Blue Sky Hemp ventures into CBD extraction
September 18, 2020 By Grow Opportunity staff
Blue Sky Hemp Ventures Ltd. is gearing up for large-scale production of CBD extracts after officially receiving its Health Canada processing license.
Blue Sky’s Saskatoon-based extraction facility is looking to be the country’s leader in hemp processing, processing up to 200,000 kg of industrial hemp per year with room to grow. The company is currently producing CBD crude oil and distillate with CBD isolate which are expected to join its line of hemp-based products within the next two months.
“Our business is among the first to pursue three revenue streams from the same hemp crop – fibre, food and extracts,” said co-founder and CEO, Andrew Potter. “This is a big moment for us and our growing partners. As one of very few extractors, we have direct access to the high-value CBD market which will generate significant revenue that hemp growers can’t get to alone.”
The company aims to meet the growing needs of a market expected to reach $9.6 billion by 2025. Potter said in a statement on Sept. 18 that Blue Sky’s approach to processing broad-acre-grown hemp is expected to have a knock on effect, driving substantial cost reductions across many Canadian CBD products.
“We expect the revenue growth from extraction sales to drive production of more hemp acres and primary processing jobs in rural communities throughout the prairies,” said Potter.
Blue Sky is a Calgary-based company focused on whole plant utilization for hemp superfoods, CBD and sustainable industrial products.
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