Mile High Labs, a manufacturer of CBD isolate, has announced the purchase of a 400,000-square-foot pharmaceutical production facility in Broomfield, Colo. The transaction was closed on June 19 and includes the land, labs, building and ready-to-use finished products manufacturing equipment.
“Many analysts have been openly wondering when pharma would take over the CBD industry, but what if the opposite were true?” asked Stephen Mueller, chief technology officer and founder of Mile High Labs. “This transaction is the largest infrastructure purchase in the history of the CBD market and it’s only the beginning for Mile High Labs. Over the coming quarters, we plan to leverage this tremendous infrastructure to build the global center for CBD products manufacturing.”
The Broomfield facility is fully operational, which allows Mile High Labs to begin production in the near term of private label products including tinctures, capsules, tablets, topicals and gummies. The facility includes equipment and infrastructure for research and development, quality assurance, bottling, filling, packing, warehousing, labeling, shipping and compliance monitoring.
Creating the Global Center for CBD
Colorado is the center of the hemp industry and, within it, the Mile High Labs campus will be its epicenter. The company plans to create an environment for advanced training, research and collaboration within the industry.
“CBD is an amazing molecule that we’re only beginning to understand,” said Mueller. “Just as Silicon Valley in California has fostered innovation and collaboration in the tech industry, Mile High Labs will create a CBD Center for our industry to learn, innovate, grow and succeed.”
Maximum Capacity to Supply Growing Demand
The Broomfield campus marks the third move since the Colorado company was founded in 2016. Originally based in Longmont, production moved to a larger building in Loveland in 2017. The company began looking for a larger facility after the passage of the 2018 Farm Bill legalized hemp and created unprecedented demand for CBD.
“In light of recent legislative developments, the demand for our products has increased considerably,” said Mueller. “And it’s not just a domestic phenomenon. CBD is a global product and we serve a global customer base. This large-scale production facility will ensure we have the capacity to provide high quality, consistent CBD to every customer, large or small.”
A Boon for Broomfield
Mile High Labs employs people in mid- and high-wage fields ranging from production, engineering, maintenance and fulfillment to sales, accounting, marketing, research and development, and regulation/compliance.
“We are grateful to the City of Broomfield and the State of Colorado for creating an environment where we can be a long-term partner in the economic success of this community,” said Mueller. “We look forward to continued growth and hope Broomfield residents and current and former employees of the facility will consider new opportunities with us.”