Panda Biotech, a leading industrial hemp fibre manufacturer, has partnered with the Southern Ute Growth Fund, a Native American-owned investment firm, to enhance sustainable hemp production in the US.

The collaboration intends to boost hemp fiber production for usage in a range of sectors, such as textiles, building supplies, and bioplastics. The Growth Fund subsidiary Aka-Ag, LLC, and I signed a strategic partnership agreement.

President Dixie Carter said that Panda Biotech could not have chosen a finer equity partner for their first project, the Panda High Plains Hemp Gin. It is anticipated that the Southern Ute Indian Tribe and its affiliates will contribute a number of strategic opportunities to a fruitful, long-term cooperation.

The investment is a critical step forward towards PHPHG's eagerly awaited Q4 2023 launch. PHPHG, based in Wichita Falls, Texas, aspires to rank among the largest industrial hemp processing plants worldwide and the largest hemp decortication center in the United States.

Growth Fund Executive Director Shane Seibel added that they view the PHPHG investment as a complementary and strategic partnership that will align with their company values and result in a business providing sustainable solutions for the future.

Industrial hemp has been shown to effectively absorb large levels of carbon dioxide, and it grows with a lot less water, pesticides, fungicides, and herbicides than the majority of crops used to make textiles. The textile industry has taken notice of PHPHG's campaign, and top spinning mills from all over the world and various international brands have contacted Panda about possible business alliances.