BINGHAMTON, N.Y. (AP) — A former upstate New York shoe factory that was converted to a newspaper printing plant will soon be extracting oil from industrial hemp.

Southern Tier Hemp announced Tuesday that it's buying the 100,000-square-foot former Gannett printing plant in Johnson City. The company will develop, manufacture and sell hemp cannabidiol -- or CBD oil -- wellness products.

The company says it will hire more than 100 people during the next three years. A $650,000 state grant will support construction of the processing center, which is expected to be operational for this year's harvest.

Southern Tier Hemp has established a partnership with Binghamton University to research the pharmaceutical benefits of CBD oil.

Industrial hemp is related to the marijuana plant but doesn't have THC, the ingredient that causes marijuana's high.