WICHITA FALLS (KFDX/KJTL) — It’s going to take a little longer for Panda Biotech to purchase the old Delphi building on I-44.
The hemp processing company withdrew its bid for state bond money this past week but submitted a new application this week. The bond is for $100 million.
Panda Biotech faced a June 20 deadline to sell the bonds.
Chamber of Commerce officials say this changes nothing and the company already has employees in Wichita Falls working to prepare to purchase the building and other things.
“They’ve already spent millions of dollars between purchasing equipment, having hired staff to coordinate everything to the rent they’ve been paying on the building, the seed that they bought and provided to farmers. They’ve spent millions and millions already so they intended to make this work,” Wichita Falls Chamber of Commerce President/CEO Henry Florsheim said.
Florsheim says the company is not sure when it will receive the bond money but they have other ways to finance purchasing the building which should be happening soon.
The bond money would also be spent on operating costs and to purchase more seed and equipment.