StillCanna: Romania will become a major CBD producer in Europe

By Jerom Bolt
StillCanna, a Canadian company specializing in cannabis oil production from hemp leaves, will open in the last quarter of 2019 the world’s first large-scale cannabidiol extraction plant, after an investment of about $ 1.8 million.
The unit, located in Baileşti, Dolj county, is jointly owned by the British company Dragonfly BioSciences, which will supply hemp and cannabidiol (CBD, the non-psychoactive component of cannabis).
The two companies set up a joint venture, Premium Extractions, 49% owned by StillCanna, the remaining 51% of DragonFly shares.
The hemp used at the Bailesti unit will be imported exclusively from Bulgaria, where DragonFly owns over 400 hectares of hemp grown. StillCanna recruited to run the operations in Romania, Ilie Bucur, General Manager of Applied Systems Craiova and former Director General of the Institute for Chemical Research and Technological Development in the same city.
The Bailesti Unit is the first commercial large-scale cannabidiol extraction facility in Romania, with the potential to become one of the largest on the continent. Commercial production will be released in the last quarter of this year, after obtaining final approvals from the authorities. Unit costs were estimated at $ 1.78 million.
Besides Romania, StillCanna also has operations in Poland.
StillCanna Inc. (CSI: STIL) (www.stillcanna.com) is a Canadian early-stage life science company focused on CBD extraction in Europe. Based on a proprietary process and intellectual property, the Company is forecasted to be one of the lowest-cost CBD extractors operating in Europe. The Company has signed an extraction contract to be the exclusive extractor for Dragonfly BioSciences LLC, a United Kingdom-based supplier of CBD. Upon completion of the Olimax Transaction, StillCanna will be one of the leading processors and providers of market-ready CBDs in Europe.