Detroit-based Precision Extraction, which focuses on cannabis and hemp extraction technology, has received a significant capital investment from Rivers Innovations.
Focused on the U.S. market, Rivers is a private growth capital and strategic support platform founded and advised by the seed investment and strategic advisory group behind Canopy Rivers (OTCMKTS:CNPOF).
“We believe Precision is ideally positioned in cannabis and hemp extraction and processing, an area of the value chain that has been an industry bottleneck, and one we believe is poised for considerable growth. The significant domestic footprint and client base that Precision has developed to date makes them the perfect flagship partner for Rivers Innovations to tactfully enter the American market,” Rivers Innovations President Fabian Monaco said in a statement.
Precision Business
Precision is a specialized equipment manufacturer and service provider. The company has developed extraction and processing technologies for hemp and cannabis extraction, refinement, and processing. Its extraction technologies are a key component for CBD oil and isolate production.
The company completed thousands of installations throughout regulated jurisdictions in the U.S., Canada, as well as in select European markets.
“The investment from Rivers Innovations will allow our industry-leading team of engineers, product developers, and R&D specialists to scale our business even more quickly, and financially unencumbered,” Precision Founder and CTO Nick Tennant said in a press statement.
Rivers Seek Opportunities in Cannabis
Rivers seeks to form financial and strategic partnerships with companies operating in “high margin, high barrier to entry segments of the cannabis and hemp value chains.”
The company focuses on investment opportunities and partnerships in the U.S. cannabis industry and other international emerging cannabis markets, where cannabinoids have been legalized for medicinal, therapeutic or adult-use.
As demand for cannabinoid products continues to increase, Rivers believes that specialized extraction and refinery equipment and service operations will be critical.
According to cannabis industry analysts Brightfield Group, the hemp-CBD market alone could hit $22 billion by 2022.