- HTC Extraction Systems recently reported unaudited interim condensed consolidated financial results that showed revenue gains of nearly $1.3 million for the first six months of the year
- The company is building an operation that it expects, upon receipt of all required approvals and licensing, to process five million kilograms of hemp biomass from this year’s crop to extract cannabidiol full-spectrum oil distillate
- HTC is in the process of seating a six-acre campus with a 19,000-square-foot extraction facility near Regina, Saskatchewan, and it recently reported, subject to closing, an influx of some $15 million in gross proceeds from a common share bought deal
HTC Extraction Systems (TSX.V: HTC) recorded an increase in same-period year-over-year revenues from operations during the first six months of 2019, rising from $560,260 to $1.85 million, according to unaudited interim condensed consolidated financial results announced recently (http://cnw.fm/t2btS).
HTC and its subsidiaries are dedicated to developing their proprietary extraction and purification systems for removing cannabidiol full-spectrum oil (CBD FSO) distillate from acquired hemp biomass and making the remaining hemp byproducts, including other cannabinoids, available for singulation and sale to the cannabinoid pharmaceutical market.
Toward that end, HTC recently completed a tolling agreement through which it expects, subject to receipt of all required approvals and licensing, to process five million kilograms of hemp biomass obtained from this year’s crops in Saskatchewan using five varieties of Health Canada-approved cultivars as the genetic foundation. HTC is completing a new extraction, purification, distillation and refining facility that will house its proprietary extraction and purification system while also pursuing the necessary government licenses for this strategy.
As a tolling fee for the service provided and the system utilized, HTC will receive a percentage of the extracted CBD FSO distillate. The company is also engaged in preliminary due diligence, as it searches for attractive hemp biomass tolling contracts in the United States, for the 2020 hemp crop growing year.
HTC’s CO2 extraction operations, utilizing the company’s proprietary technology, contributed significantly to the six-month revenue increase. The hemp biomass division was still pre-revenue, as of the close of the period on June 30, but HTC has for years worked to perfect the distillation and purification of ethanol and hydrocarbon-based solvents used for extraction.
HTC has focused its Canadian operations at Port Lajord, Saskatchewan, about 17 miles southeast of the capital, Regina. The company is building a 19,000-square-foot facility for extraction tolling on six acres of land there.
The company recently announced that, subject to completion of due diligence, a group of underwriters has agreed to purchase a minimum of 15 million units of combined common shares, including warrants to purchase further common shares, amounting to new cash flow with a total of C$15 million in aggregate gross proceeds as a result (http://cnw.fm/gYV25).
For more information, visit the company’s website at www.HTCExtraction.com
NOTE TO INVESTORS: The latest news and updates relating to HTC are available in the company’s newsroom at http://cnw.fm/HTC
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