Corix Bioscience (OTCQB:CXBS) announced they will move the tissue cell culture and research divisions into a new Nevada facility.
As quoted in the press release:
This move will enable Corix to produce over 3 million plantlets in the immediate future and set them up to double that in the second full year. This new laboratory will be the first known tissue culture facility focused exclusively on the hemp and cannabis market. Until now, Corix relied on outside suppliers for seeds and clones. This will bring all propagation in-house. Part of the laboratory will be dedicated to the research of their proprietary CBD products and will require adding about 8 new employees.
Michael Ogburn, CEO of Corix Bioscience Inc., stated, “Moving into this new facility is going to give us the room we need to keep up with our aggressive expansion. We expect to produce over 750,000 plantlets just for ourselves next spring and sell the remaining 2.2 million plants on the wholesale market adding a potential $8 million in revenue. We also needed the space for the ongoing breeding of new strains for the medical industry’s ever-growing needs we’re seeing firsthand as the first major player for applications for cancer, the opioid epidemic, and other illnesses and diseases looking for treatments from the CBD oil.”