BOULDER, Colo., Oct. 11, 2018 (GLOBE NEWSWIRE) -- Mile High Labs, the leading cannabinoid extractor in the world, has announced a $35 million Series A financing with investment from institutional and private equity investors. This represents the largest Series A financing in cannabis market history. Mile High Labs will utilize the capital to expand the production capacity of its premium Cannabidiol (CBD) extracts to meet rapidly increasing market demand. The funding will also support Mile High Labs’ continued international expansion.
According to market research provider Brightfield Group, the hemp CBD market is projected to reach $22 billion by 2022, outpacing the rest of the cannabis market combined.
“We believe the CBD market is in the early stages of a 20-year secular growth trend, the size and scope of which the world’s largest Consumer Packaged Goods companies cannot ignore,” says Mile High Labs CFO Jon Hilley. “We are already the CBD platform of choice for many of the market’s most recognizable brands and we welcome the chance to work with anyone seeking to explore this immense opportunity.”
Mile High Labs’ proprietary extraction processes and equipment exceed the highest regulatory standards and produce the purest and most consistent cannabinoids on the market. The company operates the only end-to-end certified GMP cannabis extraction facility in the Western Hemisphere.
“At Mile High Labs, understanding regulatory pathways and achieving standard-setting compliance results are foundational to our approach,” says Mile High Labs CTO Stephen Mueller. “The importance of our GMP certification cannot be understated as we are responsible for delivering safe, quality ingredients to many of the world’s most trusted brands.”
“Mile High Labs’ $35 million series A underscores the exponential growth in the CBD market,” says Michael Brosgart of The Arcview Group, publishers of the cannabis industry’s most cited market research. “With a projected CBD market size growing 40-fold over the next three years, this round of funding highlights the ever-increasing interest in this space by both institutional investors and consumers.”
“This record-breaking investment is a reflection of the growth in demand for quality CBD products and Mile High Labs’ unique ability to meet that demand,” said Jason Roth, CEO of Mile High Labs. “In the first quarter of 2019, we will deploy two of our proprietary “Mile High Monster” extraction plants that will allow us to lead the market with an output that is roughly 20 times the capacity of the nearest competitor. Global demand is exploding, and we are well positioned to meet that demand.”
Potential partners and investors interested in learning more about Mile High Labs may contact http://www.milehighlabs.com/contact/.
About Mile High Labs
Since launching in 2016, Mile High Labs has quickly become the country’s leading concentrate manufacturer of premium CBD crude oil, distillate and isolate. Led by a science-based team, Mile High Labs offers extraction, refining and co-packing services to cultivators, 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 http://www.milehighlabs.com/.
About CBD
CBD is a naturally occurring compound and does not have intoxicating effects. A growing body of scientific evidence supports the potential health benefits of CBD, and the Food and Drug Administration recently approved an epilepsy medication that uses the non-psychoactive compound.
Media/Press Contacts:
Tim Streeb, ICR
646-277-1200
Tim.Streeb@icrinc.com
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/c13e2331-144f-4d1f-94c2-b453ff8b3117