Khrysos Industries, a subsidiary of Youngevity International (NASDAQ: YGYI), has signed a hemp plant biomass supply contract with Magu Maiden Farms.
Under the agreement, Khrysos will purchase hemp plant biomass from Magu Maiden Farms for extraction and end-to-end processing to produce isolate, water soluble isolate, distillate, and water-soluble distillate hemp derived products.
The company expects that extraction and post-processing fulfillment and revenues will begin in the fourth quarter of 2019 with revenues forecasted at $60 million through 2024 based on current market conditions and assuming, among other things.
Maria Rubiano, the co-founder of Magu Maiden Farms, states: “The Magu-Khrysos partnership is a win-win collaboration which will not only accelerate our growth this year, but should enable us to scale each year over the next 5 years.”
Khrysos makes commercial hemp-based CBD extraction, post-processing equipment, and end-to-end processor of CBD isolate, distillate, water-soluble Isolate, and water-soluble distillate. It’s subsidiary INX Laboratories provides testing services including potency analysis for its supply partners of hemp-derived CBD products. Khrysos provides hemp growers, feedstock suppliers, and CBD crude oil producers the use of equipment, intellectual capital, production consultancy, tolling services, and wholesale CBD channel sales capabilities.
“The Khrysos Industries multi-dimensional distributed business model is gaining momentum,” notes Dave Briskie, the CFO of Youngevity, in a statement.
“The team at Khrysos has executed multiple projects including the buildout and move to our post-processing facilities and the completion of our assembly operations. We continue to see that our Pre and Post Processing expertise, combined with the capabilities of our Analytical testing lab INX, provides a distinct competitive advantage within the Hemp Space,” Briskie states.