DETROIT, Feb. 12, 2019 /PRNewswire/ -- Precision
Extraction Solutions ("Precision"), a market leader in cannabis and
hemp extraction technology, has been named the exclusive equipment
supplier of Canapar S.r.L. ("Canapar") for the development and
outfitting of its flagship extraction facility in Sicily, Italy.
On the heels of a $25 million CAD
($20 million USD) round of financing,
that included a lead investment by Canopy Rivers Inc (TSXV:
RIV), the corporate venture capital platform of Canopy Growth
Corporation (TSX: WEED, NYSE: CGC),
a global leader in the cannabis sector, Canapar engaged Precision
for the design and manufacturing of an industrial scale hemp
extraction plant.
"The KPD series extraction plant represents the newest and most
innovative extraction technology in the marketplace. We are excited
to see this revolutionary and automated cGMP solution at Canapar's
state-of-the-art facility," states Nick
Tennant, CTO of Precision.
The Precision® KPD Series is a scalable solution for industrial
and agri-processing demands ranging from 2,200 lbs (1,000
kilograms) of cannabis or hemp input material per day to more than
100,000+ lbs per day.
Canapar's Ragusa, Sicily
facility, outfitted with a KPD series extraction plant, is expected
to produce CBD extracts and isolate, which will then be used for a
wide range of health and beauty, cosmetics, pharmaceutical and
veterinary products.
"We chose Precision as our extraction technology partner because
they are the most recognized and innovative extraction equipment
company in the world. They are assisting us in all aspects of the
project from facility design to equipment and training. With
Precision's help, the aim is to optimize the extraction process for
the production of the world's finest CBD isolate for the cosmetic
and pharmaceutical market," said Sergio
Martines, CEO of Canapar.
The cGMP-compliant Ragusa facility is initially expected to be
able to process over 600 tons of hemp biomass per year, making it
the largest extraction facility in the European Union. With
Precision's assistance, Canapar is planning on scaling its
operation within the next 12-18 months to keep up with projected
demand.
According to Marc Beginin, CEO of Precision, "We are thrilled to
be working with the professionals at Canapar. Canapar is poised to
be the leading CBD isolate provider in Europe. They asked us to produce a scalable
extraction plant with speed-to-market top of mind. Our team will be
ready to deliver the first phase in Sicily this summer."
The market for hemp extraction solutions to produce CBD isolate
is growing rapidly. "Indeed, the market is robust," says Beginin,
"with the passage of the 2018 Farm Bill in the US, and increased
legality of hemp-derived products worldwide, it is estimated that
the market for hemp extracts will grow to $22 billion by 2020."
About Precision® Extraction Solutions
Precision® Extraction Solutions is the industry leader
and most trusted brand in cannabis and hemp extraction equipment,
technology, lab design, training and consulting.
Precision® extraction systems are world renowned for quality,
safety and precise operation. Certified for use in all regulated US
and EU jurisdictions, more award-winning extracts are made with
Precision® than any other brand.
Precision's multi-solvent extraction systems process 100 to over
100,000+ lbs of material per day, making Precision® the
professional's choice for commercial and scaled industrial
operations.
For more information about Precision® Extraction Solutions
visit: https://precisionextraction.com/.
Media Contact:
Nicholas Shafer
VP, Marketing and Business Strategy
Precision Extraction Solutions
855-420-0020 x11
nics@precisionextraction.com
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SOURCE Precision Extraction Solutions