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SAN MATEO, Calif.–(BUSINESS WIRE)–Cannabis Refinery Leasing, Inc. and High End Multi Processing, LLC. (H.E.M.P.) today announced an up to $21M, multi-year agreement to build New York State’s largest industrial hemp refinery. Cannabis Refinery Leasing, Inc. (CRL), in partnership with Applied Extracts, Inc., will supply its proprietary refinery scale supercritical CO2 extraction and fractional distillation technology to H.E.M.P., a newly licensed industrial hemp processor located in Spencer, NY. High End Multi Processing is planning to begin processing operations in November 2018.
“We are enthusiastic about the future of the industrial hemp revolution underway in New York and in the nation, and look forward to making a long-term contribution to New York State and our partner H.E.M.P.”
At full production capacity, the Spencer, NY industrial hemp refinery will be the largest processor of industrial hemp in the state. The refinery will produce high purity full spectrum hemp extracts and CBD isolates for pharmaceutical, nutraceutical, and topical use.
The agreement was announced publicly by H.E.M.P. CEO Jeff Luciano, at a press conference hosted by Sen. Charles Schumer (D-N.Y.) on August 24th, 2018 in support of the 2018 Farm Bill which is expected to fully legalize industrial hemp and de-schedule cannabidiol (CBD).