Mile High Labs International Inc. announced Friday the Mile High Monster, an innovative solution in CBD extraction on an industrial scale that would help cultivators and processors increase their efficiency.
What Happened
The Mile High Monster represents a patent-pending modular extraction facility that can be installed directly on the field, the company said in a press release. It can then process up to 50 acres of hemp per day and extract full spectrum oil. The oil can then be transported to the facility for the final processing stage to extract CBD and make CBD products.
The launch of the Mile High Monster comes after the company managed to secure a Series A funding worth $35 million last October.
The plans to install the second unit in Southern Colorado later this month. The company is also establishing partnerships with hemp farmers to ensure that it has a stable flow of raw material to produce safe CBD ingredients for the global market.
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Why It's Important
The new solution from Mile Highs Labs International simplifies and optimizes the hemp extraction process, allowing for better CBD manufacturing on an industrial scale. The company already tested the Mile High Monster on a hemp farm in Eastern Colorado, recording an increase in production capacity by more than 500 percent.
The hemp-derived CBD market is projected to reach $22 billion by 2022, according to the Brightfield Group. As major companies both in the cannabis industry -- like Canopy Growth Corp CGC -- as well as outside of it -- such as Estee Lauder Companies Inc EL -- are entering the CBD market, the demand for the hemp-derived cannabinoids will soar.
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