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Mile High Labs, a biotech company based out of Colorado was approved for a $65M loan that will finance the purchase of a “Mountain of Hemp”, citing the CEO’s own intentions. The company will use the loan to set-up massive extraction units in the South and East of Colorado that will be some of the state’s largest, and Mile High Labs is expected to extract millions of pounds worth of hemp on a yearly basis. The US CBD market is expected to grow by 700% in 2019.
This move marks yet another CBD company leveraging the power of vertical integration. We’ve already seen companies such as Next Green Wave, Inc. utilize this tactic to gain better control over the manufacturing process from seed to store shelves with great success. Not only does vertical integration improve quality, it can also drive down production costs and increase profits, something that companies such as Next Green Wave have already begun capitalizing on.
About Miles High Labs
Miles High Labs extracts hemp for CBD purposes. MHL does not grow hemp, but it uses mobile equipment to set-up extraction stations on existing hemp farms and creates the product on the spot. The company specializes in the production of medical CBD (Cannabidiol). This is an ingredient that accounts for over 40% of hemp extract. This ingredient is used to treat anxiety, cognition, movement disorders and pain.
Mile High Labs is based out of Boulder, Colorado but their flagship location is in Loveland, Colorado. The company started as a small-time facility in 2016, and went commercial for the first time in 2017. By the second half of the year, MHL already had already employed 17 full-time employees. MHL’s growth exploded promptly; and now it aims to become the largest CBD extraction company in the United States. The new loan will likely solidify their position as … Read More
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