$PBIO Mr. Richard T. Schumacher, President and CEO of PBI, commented: "We are extremely gratified and excited that the initial manufacturing run of our BaroShear K45 processing systems has sold out. We are also pleased that an impressive, up-and-coming company like Canopy CBD Farms was able to participate in and place an order for the final available unit in our first manufacturing run. We are confident that the BaroShear K45 will differentiate them in the marketplace with a substantial advantage over their competition."
Mr. Schumacher continued: "Much progress has been made in the development of this very novel and innovative nanoemulsification processing system. We have finished the development of and run many processing cycles with the test bed. Our team is now beginning development of the BaroShear K45 alpha (first) unit. We expect to complete this unit by the end of September 2020 so it will be available for testing by the companies who placed the initial 12 orders. Upon their approval, we expect to ship and install all 12 BaroShear K45 systems during Q1 2021, at which point we will recognize approximately $2.4 million in revenue. This is a very exciting milestone event for all shareholders in Pressure BioSciences."
About Canopy CBD Farms, LLC.
Canopy CBD Farms is a state licensed Massachusetts hemp processor and manufacturing company. Foreseeing the future of government regulations, we are strategically aligning ourselves with established FDA registered laboratories and manufacturers to bring the highest of standards and quality of hemp-derived CBD products. Canopy CBD farms serves pharmaceutical and medical research companies, wishing to establish white label/co-branded manufacturing partnerships with cGMP, GLP manufacturers. Our partnerships will increase wholesale and retail distribution channels, with a ready to label line of high quality, salable hemp-derived CBD products, for a variety of uses and industries.
Mr. Schumacher continued: "Much progress has been made in the development of this very novel and innovative nanoemulsification processing system. We have finished the development of and run many processing cycles with the test bed. Our team is now beginning development of the BaroShear K45 alpha (first) unit. We expect to complete this unit by the end of September 2020 so it will be available for testing by the companies who placed the initial 12 orders. Upon their approval, we expect to ship and install all 12 BaroShear K45 systems during Q1 2021, at which point we will recognize approximately $2.4 million in revenue. This is a very exciting milestone event for all shareholders in Pressure BioSciences."
About Canopy CBD Farms, LLC.
Canopy CBD Farms is a state licensed Massachusetts hemp processor and manufacturing company. Foreseeing the future of government regulations, we are strategically aligning ourselves with established FDA registered laboratories and manufacturers to bring the highest of standards and quality of hemp-derived CBD products. Canopy CBD farms serves pharmaceutical and medical research companies, wishing to establish white label/co-branded manufacturing partnerships with cGMP, GLP manufacturers. Our partnerships will increase wholesale and retail distribution channels, with a ready to label line of high quality, salable hemp-derived CBD products, for a variety of uses and industries.
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