DALLAS (CBSDFW.COM) – Dallas-based Panda Biotech announced on Wednesday that it is developing the largest industrial hemp processing facility in the United States.

The company will build the “Panda High Plains Hemp Gin” in Lubbock County to separate hemp fiber and cellulose from the stalk.

READ MORE: Shamira Wright-Sanders Charged In Connection To Fatal Shooting Of Child Inside Her Car At Walmart

“Hemp fiber and cellulose will help manufacturers meet the needs of today’s eco-conscious consumers who increasingly require environmentally friendly products and services,” Scott Evans, executive vice president of Panda Biotech, said. “As a result, hemp will be a game changer for both agriculture and industry for generations to come.”

The industrial processing plant will only use hemp stalks that are harvested before it has the mature seeds and flowers normally used to produce CBD oil.

Panda Biotech expects the plant to process 130,000 tons of Texas-grown industrial hemp annually.

READ MORE: Johnson County Resident Timothy Vandeventer Sentenced To 10 Years In Prison For Child Porn

This growth in Texas hemp production was made possible when the Texas House and Senate unanimously passed House Bill 1325.

The bill authorizes the production and manufacture of industrial hemp crops in the State of Texas pending the approval of Texas’ hemp regulations by the USDA in the coming weeks.

Processed industrial hemp can be used to produce textiles, building materials, paper products, nano-materials, bio-plastics, sealants, varnishes ad paints.

“We have concluded that the processing of hemp stalk for industrial uses will be the next multi-billion-dollar business in the United States,” Evans said.

MORE NEWS: Police Searching For Suspect Who Robbed And Shot Victim Behind Farmers Branch City Hall

The global industrial hemp market is projected to grow from $4.6 billion in 2019 to $32 billion by 2022, according to the company.