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How Precision Extraction Solutions Is Alleviating Key Cannabis Manufacturing Pain Points

Warren Bobrow~Forbes

Warren Bobrow: Recently, I spoke with Nick Tennant, Founder and Chief Technology Officer of Precision Extraction Solutions about the importance of extraction technology and how his company keeps its competitive edge in the rapidly changing cannabis industry. We discussed how companies are constantly finding ways to innovate their products and his long-term outlook on the market. Here's what I learned from our conversation.

The legal cannabis industry is nearly unrecognizable compared to where it started out almost a decade ago. The market is beginning to resemble mainstream industries that are flooded with specific products and technologies that address the needs of every type of consumer. However, in order for cannabis to be on equal footing with mainstream brands, companies must find a way to make the consumption experience as reliable and consistent as possible. Precision Extraction Solutions is keenly aware of these pain points for manufacturers and is hopeful that its technology will usher in an industry-wide standardization process.

Cannabis consumption in recent years has evolved from a primarily flower-dominant market to more canna-curious consumers dabbling with edibles, vapes and topicals. For these more technologically advanced products, it is vital for consumer brands to use accurate extraction methods to ensure consistent dosing and consumption experiences. Precision Extraction Solutions Founder Nick Tennant started his company after recognizing this unique problem early in his career.

Nick Tennant: "We realized that [in order] to have a replicable and stable product, extraction was really the name of the game. Genetics in the cannabis plant are somewhat stable, and you can replicate flower through a standardized production. However, from an extracts standpoint, if you're creating vape pens, and edibles, you need to have some kind of standardized input. It's very important to have that standardized input if you're creating a brand because people have an expectation of how that consumable is going to fulfill their need to get high, feel relaxed or be medicated."

Of course, Tennant is not the only entrepreneur in the space that has identified this specific manufacturing challenge. There are currently dozens of companies around the world aiming to solve this problem and claim their spot as an industry leader. When asked what sets Precision apart from the competition, Tennant underscores his company's role as not only a solutions provider but also a reliable consultant and true champion of its clients' goals.

"Our company is not just a manufacturer of equipment. We're a process integrator and we're the company that stands next to their clients. Yes, we're going to sell you the equipment, talk you through the whole process and consult for you, but we're also going to be at your facility installing your equipment and training your operators until your process aligns with what you expect to put out. Until it's serviced and tuned to run the way it should be, we're not leaving. I think that having those resources, fundamental industry 'tribal knowledge' and the decades of experience in our organization is a clear differentiating factor."

Tennant also recognizes that one of the other main challenges in legal cannabis is the constant demand for innovation among manufacturers and consumers. Extraction technology providers are expected to keep up with consumer product advancements as the industry finds more ways to harness the dynamic power of the cannabis plant through different terpene and cannabinoid blends. Tennant even admits that "there is a very rapid cycle of obsolescence surrounding the equipment," which can be an expensive obstacle for extractions companies to overcome.

Fortunately, Precision has stepped up to the challenge and launched two new extraction solutions this year. In April, the company unveiled T-SEP and L-SEP, two new leading-edge hemp and cannabis extraction methods that lowers the overall cost of the extraction process, increases output and also allows manufacturers to customize and scale their operations to fit their specific needs. Last week, the company also announced an exclusive partnership with CryoCann USA to distribute its CRS 2000 CryoMass™ Refinement System. The CRS 2000 system harvests, dries and purifies biomass from cannabis and hemp plants at an unprecedented rate and significantly reduces unnecessary waste and storage space for manufacturers.

When asked about the importance of extraction technology in the future, Tennant reaffirms that evolving consumer habits will further drive demand for innovative companies like Precision.

"People have been refining cannabis and refining extracts and turning it into consumable, smokable products for arguably thousands of years, but this massive technological push to move forward on these different types of products and these different ways to consume only started in the past five years, and it's also driven the craft market, which is awesome. If you look at market dynamics and progressive markets where people are more health-conscious, you see the majority of sales being extract-related products. Whether that's vape pens or whatever it is, it comes from an extract, and ten years ago that didn't exist."

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