Blue Sky Hemp Ventures Focuses on Cannabis After Asset Sale

Blue Sky Hemp Ventures Shifts Focus to Cannabis Extracts

Blue Sky Hemp Ventures Ltd. has strategically decided to sell its hemp-based food division to Fresh Hemp Foods. Founded in 2017, this innovative Canadian company has made a name for itself in the industrial hemp industry by emphasizing whole plant utilization. The recent sale, conducted for an undisclosed amount, marks a pivotal shift in Blue Sky's operational focus.

Positive Financial Results Promote Strategic Shifts

According to CEO Andrew Potter, Blue Sky experienced considerable success, reporting two consecutive years of positive EBITDA and net earnings. Such success is rare in the hemp sector, highlighting the effectiveness of their operational strategy. As the company witnessed growth in both its food and cannabis divisions, they reached a crucial decision point—realizing that leveraging their solid hemp food business would enable better scaling of their cannabis operations in the long run.

Utilizing Sale Proceeds for Expansion

The proceeds from this sale will be instrumental in propelling the growth of Blue Sky's contract manufacturing services. The company intends to diversify its offerings to include products such as vape pens, pre-rolls, and softgels. These developments build on a robust foundation established with topicals and oils.

Driving Forward with EU-GMP Certification

In addition to these expansions, Blue Sky is on the brink of completing EU-GMP certification. This certification is crucial as it opens up new global markets for both bulk extracts and finished products, enhancing the company’s competitive edge in the cannabis industry.

Innovation at the Core of Their Operations

Potter expressed immense pride in the progress made despite limited resources, particularly emphasizing their refined hemp seed oil. This product innovation showcases Blue Sky's commitment to developing cost-effective products. He is optimistic that the new owners of the food division will continue the legacy of innovation established by Blue Sky.

A Welcome Transition

Jared Simon, President of Manitoba Harvest and Tilray Wellness, welcomes Blue Sky's clients and suppliers to Fresh Hemp Foods. He emphasized the importance of whole plant utilization, and how Fresh Hemp Foods plans to continue those efforts while focusing on sustainability in bringing nutritious food options to consumers.

About Blue Sky Hemp Ventures

Blue Sky operates a state-of-the-art cannabis processing facility in Saskatoon, Saskatchewan, covering 15,000 square feet. Following its expansion in late 2024, the facility has established Blue Sky as one of Canada's largest independent extractors. The company processes around 20,000 kg of dry cannabis flower monthly.

Core Divisions of Blue Sky

1. Bulk Cannabinoid Extraction and Refinement
2. Contract Manufacturing – which includes oils and topicals, alongside new launches such as vapes, pre-rolls, and softgels.

As the company continues to adapt and grow, it will remain dedicated to achieving full EU-GMP compliance. This pivotal step will further fortify Blue Sky's global manufacturing partnerships, ensuring they remain at the forefront of the cannabis industry.

Frequently Asked Questions

What prompted Blue Sky Hemp Ventures to sell its food division?

The decision to sell was based on a strategic evaluation, allowing the company to focus more on expanding its cannabis operations and driving shareholder value.

How does the sale affect Blue Sky's future operations?

The sale will facilitate the expansion of its cannabis contract manufacturing services, leveraging funds from the sale to grow its product offerings.

What are the core operations of Blue Sky Hemp Ventures now?

Blue Sky is focused on bulk cannabinoid extraction and refinement, along with contract manufacturing that includes oils and the production of new cannabis products.

What certification is Blue Sky seeking to achieve?

Blue Sky is working towards EU-GMP certification, which will open global opportunities for their products, enhancing compliance with international standards.

Who will take over Blue Sky's food division?

Fresh Hemp Foods has acquired Blue Sky's food division, and they are committed to maintaining the spirit of innovation and sustainability established by Blue Sky.

About The Author

Greetings, I'm 32-year-old author and financial specialist Evelyn Baker. My introduction into the financial industry started with an economics degree and continued with a wealth of experience in wealth management and financial consulting. My great passion over the years has been assisting people and companies in making wise, well-informed decisions to reach their financial objectives.

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