A pair of recent Massachusetts Institute of Technology graduates have packed up, moved to Chicago, and raised $4.5 million to launch a first-of-its-kind trading platform for industrial hemp.
The duo said traditional markets have overlooked hemp, Crain’s Chicago Business reported. And the two are off to a solid start, having won regulatory approval from the Commodity Futures and Trading Commission for a portion of their company, Seed CX, to become a swap execution facility.
The duo have traveled the country and spoken to farmers, processors and traders, which convinced them there’s a gap in the agricultural market for this sort of trading platform.
Seed CX already has 10 employees and is “in the final stages of picking a clearinghouse partner,” Crain’s reported.