Thar Process Closes on $10 Million Mezzanine Financing

PITTSBURGH, Oct. 1, 2019 /PRNewswire/ -- Thar Process, America's largest manufacturer of CO2 Extraction and Purification equipment and Pennsylvania's largest extractor of hemp, today announced the completion of a $10 million round of convertible debt financing. Thar Process will use the capital to finance its planned expansion of its cGMP and Certified USDA Organic facility in Pittsburgh and its new facilities in NY and CO.

"With our third location opening this fall and another 2 scheduled to open over the next nine months, we are poised to significantly ramp our sales and operations in 2020," CEO Dr. Lalit Chordia said. "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."

In 2019, Thar Process is investing significant capital into our state-of-the-art CO2 purification technology that will enable us and our partners to lead the way in THC and pesticide-free hemp extracts. This capital raise, in conjunction with our existing partnerships in NY and Colorado continues to fuel our dramatic growth into 2020.  Next year, the company will be more diversified by selling cutting-edge CO2 extraction and purification equipment around the globe, while toll-processing and custom formulating bulk ingredients for high-end, FDA and USDA compliant companies.

CEO Lalit Chordia, Ph.D.

Thar's lead investors in the round was top tier publicly-traded company in the hemp and cannabis space and one of America's largest hops in the US.

About Thar Process

Thar Process is a platform technology company utilizing supercritical CO2 to both extract and isolate / remediate cannabinoids and contaminants from hemp extracts.  With two state-of-the-art and fully-operational processing facilities, the company offers services such as extraction, winterization, distillation, purification / remediation and isolation.   Sustainable – Trust, Thar's mantra represents Thar's focus on using CO2 for a near-carbon neutral extraction and purification process that can be certified both cGMP, EU-GMP and USDA Organic.  Thar currently holds both cGMP and Certified Organic certificates in both NY and PA while it works to complete its third site in CO.

For more information, visit www.TharProcess.com

Contact:
Todd Palcic
[email protected]
(412) 968-0200 x218

SOURCE Thar Process

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http://tharprocess.com/