18 March 2019 | News
$35 million funding round, the largest Series A in cannabis market history, leads to invention of proprietary extraction technology dubbed the Mile High Monster
Mile High Labs International Inc. unveiled the Mile High Monster, their latest innovation in industrial-scale CBD extraction technology. This patent-pending modular extraction facility is installed on a partnering farm, processing 50 acres of hemp per day into full spectrum oil, the baseline ingredient from which CBD products are made. A single Mile High Monster increases Mile High Labs' already industry leading production capacity by more than 500 percent.
According to a statement released by Brightfield Group, the CBD market is projected to reach $22 billion by 2022, and hemp cultivation in the United States tripled in 2018 with the passage of the Farm Bill. While the increased hemp production provides the raw material needed to help develop wildly popular CBD products, no one has optimized CBD extraction at an industrial scale, causing a bottleneck between cultivators and consumers. The Mile High Monster solves this problem. It was built specifically around the ability to process mass quantities of hemp to supply a global marketplace, both today and long into the future.
Mile High Labs recently installed the first Monster on a hemp farm in Eastern Colorado, with a second unit slated for installation in Southern Colorado later this month. Its partnerships give hemp farmers the security of having a reliable buyer as they increase hemp production while ensuring Mile High Labs has the raw material to supply safe CBD ingredients to meet global consumer demand. The Monster is operated by Mile High Labs technicians and follows the same rigorous regulatory standards set by the Company's end-to-end certified GMP process.
The launch of the Mile High Monster follows the company's $35 million Series A funding round with investment from institutional and private equity investors, which represents the largest in cannabis market history to-date. With Mile High Labs' Series A closing just months before the 2018 Farm Bill passed, the Company is leading the global CBD industry in technology, production and regulation.