IRVINE, CA / ACCESSWIRE / June 7, 2018 / As an innovator in the emerging cannabis industry in California, Cultivation Technologies, Inc. ("CTI") - a leading manufacturer and distributor of licensed cannabis in California - announced today that it has reached $1 million in cumulative revenue since it started commercial operations earlier this year.
Through its subsidiaries Coachella Manufacturing and Coachella Distributors, CTI provides "Extraction-as-a-Service" or "Contract Manufacturing" to brands, cultivators, manufacturers, and distributors who require licensed Butane Hash Oil ("BHO") processing for their biomass or manufacturing services for various products.
With divisions that fulfill the varying levels of procurement of cannabis products, including distribution to retail dispensaries, CTI remains at the forefront of this developing industry - including meeting the complex standards required to be fully-licensed within the state.
Earlier this week, CTI made news with the expansion of its Coachella™ Premium brand of cannabis concentrates and vape cartridges in California dispensaries. The Coachella™ Premium line of products features all the major concentrate types - including diamonds, sauce, shatter, batter, and sugar - with an ongoing list of strains.
The company was also instrumental in sponsoring state legislation AB2679, which sets safety standards and institutional best practices for cannabis extraction using solvents.
"We're quite encouraged about the revenue growth CTI is experiencing in just a few short months since launching operations," said Miguel Motta, President & CEO of Cultivation Technologies, Inc. "We've learned a lot about the market and expect to build upon our initial success in 2018 and beyond."
ABOUT CULTIVATION TECHNOLOGIES, INC.
Cultivation Technologies, Inc. provides infrastructure, manufacturing, extraction, distribution, technology, and branding to the legal medical cannabis industry. The company owns 6-acres in Coachella, California, which is entitled for a 111,500+ square foot facility featuring cultivation centers, manufacturing facilities, a testing lab, a distribution hub featuring transportation, and a centralized processing center. For more information, visit www.CultivationTech.com. The Company acquired temporary licenses for "Type 7" manufacturing and distribution from the State of California in January 2018.
The figures set forth in this press release are based on unaudited financial statements prepared by management of the Company. Accordingly, information contained in these financial statements may not contain the normal accruals and adjustments mandated by complication, review, and audit procedures; however, such statements are made by the Company on a reasonable basis reflecting the Company's good faith belief and/or estimate of the matters described therein. This press release constitutes 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, capitalizing the Coachella project, 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 was made. This press release and the information contained herein is not an offer to buy or sell securities and does not contain investment advice.
SOURCE: Cultivation Technologies, Inc.