Hemp-based CBD products manufacturer Global Widget plans to hold a ribbon cutting ceremony on October 9 to mark the opening of its new CBD extraction plant in Tampa, FL, the company announced in a release Tuesday. A number of local, state and federal officials are expected to attend the event at the company’s headquarters in Tampa.

The company’s co-CEO, Kevin Collins, said the 15,000-sq-ft facility will support job growth and assist in “making high-quality CBD more affordable and accessible to consumers who benefit from using it and to businesses who prosper from selling it.”

Once operational, the Tampa facility will process industrial hemp into CBD isolate and distillate products. Global Widget supplies retailers, consumers, distributors, and white label manufacturers with more than 1,000 CBD products.

The global market for CBD products is expected to grow at a CAGR of 22.2% between 2019 and 2025, according to a forecast produced by Grand View Research. 

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