Mile High Labs Acquires a 400,000-square-foot CBD Facility in Broomfield
Mile High Labs, a leading CBD producer has recently acquired a 400,000-square-foot facility in Broomfield. This will definitely give the company a lot of room to grow their business. According to Stephen Muller, the CEO of Mile High Labs, the five-year business plan of the company will see a lot of the workspace occupied in the near future.
The company, which was founded in 2016, is a leading provider of the hemp-extract cannabidiol (CBD) for products. Before now, the new facility previously housed pharmaceutical products. Mile High Labs acquired the facility including all the equipment inside from Sandoz Inc., a division of Switzerland-based Novartis for $18.75 million.
Mile High Labs plans on moving beyond extracting and processing of the compound to also producing CBD products.
According to Muller, “It’s really exciting to see this place start to come back to life. I’m excited just about the scale and ambition of this place, and the way it changes how people think about the CBD industry how people think about the company.” He also added that some of Sandoz workers are also currently working with Mile High Labs.
Muller said that the company has been stuffed in a smaller facility in Loveland since the past year, and this new acquisition is a breadth of ‘fresh air’.
Jared Polis, the governor of Colorado attended the opening ceremony of the plant, and he emphasized that the state of Colorado has been on the forefront of the CBD and hemp industries.
Gov. Polis has this to say, “We’re glad that one of the leading producers of CBD is going to be right here in Broomfield. And the impact in Colorado is more than just Broomfield.” Polis added that the company buys grown-in-Colorado industrial hemps from farmers, thereby supporting jobs across the state.
According to Gov. Polis, “You couldn’t find a better place to do it because as Coloradans, we’re really proud of our status as being the best state in the country for hemp cultivation and processing. We have state agencies that understand the industry and its needs and have more experience than in other states.”
After the 2014 farm bill that allowed farmers to grow hemp, and enabled states to develop pilot programs for hemp-extracts, Colorado established a program, and subsequently became one of the leading producers in the country.
Although, CBD has not been fully recognised by the FDA, the industry has taken off, with many retailers springing up across the nation. Known retailers such as CVS and Walgreens are steadily adding CBD based products to their stock.
The market projections for CBB is through the roof, with Brightfield Group, a market research firm for the legal CBD projecting the CBD market to hit $23.7 billion by 2023.
Muller hopes that members of Congress who are pro-CBD will push the FDA to speed up the process of CBD regulation.