TraceGains continues to help establish standards and champion compliance in the growing hemp industry.
WESTMINSTER, COLORADO, UNITED STATES, October 17, 2019 /EINPresswire.com/ — TraceGains, the leader in compliance, quality, and new product development software for the CPG industry, is once again establishing itself as a leader in the growing cannabidiol (CBD) space.
TraceGains announced it has struck a partnership deal with Mile High Labs, the world’s largest CBD extractor, to help establish standards and champion compliance in the growing hemp industry. This marks the third such deal TraceGains has struck in the CBD space, solidifying the company’s role as a leader in the industry.
“I’ve talked to a number of CEOs and they all share the same concern: bad actors,” TraceGains CEO Gary Nowacki explained. “So, we’re working hard to bring standardized forms and transparency to the industry.”
Mile High Labs has had a busy year. In April, the company secured $65 million in additional funding. A month earlier, Mile High rolled out a large-scale, patent-pending extractor capable of processing roughly 50 acres of hemp into six barrels of CBD oil daily. And in June, Mile High acquired the Sandoz facility, a 400,000-square-foot pharma lab in Broomfield, Colorado.
The company’s expertise in the CBD field is already well-recognized. CBS News worked with Mile High Labs last month for a story it did on truth in labeling in the CBD market.
“We’re looking forward to working with TraceGains,” said Wendi Young, Vice President of Regulatory and Compliance. “They’re going to be a great resource for us as we further improve and streamline our product compliance process.”
The 2018 Farm Bill injected a shot of adrenaline to the nascent CBD market, driving growth of more than 700 percent over the last year, with sales expected to exceed $5 billion by the end of 2019.
TraceGains delivers cloud-based supplier compliance, quality management, and new product development solutions for the CPG industry. At the heart of TraceGains is an advanced network platform that digitizes documentation, automates workflows, and streamlines processes. With instant information sharing and visibility throughout the supply chain, companies can grow without adding resources. To learn more about TraceGains solutions, visit www.tracegains.com.
ABOUT MILE HIGH LABS
Mile High Labs is a large-scale CBD ingredient and product manufacturer offering reliable delivery of bulk CBD and private label services to the world’s leading consumer brands. With a GMP-certified facility and extensive network of contracted cultivators, Mile High Labs supplies high-quality, high-volume CBD orders year-round. Mile High Labs extracts exclusively from industrial hemp material. More at www.milehighlabs.com.
Source: EIN Presswire