CALGARY, Alberta – FluroTech Ltd (TSX-V: TEST) (OTCQB: FLURF), (“FluroTech” or the “Company”) is pleased to provide an update on its ongoing hemp beta tests with hemp growers/extractors in the U.S. and Canada who are validating the Company’s CBDA testing protocol.
These hemp growers have been testing nearly daily, in an effort to profile the CBDA development in their crop. In Canada, a limited number of strains of hemp are available to growers and these strains usually contain CBDA at or below 4.5%. This has resulted in robust demand for a testing device that can quantify low concentrations of CBDA. The hemp growers working with the Company have planted several different strains and have been benchmarking the plants based on their CBDA concentrations. They have also expressed a keen interest in benchmarking CBDA development measured throughout the current growing season against future growing seasons.
As the time to harvest this year’s crop nears, typically commencing mid-September ending mid-October, the CompleTestTM unit should allow farmers to forecast the value of their crop based on the expected CBDA concentrations. Similarly, extractors are inputting the hemp growers’ CBDA concentrations into their models to determine their yield and profitability, thereby validating the hemp prior to purchasing it from such growers. In addition, extractors are able to confirm the efficiency of their extraction process by testing the low-level concentration in the residue plant material following extraction.
“The Company is delighted with the positive response it has received from the hemp beta testers of the CompleTestTM. This testing appears to have validated our proposition that hemp growers will benefit from being able to capture growing data in real time, and being able to use such data to assist them in making better business decisions. I’m thrilled that FluroTech’s development team has put forward a product that appears to meet the needs of both farmers and extractors, by measuring the timing of the initial CBDA expression,” stated Danny Dalla-Longa. “The Company has already made several sales to hemp growers, in time for cropping, and expects the beta testers to also become purchasers of the CompleTestTM.”
According to New Frontier Data, the number of U.S. hemp cultivation licenses increased from 3,546 in 2018 to 16,462 in 2019. To capitalize on this growing market, FluroTech is currently in the process of finalizing a strategy to increase market penetration.
The CompleTest’sTM hemp test measures CBDA concentrations from 0.20% to 15.00% with +/-0.30% accuracy and precision of +/- 0.05% for concentrations below 5% and with accuracy of +/- 1.25% and precision of +/- 0.40%.for concentrations between 5% and 15%.
Additionally, the Company would like to welcome Dave Majeski to the company’s Board of Directors, replacing Dr. Elmar Prenner who has taken on the role of Chief Scientist. Dave is a former Vice President at the Royal Bank of Canada and brings decades of deal making, corporate governance and financial insight to the Board. He is currently on the Board of a privately held cannabis company based out of Edmonton.
About FluroTech Ltd
FluroTech is a technology and marketing company whose core business is focused on the commercialization of new technologies in the cannabis industry. FluroTech’s proprietary spectroscopy-based technology allows for the testing and identification of organic and inorganic compounds contained within biological samples. Using the technology that was developed at the University of Calgary, FluroTech has developed a two-part solution comprising an instrument called the CompleTest and consumable testing kits.