EnWave Signs Second Equipment Purchase Agreement with Illinois-Based Cannabis Royalty Partner for Another 120kW REV™ Dehydration Machine
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) announces today that it has signed a second equipment purchase agreement to sell a second 120kW Radiant Energy Vacuum (“REV™”) dehydration machine to a leading Illinois-based cannabis company (the “MSO”) that has operations in multiple U.S. States. The MSO signed a royalty-bearing commercial license agreement (the “License”) with EnWave and purchased its first 120kW REV™ machine in March 2021.
Since adopting REV™ technology for the drying of premium cannabis, the MSO has been using EnWave’s proprietary Terpene Max™ drying protocol, which offers a fast, gentle drying method that removes moisture homogenously from cannabis. EnWave’s Terpene Max™ program allows for precise temperature control of the cannabis material at low temperatures below the point of decarboxylation. When compared to other drying methods, REV™ protocols can be customized to improve terpene retention while preserving equivalent or higher cannabinoids. Cannabis flowers dried using the Terpene Max™ program yield on average 10% more retained terpenes than room or rack dried flower. Bioburden is also materially reduced when using REV™ drying protocols. REV™ technology allows cannabis produces to reduce drying times from multiple days to less than two hours, while maintaining the quality of the flower.
The MSO has been producing REV™-dried premium cannabis flower on its first 120kW REV™ system since September 2021. With the purchase of this second 120kW REV™ system, the MSO will double its royalty-bearing drying capacity of premium, smokable cannabis product. Under the terms of the License, the MSO will pay EnWave a royalty based on the finished weight of dried cannabis processed using the installed REV™ systems. A single 120kW REV™ machine can process approximately 200lbs of wet cannabis biomass per hour, yielding approximately 45lbs of the dried finished product. That translates to over 200,000 lbs of dried cannabis produced per year. EnWave’s REV™ equipment can be manufactured for GACP compliance and GMP upon request.
EnWave Corporation, a Vancouver-based advanced technology company, has developed a Radiant Energy Vacuum (“REV™”) – an innovative, proprietary method for the precise dehydration of organic materials. EnWave has further developed patented methods for uniformly drying and decontaminating cannabis through the use of REV™ technology, shortening the time from harvest to marketable cannabis products.
REV™ technology’s commercial viability has been demonstrated and is growing rapidly across several market verticals in the food, and pharmaceutical sectors, including legal cannabis. EnWave’s strategy is to sign royalty-bearing commercial licenses with innovative, disruptive companies in multiple verticals for the use of REV™ technology. The company has signed over thirty royalty-bearing licenses to date. In addition to these licenses, EnWave established a Limited Liability Corporation, NutraDried Food Company, LLC, to manufacture, market and sell all-natural dairy snack products in the United States, including the Moon Cheese® brand.
EnWave has introduced REV™ as the new dehydration standard in the food and biological material sectors: faster and cheaper than freeze drying, with better end product quality than air drying or spray drying. EnWave currently has three commercial REV™ platforms:
1. nutraREV® which is used in the food industry to dry food products quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour; and
2. quantaREV® which is used for continuous, high-volume low-temperature drying.
More information about EnWave is available at www.enwave.net.
Mr. Brent Charleton, CFA
President & CEO
For further information:
Brent Charleton, CFA
President & CEO at +1 (778) 378-9616
Dan Henriques, CA, CPA,
Chief Financial Officer at +1 (604) 835-5212
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