After completing the sale of a BOSS CO2 extraction system to a British Columbia-based marijuana company last month, Quadron Cannatech Corporation (CSE: QCC) is kicking off February by finalizing the sale of a cannabis extraction and processing facility to Cannaworld Ventures Inc.
Under the terms of the sale, Cannaworld’s 38,000 sq. ft. facility will be outfitted with C02 extraction equipment, filtration components, storage refrigerators, and analytical tools for testing cannabis concentration levels.
Quadron Chief Executive Officer Rosy Mondin stated this end-to-end solution for cannabis processing is aimed at providing customers an edge over the competition in quickly producing quality product, ready to hit the market while meeting stringent regulations and standards.
Mondin commented: “From day one, our focus is in developing extraction and processing systems to transform a client’s vision and intentions into tangible, high performance results. Our in-house team of engineers & chemists are focused on innovation and removing bottlenecks in the extraction of cannabis oils.”
Quadron also just recently released the company’s latest quarterly revenue reports. While not including the figures from the most recent two C02 extraction sales, Quadron reported revenue of slightly more than $465,000, which represents a more than 50% increase over the same period in the previous year.
Sales of C02 extraction equipment have seen a spike across the industry as more companies receive licensing from Health Canada to begin cannabis cultivation.
Different methods of processing cannabis after the growing phase have become big businesses unto themselves since the Cannabis Act legalized recreational marijuana consumption.
In particular, companies across the industry have been on the search for more efficient ways to dry and process flower products or extract resins and oils.
Last month, cannabis giant Tilray (NASDAQ: TLRY) teamed up with EnWave Corporation (TSX-V: ENW; FSE: E4U) to license out new drying technologies to marijuana cultivators such as The Green Organic Dutchman.
As consumers look for other products besides just loose or pre-rolled dried flower, cannabis extraction deals have also been struck at a steady pace.
Most notably, Canopy Growth (TSX: WEED) signed a multi-year extraction deal back in December with Valens GroWorks Corp. (CSE: VGW) to produce cannabis oils and capsules.