- The cannabinoid market value in 2023 was $22.23 billion and is expected to grow at a CAGR of 15.3%, resulting in an estimated market value of $60.36 billion
- The global mass spectrometry market will reach $6.77 billion in 2024 and is expected to grow at a CAGR of 6.25%, reaching $9.17 billion by 2029.
- Astrotech and subsidiary AgLAB Inc. are using mass spectrometry to boost the profitable yield of hemp and cannabis production
The United States has seen a rising awareness of the health and therapeutic benefits of cannabinoids, prompting an expected market increase of 15.3%, from $22.23 billion in 2023 to an anticipated $60.36 billion by 2030 (https://cnw.fm/srapD). Focused on optimizing and improving higher yields, Astrotech (NASDAQ: ASTC), a science and technology development and commercialization company, and its wholly-owned subsidiary AgLAB Inc., have developed a mass spectrometer designed for use in the hemp and cannabis market.
During the process of converting cannabis biomass into distillate, valuable cannabinoids are typically lost resulting in reduced profits. AgLAB’s Maximum Value Processing (“MVP”) Method that uses the powerful AgLAB-1000-D2 mass spectrometer to test and to accurately configure the distillation system for optimal efficiency.
The AgLAB MVP mass spectrometer and its rugged design is built to withstand the demands of the factory floor. The AgLAB-1000-D2 model offers real-time potency tests during each distillation batch cycle. During the distillation process up to 20 tests per hour can be achieved providing almost instant, real-time results which is used to adjust parameters, such as temperature, feed rate, and vacuum, to optimize potency and increase yields for each batch. Currently testing results can take days to complete resulting in little intelligence towards processing efficiency.
“This product and method fill a void by providing an easy and accurate real-time analysis that is used to make the right adjustments and improve the yields,” an AgLAB employee, was quoted as saying in a press release about AgLAB’s 1000 series (https://cnw.fm/G0nkA).
AgLAB’s method has been extensively tested and has shown impressive results, including increased revenue and profit margins. Internal studies have shown an average revenue improvement of $5,000 per 200 kg of crude, with a 24% profit increase. Furthermore, a case study revealed a 32.9% increase in distillate mass, translating to significant weekly and annual revenue gains.
For more information, visit the company’s website at www.AstrotechCorp.com.
NOTE TO INVESTORS: The latest news and updates relating to ASTC are available in the company’s newsroom at https://cnw.fm/ASTC
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