- HTC Extraction Systems is turning its distillation technology prowess toward hemp biomass refining for the cannabidiol (CBD) product market
- The company recently reported third quarter financial results showing a year-over-year revenue increase of more than 2.5 times largely due to agri-infrastructure operations, but expects to see new and greater growth as its CBD production takes shape
- The company has completed construction on a 19,000-square-foot facility near Regina, Saskatchewan that will house its quality-assurance testing and product-development laboratories as well as its extraction and formulation-processing operations
- HTC has also recently acquired California-based Kase Farma Inc., an extraction and formulation company in the United States that is currently expanding and upgrading its extraction, refining and processing operations
Saskatchewan, Canada-based HTC Extraction Systems (TSX.V: HTC) saw its revenues grow by more than 2.5 times in year-over-year third-quarter financial results that were reported recently on the heels of news the proprietary extraction systems innovator is expanding its fledgling cannabinoid refining operations from Canada to the U.S. market in California.
HTC’s revenues grew from $1.3 million at the September close of the quarter in 2018 to $3.3 million at the quarter’s end this year, according to the report (http://cnw.fm/5bMiP).
The revenue gains continue to reflect growth in the company’s agri-infrastructure operation, but HTC anticipates significant new potential in the explosive growth of cannabinoid-related industries and is building hemp biomass tolling contracts and extraction facilities to process harvested plants for the cannabidiol (CBD) food and pharmaceutical markets.
The company and its subsidiaries have built more than a decade of experience developing ethanol, solvent and glycol reclamation operations and believe their patented Delta Purification System is now the best available environmental reclaiming technology for the clean energy and biomass extraction industries.
HTC recently announced that it expected new extraction equipment to arrive this month at its recently-completed 19,000-square-foot facility in Port Lajord, 17 miles southeast of Regina’s metropolitan commerce center in Saskatchewan (http://cnw.fm/IF6mx). The extraction and refining facility is undergoing interior completion in order to qualify it as GMP Euro compliant.
The company has also completed construction on its nearby 27,000-square-foot hemp biomass processing and storage facility, to be utilized for the storing of extraction-ready biomass. HTC announced last month that it had entered into an agreement to acquire California-based Kase Farma Inc. as part of HTC’s first foray into a U.S. market for hemp extraction, refining, formulation and distribution products (http://cnw.fm/AE4vI).
Kase Farma expects to receive and commission equipment this month that is capable pf processing and distilling 12,000 pounds per day of dried biomass with expected full production in Q1 of 2020 hemp production growing year. The California company is operated by an award-winning team of extractors and formulators that consistently produces industry-best cannabinoid oils and distillate. This acquisition allows for a technology transfer so intellectual property and technology can be deployed at the HTC facilities in Saskatchewan.
The expanding operations mean changes in the quarterly operational loss figures as well as the company’s total assets, which grew from $34 million to $36.2 million year-over-year
HTC expects to sell and distribute its CBD through brands under its related entity, Purely Canada Foods.
For more information, visit the company’s website at www.HTCExtraction.com
NOTE TO INVESTORS: The latest news and updates relating to HTC are available in the company’s newsroom at http://cnw.fm/HTC
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