Pressure BioSciences Inc (OTCQB:PBIO) revealed that its initial manufacturing run of 12 of its BaroShear K45 processing systems had now sold out, with the final one being bought by a licensed Massachusetts hemp processor Canopy CBD Farms.
The system is based on the the Massachusetts-based Pressure Bio's proprietary ultra shear technology (UST) platform and is designed to solve a critical problem for the hemp-derived cannabinoid industry, namely, how to make the cannabinoid oil soluble in water.
READ: According to Forbes, Pressure noted, the US cannabidiol market is projected to exceed $20 billion by 2024.
According to Forbes, Pressure noted, the US cannabidiol market is projected to exceed $20 billion by 2024.
The firm had aimed to complete the 12 systems during the fourth quarter of 2020 but due to inefficiencies caused by the coronavirus pandemic, it now reckons they will be ready for shipment and installation to occur during the first quarter of 2021.
"Much progress has been made in the development of this very novel and innovative nanoemulsification processing system," said Richard T. Schumacher, president and CEO of Pressure Biosciences in a statement.
"We have finished the development of and run many processing cycles with the test bed. Our team is now beginning development of the BaroShear K45 alpha (first) unit. We expect to complete this unit by the end of September 2020 so it will be available for testing by the companies who placed the initial 12 orders.
"Upon their approval, we expect to ship and install all 12 BaroShear K45 systems during Q1 2021, at which point we will recognize approximately $2.4 million in revenue. This is a very exciting milestone event for all shareholders in Pressure BioSciences."
John Westlake, founder and president of Canopy CBD Farms, added: "After an exhaustive review of available technologies, a thorough evaluation of UST-processed hemp-derived cannabinoid materials, and a detailed and encompassing site visit, we concluded the BaroShear K45 was unmatched in the universe of nanoemulsion processing platforms."
Canopy CBD farms serves pharmaceutical and medical research companies, wishing to establish white label/co-branded manufacturing partnerships with cGMP, GLP manufacturers.
It says its partnerships will increase wholesale and retail distribution channels, with a ready to label line of high quality, salable hemp-derived CBD products, for a variety of uses and industries.
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