Hemp Startup 101
There are many questions that you need to ask when starting a new business or even upgrading your facility to accommodate more production. Since 2014, extraktLAB has been heavily involved in putting hundreds of hemp manufacturers in the business of extracting hemp and creating valuable products that consumers will buy. When it comes to starting up a hemp extraction business, it is vital to recognize a number of factors in order to start off on the right track and remain in business for many years. If you are ready to take on the journey of creating your own hemp startup, this is the podcast for you.
In this episode of extrakTALKS, Dr. Jon and Randall Thompson discuss everything you need to know when starting your own hemp processing business. Any questions you may have should be answered before starting your business. This would include facility location, power supply, permitting jurisdiction, room for expansion, utility placement, extraction methods and product formulations among many other considerations. Without understanding each of these important factors, there is no guarantee that your startup will hit the ground running – let alone remain profitable in the years to come.
[00:00] – Welcome
[02:00] – extraktlab.com/calculators
[02:20] – Product Tours
[04:20] – Giveaway Winners
[06:00] – Hemp Startup 101
[07:30] – How big is the market going to be in the next 5 to 10 years?
[09:40] – For those who need funding
[10:13] – What about the risk?
[11:33] – Apply the rule of two
[12:30] – When you are managing risk..
[13:55] – Begin with the end (The products)
[15:25] – Why do you think a farmer would want to get into the business of hemp processing?
[16:58] – How we can help mitigate risks
[17:48] – Bioprocessing workflow
[18:46] – Start off with raw material
[19:58] – Quarantine material and verify COA (certificate of analysis)
[20:45] – Farmers should homogenate before testing
[21:33] – Quality Control control specifications
[22:01] – The grinding station
[23:43] – Comes from a farm shuck and bucked
[24:22] – Hammermill is a great first stage grinder
[24:41] – Particle size distribution
[25:43] – Vacuum oven Decarboxylation (Where you get terpenes)
[28:13] – Hemp Extraction process
[29:10] – Technical Difficulties
[29:53] – Back to extraction
[30:19] – Best tincture ever!: https://youtu.be/D3W4T9gyBKs
[30:36] – CO2 is the best!
[31:08] – extraktlab.com/calculators Proforma calculator
[32:25] – DrainDroyd Dewaxing and Filtration
[32:43] – We use ethanol to dewax
[33:31] – Don’t Give butane lighters to children(and a digression to childhood shenanigan’s)
[35:44] – Crude oil and ethanol solutions
[36:23] – Which employee should I get first(Scientist, Chemist, etc.)
[37:37] – Is their a difference in capitol investment operating expense?
[38:20] – What is a rule of thumb to extract with ethanol?
[39:38] – Accountants will focus on Inventory
[40:54] – We are an RND facility
[41:34] – Solvent Removal process
[42:56] – fracTron and removing solvent bottlenecks
[44:20] – Distillation: clearstill and creating distillate
[47:17] – What happens to distillate over time?
[49:24] – Full spectrum vs Broad spectrum
[49:42] – Cliff note version of FSD vs BSD
[50:35] – What is the biggest growing market for CBD Products?
[53:24] – Isolate production and a word on organic isolate
[54:23] – Separations, end products, and packaging headaches
[56:54] – Final words
The downloadable for this episode is the Hemp Processing Building & Site Guidelines Checklist.
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