HONG KONG and SANTA CLARA, Calif., Jan. 29, 2020 (GLOBE NEWSWIRE) -- SPI Energy Co., Ltd. ("SPI Energy" or the "Company") (NASDAQ: SPI), a global provider of green energy solutions with strategic investments in green-energy-enabled products and services, recently completed the installation of its cannabidiol (CBD) extraction equipment at a facility in Fresno, California.
The newly installed CBD extraction equipment is designed to enable the production of CBD crude oil, distillate and isolate. Currently, the Company is conducting pre-production test runs of its CBD crude oil extraction process; completing quality control review, and self-testing the CBD crude oil that is being produced.
“We have made significant progress building the foundation of our CBD operations in California in recent months,” stated Xiaofeng Peng, Chairman and CEO of SPI Energy. “The Company has executed toll manufacturing agreements with three local hemp farms, and we expect to expand our CBD extraction services and scale our production capacity to match growing demand.”
The Company recently sent demand letters to the Native American Agricultural Company (NAAC) after it failed to deliver the hemp crop under the terms of the agreement the Company entered into with them on July 24, 2019. The Company is now planning to take legal action against the NAAC to recover the economic loss.
About SPI Energy Co., Ltd.
SPI Energy Co., Ltd. is an established provider of photovoltaic solutions with global operations in key markets in Australia, Europe, Japan and the United States. The Company is leveraging its solar platform and expertise to make strategic investment in green industries with significant growth and earnings potential and/or green-energy-enabled products.
For inquiries, please contact:
SPI Energy Co., Ltd.
© 2020 GlobeNewswire, Inc. All Rights Reserved.