing facility in Spring Hope, North Carolina, Hemp, Inc. also has one of the most sophisticated local processing centers (LPC) in Medford, Oregon which focuses on hemp harvesting, drying, curing, trimming, bagging, storing, and in some cases selling high CBD hemp for the local farmers and for our own hemp grows in that area, and post processing for the CBD industry.
Hemp, Inc. also has 4,500 acres of land in Golden Valley, Arizona. Out of the 4,500 acres of land, 500 acres have currently been designated for the Veteran Village Kins Community (VVKC). Hemp, Inc. is preparing 300 of those 500 acres for hemp cultivation. The company aims to boost the economies of these towns by offering affordable hemp processing services, which incentivizes local growers to add hemp to their crop rotation. The company is continuing to scout new locations for local processing centers in Florida, Puerto Rico, West Virginia, Kentucky, Pennsylvania, New Hampshire and several other states.
Thus far, Hemp, Inc.’s Local Processing Center (LPC) in Oregon has created over 200 seasonal jobs as well as many year-round jobs.
Division Two – The Hemp Farming Infrastructure
The Hemp Farming Infrastructure (Division Two) consists of hundreds of acres of hemp and kenaf growing in multiple locations, farm equipment, cloning rooms, clones and seeds, grow rooms, greenhouses, hemp drying facilities and a huge amount of peripheral farming tools and equipment. (Some of this farming infrastructure can be seen on Bruce Perlowin's personal Facebook page in some of his older posts from Sept. 8th, Aug. 30th, 19th, 15th - 11th, 9th and 4th, July 31st, 29th, 21st - 16th, 2018.)
Hemp, Inc. also has a model “Small Family Farm” in North Carolina situated on 12 acres that consists of a cloning room, a greenhouse, and enough land to grow 2,000-3,000 high CBD hemp plants. (This model farm can be seen on Bruce Perlowin's Facebook page, in the Aug. 22nd - 26th, 2018 posts.) By showing farmers how to grow high CBD hemp plants, operate a greenhouse and turn a barn into a cloning room to earn $500,000 a year, the “Small Family Farm” can reappear on the American landscape. After all, the original small family farms in America were able to survive economically by growing hemp as their main cash crop and the first 5 presidents of the United States were all hemp farmers.
According to Perlowin, the company is preparing to grow on up to 500 acres of land in Oregon, 300 acres in Arizona (maybe more), hundreds of acres in NC (combination of hemp and kenaf), and an undetermined amount in Puerto Rico. He says collective sales from all these grows will be extremely significant in terms of pre-rolls, high CBD buds, distillate, isolate and biomass. “By 2020, we anticipate the main function of the company will be sales and marketing as we will have completed the infrastructure to support that sales and marketing. Right now, I believe we have the largest footprint with vertical integration in the hemp industry in America today. We are always looking for joint ventures where we have or can expand our footprint,” commented Perlowin.
Moreover, “A to Z” services for the farmers are available - from harvesting to drying, bagging, curing, storing, nitrogen sparging, machine trimming, hand trimming, and selling, creating a “one stop shop” for the small to large family farms. And with the soon-to-be addition of our third party, on-site testing labs from Digipath Labs, local farmers can do their testing, processing and selling in the same place. Digipath brings their proprietary ISO-17025:2017 accredited standard operating procedures and testing protocols, to establish, maintain, and operate each lab.
Digipath will bring state-of-the-art equipment, lab expertise, proprietary operating procedures and management to Hemp, Inc.’s rapidly growing locations to ensure the highest quality of goods before entering the marketplace. They will provide all necessary laboratory-expertise and related management services to develop and operate each Lab, including purchasing and maintenance of the laboratory instrumentation, as well as hiring and comprehensive training of lab personnel.
Without an in-house, third-party testing laboratory, products in need of testing would need to be transported off site, which could mean waiting days or even weeks for results. The addition of Digipath at Hemp, Inc.’s production centers will expedite testing processes and further support new business developments.
Part of Division Two is the Great American Hemp Grow-Off on the Veteran Village Kins Community in Golden Valley, Arizona. The description of the grow off can be found below.
Division Three – The Hemp Extraction Infrastructure
The Hemp CBD Oil Extraction Infrastructure (Division Three) originally consisted of a Supercritical C02 Extractor. After operating for over a year it has been determined that Hemp, Inc. will be upgrading to a much larger and advanced alcohol extraction process. These large-scale extractors are expected to be placed in all additional hemp processing arenas, thus completing this part of building the industrial hemp infrastructure. The CBD oil that we extracted from our 2018 hemp grows in North Carolina has been made into pure crystalline CBD isolate which we will add to our King of Hemp branded line of pre-rolls to bring to the marketplace and a pre-roll fortified with pure crystalline CBD isolate.
Division Four – The Hemp Educational Infrastructure
The Hemp Educational Infrastructure (Division Four) includes Hemp, Inc.'s Hemp University which focuses on educating and empowering Hemp farmers and entrepreneurs with knowledge, processing, infrastructure and support. The educational seminars, through the Hemp University, are held periodically and teach farmers and landowners how to create a profitable income stream by maximizing the per-acre crop revenue. Through this division, Hemp, Inc. has trained well over 500 farmers in its first two years by doing six Hemp University seminars in North Carolina.
In March 2019, Hemp, Inc. completed the first west coast Hemp University in Oregon, which helped educate attendees about the various opportunities that have become available for Southern Oregon residents and farmers. The all-day educational seminar brought like-minded people together to discuss and learn from experts in the trade.
With the exceptional response to the first west coast Hemp University, Hemp, Inc. held the second set of educational seminars in Oregon. This event was titled “Pre-Planting Support Workshop”, and was held May 4, 2019. This educational seminar was hosted prior to Oregon’s hemp planting season and was designed to educate attendees on planting, feminized seeds, clones, soil amendments, organic fertilizers and more. Vendors at this workshop had most of these items on sale just in time for the 2019 planting season.
The Hemp University seminars are intended to educate farmers, entrepreneurs or investors on how to grow a lucrative cash crop. For those interested in attending, presenting or showcasing at the next Hemp University, please contact Sophia Blanton at hempu@hempinc.com.
To see short videos of The Hemp University educational seminars, go to Bruce Perlowin’s Facebook page starting with the March 23, 2019 post and those following that date.
According to executives, there are also plans in the near future to expand The Hemp University to Puerto Rico through a variety of different formats and to Arizona. The eco-village in Arizona will serve as the venue for upcoming 2-day interactive and hands-on camping events which will focus on building with hemp-crete and other hemp construction materials, as well as growing hemp and the various aspects of organic gardening/farming.
“Since The Hemp University’s initial launch with the educational symposium, the number of attendees has grown tremendously and it has been an overwhelming success, each time. The interactive, hands-on learning approach is invaluable. By learning in an interactive cohort format, students gain the necessary skills they need to immediately implement them on their farm or in their organization. It’s the perfect mix of quality instruction, relevant educational content and a high level of commitment, to ensure the educational success of each attendee,” said Perlowin.
Thus far, The Hemp University has helped transform the livelihoods of North Carolina and Oregon farmers transitioning from tobacco to industrial hemp, in North Carolina. and from medical and recreational marijuana to industrial hemp in Oregon by providing them with the tools and support needed to gain a foothold in this burgeoning industry.
Division Five – The Hemp Marketing Infrastructure
While marketing is a critical facet of any business operation for increasing revenues, Hemp, Inc. believes there must be a keen focus on the infrastructure first. The demand for CBD and hemp products is massive; some even say the demand is insatiable. In order to supply that type of volume/demand, there has to be a strong foundation or infrastructure in place. While Hemp, Inc. is poised to grow a rock solid Hemp Marketing Infrastructure, CEO Perlowin reminds us that this infrastructure has to be able to support a meteoric industry growth. The hemp-derived CBD market is expected to hit $591 million early this year, and it may grow 40 times this size—to $22 billion by 2022, according to the Brightfield Group report. “This is why we focus on infrastructure, at the moment, more so than specific marketing activities,” says Perlowin. “Specific marketing activities isn’t the issue. The ability to grow, process and produce what the marketplace is demanding is the issue and hence the reason we are focusing on creating the infrastructure first.”
The company has also recently joint-ventured with retail store Hemp Healthcare, in Dolan Springs, Arizona, to sell high-end cannabidiol (CBD) and hemp-based products. Hemp Healthcare is home to an array of renowned CBD and hemp products, including Hemp, Inc.’s cosmetic and wellness line that includes shampoos, lotions, candles and more. The retail storefront is conveniently located off Highway 93 in Arizona, in a highly trafficked tourist area. Specifically located on Pierce Ferry Road, Hemp Healthcare is next to Dolan Station – a location that welcomes numerous tour buses daily with visitors from around the world that stop there on trips to the Grand Canyon.
Division Six – Accessories, Products and Services
Division Six focuses on the sale of hemp accessories such as the sale of extractors, harvesters, storage bags, containers, fertilizer, soil amendments, humidifiers, dehumidifiers, balers, greenhouses, and greenhouse equipment; the drying, trimming, curing, storing and brokering for other farmers harvesting hemp; and ultimately anything else a hemp farmer may need to be successful.
“What we found is that people are always looking for hundreds of items. New harvesting equipment and new extraction technologies,” said Perlowin.
Division Seven – Research and Development
While Research and Development has been an integral part of Hemp, Inc. since day one, a more formal research and development project is planned to begin in Puerto Rico in 2019. Hemp, Inc. met with many Puerto Rican officials to get an idea of what the regulations to grow hemp would be and start the process to gain permits to grow as soon as possible. The main focus in Puerto Rico is to first get a contract for land with an agriculture license to grow hemp. Several land opportunities have been identified and are in negotiations. The second focus is to find a building(s) suitable for drying facilities and extraction units. Because of the devastation from the last 2 hurricanes and the economic downfall in Puerto Rico, there are many buildings available. Many of the regions have buildings to offer at very affordable prices. Hemp Inc. has visited many properties and have several that would be suitable for hemp processing purposes.
In December 2018, Hemp Inc. was invited to participate in a study on hemp by the University of Mayaguez. Hemp, Inc. was chosen as one of the two private growers to participate in the study. The private study will include testing 3 different soil amendments, 4 different cultivars, various spacing scenarios, water usage and numerous other important growing data. The study will give Hemp, Inc. access to the database created by the study, which will contain important data on growing hemp in the Puerto Rican environments.
Many important connections have been made already, including meeting with the Department of Agriculture. Puerto Rico is ready for a game changer like hemp to help their economic struggles. As of February 12, 2019, the Governor of Puerto Rico signed a bill making hemp legal. This could really speed things up for Hemp, Inc. especially considering the fact that Puerto Rico has three growing seasons, as opposed to one in almost all the other states.
Division Eight – Industrial Hemp Investments and Joint Ventures
Hemp, Inc. recently established the eighth division (Industrial Hemp Investments and Joint Ventures). Since the passing of the hemp bill, Hemp, Inc. has been flooded with inquiries of people who want to invest in the hemp industry but don’t know where to start. As the Avant-guard of the industrial hemp industry, Hemp, Inc. has put together numerous joint venture investment opportunities for the medium to large-scale investor. Those who are interested should email ir@hempinc.com. Multi-million dollar, and in some cases billionaires and billion- dollar hedge funds, are aggressively trying to get into the hemp industry since the passing of the 2018 Farm Bill. Our joint venture agreements are that they put up the money and we put up the expertise in a 50/50 revenue share. This will save the large-scale hemp investor two years and dozens of mistakes that they will make without an expert in the hemp industry. This is where Hemp, Inc.’s vast network and resources in the industrial hemp industry come into play because this is something that can easily be provided.
Division Nine – Industrial Hemp Consulting
Hemp, Inc.’s Industrial Hemp and Medical Marijuana Consulting Company (IHMMCC) was recently restructured as its ninth division and is now “Division Nine - Industrial Hemp Consulting”. With an influx of public companies wanting to expand into the industrial hemp industry, Hemp, Inc. has been inundated with potential consulting agreements. To keep up, Hemp, Inc. revamped its consulting division to work hands-on with each company to provide its years of expertise. According to Perlowin, there is definitely a sense of a “Community of Companies” whereby a lot of companies are working together to pool their resources, marketing connections and strategies in order to grow simultaneously.
Typically, companies seeking in depth consulting services from Hemp, Inc. pay mostly in stock since cash flow is oftentimes tight during the developmental stage of start-up companies in this industry. Through Hemp, Inc.’s Division Nine – Industrial Hemp Consulting, a wide range of services are forged from the experiences of creating the first publicly trading company in the cannabis sector (Medical Marijuana, Inc.) and having well over a decade of experience in the cannabis industry’s public sector. Perlowin, Hemp, Inc.’s chief executive officer also has over five decades in the industry itself.
Division Ten - Entertainment
Hemp, Inc.’s newest division, Entertainment, will cover everything from investing in the movie The King of Pot and other historical movies representing our industry up to the docuseries on the Modern Day History of Hemp. Those interested investing in either one of these ventures should contact Project Manager Chris Tinney at 855-554-6834 or via email chris@christinney.com.
THE UPCOMING DOCUSERIES
Hemp, Inc. entered into an agreement with 2 Manifest Studio, LLC, a Wyoming, Limited Liability Company (VED), to create a documentary and subsequent docuseries over the course of an estimated five years. Per the terms of the agreement, VED will create a feature length film and corresponding docuseries and other video materials about the history of hemp with a strong focus on Hemp, Inc. and other pioneers and companies that are leaders in the modern-day history of hemp. The content will be wholly-owned by Hemp, Inc. 2 Manifest Studio Director Joseph Trivigno and his team have been tracking Hemp, Inc.’s progress, as executives meet with farmers throughout the country to document the company’s expansion into new markets. The documentary is expected to be released by 2020. The docuseries is expected to follow the film’s release. The film crew will also capture hemp developments in markets around the globe.
SOCIAL NETWORKS
http://www.facebook.com/hempinc (Facebook)
https://www.facebook.com/KingOfPot (Bruce Perlowin’s Facebook Page)
https://www.hempincpresents.com (Hemp, Inc.’s YouTube Channel)
FORWARD-LOOKING DISCLAIMER AND DISCLOSURES
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. To clarify the issue of OTC placing a stop sign next to Hemp, Inc.’s stock trading symbol, that symbol indicates Hemp, Inc. does not report their financials. As a non-reporting pink sheet company, Hemp, Inc. is not required to report. The company does, however, choose to publicly report its quarterly and yearly financials on its website. According to the company’s CEO, the OTC stop sign is a misrepresentation of that reporting fact. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties.
Hemp, Inc.
855-436-7688
ir@hempinc.com
Source: Hemp, Inc.
© 2019 GlobeNewswire, Inc.
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Today, CNBC First in Business Worldwide, is counting down the Top 5 States for Business during CNBC’s Business Day programming and on CNBC.com. Reporting live from this year’s top-ranked state, CNBC Special Correspondent Scott Cohn, revealed on “Squawk Box” (6AM-9AM ET) that Utah ranked #4 among America’s Top States for Business with a score of 1,573 out of a possible 2,500 points in an exclusive study, announced today.
The survey ranked states according to 10 broad categories (see press release below for more detailed info) and following are Utah’s results:
Utah
Rank
Category
Score
4
OVERALL
1573
18
Cost of Doing Business
217
18
Workforce
258
9
Quality of Life
219
3
Economy
297
17
Infrastructure
193
21
Technology & Innovation
96
20
Education
99
13
Business Friendliness
118
19
Access to Capital
50
25
Cost of Living
26
According to the survey, Utah ranked in the top 10 for Quality of Life and Economy.
Led by the burgeoning technology sector in the region known as Silicon Slopes and by a more recent surge in manufacturing, Utah turned in the second best economic growth in the nation last year. State finances are pristine, with a top-notch credit rating and manageable pension obligations. It also does not hurt that this is a great place to live.
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CNBC Special Correspondent Scott Cohn Revealed America’s Top Five States for Business Today on CNBC
ENGLEWOOD CLIFFS, N.J., July 10, 2019—CNBC, First in Business Worldwide, today unveiled the results of its thirteenth annual list of America’s Top States for Business with Virginia taking the number one position. The Old Dominion scored 1,610 out of 2,500 points.
CNBC Special Correspondent Scott Cohn reported today live from Shenandoah River State Park in Bentonville, VA and counted down the top five states during CNBC’s “Squawk Box” (M-F, 6AM-9AM ET) and on CNBC Digital. Coverage of America’s Top States for Business will continue on-air and online through CNBC’s Business Day programming today.
This is Virginia’s fourth win, having previously taken the title in 2007, 2009 and 2011. The state has the nation’s best workforce, including the fourth-highest concentration of science, technology, education and math (STEM) workers. Strong school test scores, small class sizes and a wealth of colleges and universities make Virginia’s education system the best in the nation. And with Virginia Tech University announcing plans to build a new campus adjacent to Amazon’s HQ2 focused on innovation, things could get even better.
“Virginia has come back in a big way by focusing on what businesses prize most these days—workforce,” said Cohn. “The state is also cutting red tape. It doesn’t hurt that the U.S. defense budget is rising—military spending accounts for a larger portion of the economy in Virginia than in any other state.”
CNBC Digital offers a detailed analysis of how Virginia claimed the top spot including a complete economic snapshot (employment, budget, tax and housing data). The rankings for all 50 states are available at topstates.cnbc.com. In addition, the site also has exclusive stories, lists and videos including the best and worst states to live in, the least and most expensive states in 2019, among others.
This year’s report also includes in-depth coverage—including exclusive new details—on two of the most significant economic development deals in recent memory: Amazon’s $2.5 billion second headquarters to be located in Virginia and electronics manufacturer Foxconn’s $10 billion manufacturing and technology complex in Wisconsin.
“Both of these projects embody the issues we explore in our Top States coverage every year, including the push and pull between economic development and taxpayer dollars,” Cohn said.
Follow us on Twitter @CNBC and take part in the social conversation surrounding CNBC’s Top States coverage using hashtag #TopStates.
CNBC’s exclusive study scores all 50 states on 64 metrics across ten categories of competitiveness. The methodology grades the states based on the qualities they deem most important in attracting business. To do that, CNBC assigns a weight to each of the ten categories by analyzing every state’s economic development marketing materials. The more frequently a selling point appears, the more weight it carries in the study.
America’s Top 5 States for Business:
1. Virginia (Highest Rank - #1 in Workforce and Education; Lowest Rank - #35 in Cost of Doing Business)
2. Texas (Highest Rank - #3 in Access to Capital; Lowest Rank - #39 in Education)
3. North Carolina (Highest Rank - #1 in Economy; Lowest Rank - #35 in Quality of Life)
4. Utah (Highest Rank - #3 in Economy; Lowest Rank - #25 in Cost of Living)
5. Washington (Highest Rank - #2 in Technology & Innovation; Lowest Rank - #39 in Infrastructure)
About CNBC:
With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, and CNBC World, CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to 410 million homes worldwide, including more than 90 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 15 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 7:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide. CNBC at night features a mix of new reality programming, CNBC's highly successful series produced exclusively for CNBC and a number of distinctive in-house documentaries.
CNBC Digital delivers more than 55 million U.S. multi-platform unique visitors each month. CNBC.com provides real-time financial market news and information to CNBC’s investor audience. CNBC Make It is a digital destination focused on making you smarter about how you earn, save and spend your money by zeroing in on careers, leadership, entrepreneurship and personal finance.
CNBC has a vast portfolio of digital products, offering CNBC content to a variety of platforms such as: CNBC.com; CNBC PRO, a premium service that provides in-depth access to Wall Street; a suite of CNBC mobile apps for iOS and Android devices; Amazon Alexa, Google Assistant and Apple Siri voice interfaces; and streaming services including Apple TV, Roku, Amazon Fire TV, Android TV and Samsung Smart TVs. To learn more, visit https://www.cnbc.com/digital-products/.
Members of the media can receive more information about CNBC and its programming on the NBCUniversal Media Village Web site at http://www.nbcumv.com/programming/cnbc. For more information about NBCUniversal, please visit http://www.NBCUniversal.com.
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