Kentucky food maker raises $4.5m

Victory Hemp Foods of Kentucky said it has raised about $4.5 million to expand its production capacity for hemp food ingredients. The company said it will use the funds to add capacity at its facility in Carrollton, Kentucky, and boost contracts with farmers that supply it with hemp raw materials. The company said it received $230,000 in low-interest loans from the Kentucky governor’s Office of Agricultural Policy, two equity investments from the Kentucky Enterprise Fund, and has 45 angel investors. Victory Hemp is looking to raise another $700,000 in its current fundraising round and plans a subsequent one in September. Victory makes hemp seed oil and hemp protein, in addition to roasted and shelled hemp seeds used in plant-based protein products.