The company also plans on purchasing its second CBD Extractor this year. As announced in Hemp, Inc.’s last press release, the company has already purchased its first industrial NuAxon Tech CO2 Supercritical extractor from NuAxon BioScience, the manufacturer and producer of the world class, large capacity CO2 Supercritical Extraction equipment. However, with the industry’s expanding CBD market and ever-increasing consumer CBD sales over the past few years, executives feel it is in the best interest of its shareholders to acquire a second extractor to capture a solid, sizeable share of the market while still in the early growth stage.
The CBD market is expected to “grow to a $2.1 billion market in consumer sales by 2020 with $450 million of those sales coming from hemp-based sources. That’s a 700% increase from 2016. In 2015, the market for consumer sales of hemp-derived CBD products was $90 million, plus another $112 million in marijuana-derived CBD products which were sold through dispensaries — bringing a total CBD market to $202 million last year,” according to Forbes.com.
David Schmitt, COO of Hemp, Inc.’s wholly owned subsidiary, Industrial Hemp Manufacturing, LLC (IHM), said they have been researching CBD extraction methods and manufacturers for the past 2 years, weighing the pros and cons of both. For its second CBD extractor purchase, executives found another manufacturer they feel would produce another superior CBD extractor that utilizes a different technology. Based on Hemp, Inc.’s research, building a CBD extractor takes extensive testing, product knowledge and continual process improvement to ensure a superior product that is held to the highest of standards. A collaborative design engineering team that ensures the quality of each component, coupled with a customizable approach, guarantees the extractor will meet all of Hemp, Inc.’s specifications and standards.
Schmitt expects both extractors to have optimized production levels. “The CO2 Supercritical Extractor that is currently in-house is expected to be assembled over the next 3 months. Once assembled, we will be ready to process and extract CBD oil,” said Schmitt.
Bruce Perlowin, CEO of Hemp, Inc. ( OTC PINK : HEMP ) said, “The CBD market has been growing by leaps and bounds. CBD’s medicinal qualities have been making waves across America. Residents in states that have not legalized medical marijuana are finding that CBDs from hemp are an alternative to pharmaceutical drugs to treat debilitating medical conditions. There have been recent studies showing CBDs are preferred over addicting pharmaceutical drugs.”
Earlier this year, the National Academies of Science, Engineering, and Medicine (NASEM) released a comprehensive report regarding cannabis’ health benefits. The study confirmed substantial evidence that cannabis is useful in the treatment of some common and severe medical ailments such as chronic pain, multiple sclerosis, and chemotherapy-induced nausea and vomiting. It was also interesting to note that pharmaceutical companies have started creating cannabis-like drugs for multiple sclerosis, nausea and vomiting. While the pharmaceutical alternative, CBD, is viewed as a more appealing option, it is often expensive and not readily available to patients.
The pharmaceutical choices, such as prescribed opioid pain medications, are addictive and users are at high risk of fatal overdose.
Cannabidiol (CBD) is the part of the cannabis plant that has significant medical benefits, but does not make people feel “high” and can even counteract the psychoactivity of THC (that part that does make people feel “high”). Since CBDs are non-psychoactive, it’s an appealing option for medical patients seeking alternative ways to relieve conditions such as inflammation, pain, anxiety, psychosis, seizures, and spasms, without disconcerting feelings of lethargy.
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