Medcolcanna Organics Inc., a Canadian and globally integrated medicinal cannabis company with operations in Colombia, announces the execution of an extraction service agreement with an International Cannabis Company, a company with formulations for health and wellness applications, for depression, anxiety and PTSD, which also has cultivation operations in Colombia.
The execution of this commercial extraction agreement is a significant milestone for MCCN. This is the first commercial third-party extraction services agreement that has been executed after MCCN began offering extraction services to third parties in May 2021. MCCN is offering commercial third-party extraction services through its wholly owned subsidiary, Extralia Labs. To perform on this agreement, MCCN will utilize its different extraction lines and will transform biomass into CBD isolates.
MCCN’s extraction facilities have the capacity to process up to 800 tons of dried biomass per year. MCCN has two extraction facility locations, the first is located near Bogota, the capital of Colombia, the second is located near the city of Neiva, Colombia. This facility will also begin extraction operations within the next 60 days for MCCN’s own cultivation in Neiva and hopefully service third parties that are in negotiations for final terms. MCCN currently offers extraction, distillation, and crystallizations; all three processes are available to Colombian cultivators.
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