Industrial hemp company Criticality has plans for a new extraction and purification facility in its home state of North Carolina.
The 55,000 square foot facility will be used for the extraction and purification of locally grown industrial hemp, which will then be turned into cannabidiol liquids and oils under the company’s Korent brand.
Shares of Pyxus were up 37% to US$23.95 in morning trading.
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The hemp processor is teaming up with agricultural company Pyxus International Inc (NYSE:PYX) , formerly known as Alliance One International Inc. (NYSE: AOI), to keep tabs on the new operations.
Pyxus’ SENTRITM track and trace technology gives insight into the lifecycle of the products by monitoring data related to the growth, cultivation, harvest, processing, formulation, testing and release of individual batches.
The renovation is expected to be completed in fall 2018.