Mile High Labs Launches On-Farm Hemp Processing Facility to Match Growth of Global Hemp CBD Industry
$35 million funding round, the largest Series A in cannabis market history, leads to invention of proprietary extraction technology dubbed the Mile High Monster
15 Mar, 2019, 11:00 ET
BOULDER, Colo., March 15, 2019 /PRNewswire/ -- Mile High Labs International Inc. unveiled today the Mile High Monster, their latest innovation in industrial-scale CBD extraction technology. This patent-pending modular extraction facility is installed on a partnering farm, processing 50 acres of hemp per day into full spectrum oil, the baseline ingredient from which CBD products are made. A single Mile High Monster increases Mile High Labs' already industry leading production capacity by more than 500 percent.
According to a statement released by Brightfield Group, the CBD market is projected to reach $22 billion by 2022, and hemp cultivation in the United States tripled in 2018 with the passage of the Farm Bill. While the increased hemp production provides the raw material needed to help develop wildly popular CBD products, no one has optimized CBD extraction at an industrial scale, causing a bottleneck between cultivators and consumers. The Mile High Monster solves this problem. It was built specifically around the ability to process mass quantities of hemp to supply a global marketplace, both today and long into the future.
"Three years ago, the technology and equipment did not exist to produce CBD at an industrial scale or allow the world's largest brands to deliver safe CBD products to consumers around the world," said Stephen Mueller, Founder and CTO of Mile High Labs. "I created Mile High Labs to develop and optimize the CBD extraction process, and to build the custom equipment needed to achieve this. The Mile High Monster is the culmination of that work, and we're excited to unveil its capabilities."
Mile High Labs recently installed the first Monster on a hemp farm in Eastern Colorado, with a second unit slated for installation in Southern Colorado later this month. Its partnerships give hemp farmers the security of having a reliable buyer as they increase hemp production while ensuring Mile High Labs has the raw material to supply safe CBD ingredients to meet global consumer demand. The Monster is operated by Mile High Labs technicians and follows the same rigorous regulatory standards set by the Company's end-to-end certified GMP process.
"We're in such a rapidly evolving industry that it's essential to be hyper-focused on science and compliance. We approach our CBD extraction process in terms of quality assurance and quality control with the same precision and seriousness as the pharmaceutical industry," said Wendi Young, the Director of Compliance and Regulation at Mile High Labs.
The launch of the Mile High Monster follows the company's $35 million Series A funding round with investment from institutional and private equity investors, which represents the largest in cannabis market history to-date. With Mile High Labs' Series A closing just months before the 2018 Farm Bill passed, the Company is leading the global CBD industry in technology, production and regulation.
For more information on Mile High Labs, please visit www.milehighlabs.com. For sales inquiries, please call 833.283.1043.
About Mile High Labs
Since launching in 2016, Mile High Labs has quickly become the leading manufacturer of premium CBD ingredients. Led by a science-based team, Mile High Labs offers bulk and wholesale CBD ingredients, as well as co-packing services to manufacturers, retailers and companies throughout the Consumer Packaged Goods industry. Trusted brands choose Mile High Labs for its regulatory expertise, innovative extraction technology and purity-certified CBD. Mile High Labs extracts exclusively from industrial hemp flower material. To learn more about Mile High Labs, visit www.milehighlabs.com.
SOURCE Mile High Labs
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