Commercial hemp-based CBD extraction manufacturer, Khrysos Industries has recently secured a five-year supply contract with DJB Industries Inc. This agreement was settled so that the former can provide extraction services (i.e. isolate, water-soluble isolate, distillate, etc.) to the latter. The five-year period is set to commence earlier in 2020, with an anticipated revenue of $170 million by 2025.
The President of Khrysos, Dwayne Dundore, has since voiced enthusiasm in this long-term endeavor, which he believes will help expand upon the firm’s portfolio of extraction services. He further shared that establishing partnerships similar to this are what “provides the necessary long-term crude oil supply that is essential for Khrysos to expand.”
According to the President and CFO of Youngevity International Inc., a business devoted to social selling and e-commerce, and parent company of Khrysos, Dave Briskie, this is one of many efforts currently in place. However, the fact that they were able to secure this long-term contract, implies that all other goals set can be met.
For instance, he revealed that Khrysos entered a 30 million dollars’ worth of post-processing contracts, which are set to be completed by next year, but in order to do that, crude oil supply is required. The latter can be attained via partnerships with that of DJB Industries, and Briskie anticipates more of the likes before year-end 2019.
He further noted that,
“This supply agreement with DJB provides excellent long-term crude oil supply and allows use to enter into additional supply contracts for our post processing products.”