© CryoMass Technologies
© CryoMass Technologies

CryoMass signs $10.2m multi-state license agreement

Cannabis and hemp process equipment provider CryoMass Technologies has signed a $10.2m multi-state license agreement with Californian start-up RedTape Core Partners for its cryogenic Trichrome Separation technology.

Under the terms of the new deal, RedTape will license the patented process and deploy 12 Trichome Separation systems. These systems will be paid for throughout the course of the year.

CryoMass has agreed to deliver the units to RedTape according to a schedule that extends over 24 months. In addition to the instalments, RedTape will pay CryoMass 50% of all net revenue generated by the units over the life of the agreement.

The first Trichome Separation unit was delivered to RedTape’s Costal Refinement Solutions cannabis extraction and processing centre in Monterrey, California.

Christian Noël, Director of CryoMass, said the company has spent months of improving the operational efficiency of its technology.

He added, “RedTape was selected for their detailed understanding of the CryoMass process and their ability to convey their understanding to other processing facilities in their vast network of business alliances within these key states.”

CryoMass patented solventless liquid nitrogen processing system enables processors to reduce the number of steps in the pre- and post-extraction processes, which translates into important efficiencies and cost savings of up to 30-40%.

The process results in an output of superior purity that captures practically all the active compounds present in the biomass at the time of harvest.

Michael Tanzer, Director and CEO of RedTape, welcoming the deal with CryoMass and further advancing the technology by making it available to farmers and processors throughout the US.

The license agreement grants RedTape the exclusive right, subject to agreed-upon distribution and licensing milestones, to distribute the Trichome Separation units and develop the hemp and cannabis processing and extraction markets with CryoMass in states where RedTape has extensive affiliate business operations and alliances.

The five states covered by the agreement are California, New York, New Jersey, Florida and Pennsylvania.

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