Company Positions for Commercialization of Coachella Premium Branded Products
COACHELLA, CA / ACCESSWIRE / September 12, 2017 / Cultivation Technologies, Inc. (CTI), an emerging leader in medical cannabis infrastructure, genetics, technology, and branding, is pleased to announce the launch of medical cannabis extraction operations in Coachella, California. The medical cannabis interim extraction facility is part of CTI's conditional use permit in Coachella and will be operational during the course of construction of the full 6-acre Coachella facility.
CTI's extraction tenant, Not My Extracts, is now legally producing raw oil, various concentrates, and other medical cannabis products for leading brands, including Living Extracts™ (a featured brand on WeedMaps®) and CTI's first exclusive brand, Coachella Premium™. Not My Extracts is also providing extraction-as-a-service. Cultivation Technologies has enabled Not My Extracts' operations by providing access to a fully-permitted facility, operating capital, and equipment financing. CTI receives fees from Not My Extracts in exchange for its support, as well as licensing fees for production of CTI brands.
"After months of development and working closely with local government leaders, CTI has now officially entered its operational phase with a very capable producer," said CTI co-founder and Chief Strategy Officer, Justin Beck. "The opening of this facility enables the commercialization of Coachella Premium™, CTI's exclusive ultra-premium medical cannabis brand." CTI established the medical cannabis extraction lab in accordance with its conditional use permit in Coachella, and it will remain in operation during the construction of the full 6-acre medical cannabis campus planned for the site.
Not My Extracts is positioned to become the leading white-label producer for brands throughout California, most of which do not have access to compliant production. Select medical cannabis brands produced at the CTI Coachella campus will be able to leverage an integrated production, marketing, and distribution platform as part of operational collaborations with Not My Extracts.
"CTI has quickly become a leader in California's cannabis industry with its extraordinary leadership team and successful legislative efforts," said Christopher Thayer, Founder of Not My Extracts. "We couldn't have chosen a better partner for this endeavor. We would also like to thank the City of Coachella and Riverside Fire Department for their diligence and support," added Thayer. "We look forward to serving the immediate and future needs for leading brands in California including Coachella Premium™."
While the lab is among the first medical cannabis solvent extraction facilities to be legally permitted in California, CTI believes it to be the first to conform to California's AB 2679, a key CTI-sponsored legislation passed in 2016 allowing locally-permitted extraction labs to operate legally.
About Cultivation Technologies
Cultivation Technologies, Inc. provides infrastructure, genetics, technology, and branding to the legal medical cannabis industry. The first major project for the company is in Coachella, California, which will span 6-acres featuring cultivation centers, manufacturing facilities, a testing lab, a distribution hub, and a centralized processing center. For more information, visit www.CultivationTech.com.
Important Notices and Cautions
Not My Extracts is a California non-profit mutual benefit corporation formed under "collective law," a requirement for legal operations in 2017. Pursuant to AB 2679, all volatile solvent extraction is conducted within closed-looped systems with engineer-certified equipment and fire department approvals, among other requirements.
All trademarks in this press release are the exclusive property of their respective owners.
This press release contains forward-looking statements within the meaning of federal securities laws. Such statements are based on our current beliefs and expectations and are inherently subject to significant business, economic, and competitive uncertainties and contingencies, many of which are beyond our control. In addition, such forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Potential risks and uncertainties include, but are not limited to, access to capital, technical advances in the industry as well as political and economic conditions present within the industry. We do not take any obligation to update any forward-looking statement to reflect events or developments after a forward-looking statement has been made. This press release and the information contained herein is not an offer to buy or sell securities and does not contain investment advice. Cultivation Technologies does not presently manufacture or distribute cannabis. This is not an offer to buy or sell securities.
888-851-9802, ext. 114
SOURCE: Cultivation Technologies, Inc.