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.
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 24, 2018 in support of the 2018 Farm Bill which is expected to fully legalize industrial hemp and de-schedule cannabidiol (CBD).
CRL CEO James White, Ph.D., commented: “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.”
High End Multi Processing’s CEO Jeff Luciano commented: “Working under a cooperative model, we have assembled the largest collective of farmers growing hemp in the state, with every one of those farms hiring new workers and looking toward the future. With the installation of our new processing facility and the relationship forged with CRL, New York, and Tioga County are poised to become an industrial hemp epicenter, bringing a wave of economic opportunities into the area.”