Thar Process, a Pittsburgh manufacturer of CO2 extraction and purification equipment and Pennsylvania’s largest extractor of hemp, has completed a $10 million round of convertible debt financing. Thar Process will use the capital for its planned expansion of its cGMP and Certified USDA Organic facility in Pittsburgh and new facilities in New York and Colorado.
Thar Process’s lead investors in the round were a top tier publicly-traded company in the hemp and cannabis space and one of America’s largest hops producers.
“With our third location opening this fall and another two scheduled to open over the next nine months, we are poised to significantly ramp our sales and operations in 2020,” Thar Process CEO Lalit Chordia, Ph.D., said in a statement. “We are well on our way to becoming East Coast’s premier producer of THC-free hemp bulk ingredients while leading the world in sustainable process equipment technology for the growing hemp industry.”
Thar Process is investing significant capital into its CO2 purification technology that will be used for THC and pesticide-free hemp extracts. The capital raise, in conjunction with the company’s existing partnerships in New York and Colorado, continues to fuel its dramatic growth into 2020.