Blue Sky Hemp Ventures Secures $1.6M Co-Investment to Propel Sustainable Hemp Protein Concentrate Development
Saskatoon, Saskatchewan, June 25th, 2024 - Blue Sky Hemp Ventures, a pioneer in sustainable hemp processing, announces a significant collaboration with Protein Industries Canada (PIC), Virtex Grain Exchange, and Thar Process to advance Canada's processing technology and support the commercialization of hemp and canola ingredients. This partnership aims to revolutionize the production of high-protein ingredients using innovative, solvent-free extraction technology. The investment seeks to redefine sustainability and environmental stewardship while simultaneously lowering costs and enhancing the appeal of plant-based proteins. This initiative aims to address longstanding challenges hindering the broader adoption of plant-based protein solutions within the food manufacturing industry.
See Protein Industries of Canada Release Here.
“There is massive economic potential for Canada in ingredient manufacturing,” Protein Industries Canada CEO Bill Greuel said. “Through the development of new and sustainable technologies, such as this one, Canada will advance our ingredient manufacturing sector, establish itself as a leading supplier of high-quality ingredients, and reach our $25 billion opportunity.”
The joint project, backed by a $5.9 million investment with $1.6 million from PIC, focuses on scaling up Blue Sky’s extraction technology and to process high-quality, high-protein canola and hemp ingredients and to demonstrate the commercial potential of recovering the oil without harmful chemicals like hexane. By avoiding high temperatures and chemical treatments, the resulting meal can be separated into quality proteins and gluten-free flours at a low cost, all while capturing CO2 through Blue Sky’s 'whole plant utilization' model.
Blue Sky aims to create new markets for baking products, plant-based dairy, and meat alternatives, while significantly reducing greenhouse gas emissions, environmental impact, and costs. By reducing waste and maximizing the value of hemp crops, Blue Sky seeks to enhance the global competitiveness of Canadian ingredients.
Andrew Potter, CEO of Blue Sky Hemp Ventures, expressed his enthusiasm for the project, stating, "This partnership marks a significant milestone for hemp and cements Canada as a global pioneer in plant-based protein innovation. This funding isn't just a win for Blue Sky Hemp Ventures; it's a game-changer for the entire hemp industry. While hemp ingredients have long been praised for their health and eco-friendly attributes, this investment takes it a step further by making hemp protein affordable - a factor that is absolutely vital for mainstream adoption by food manufacturers."
This new process also yields a valuable byproduct: Refined Hemp Seed Oil (RHSO). With olive oil prices rising, RHSO emerges as a timely alternative. It's healthy, affordable, and sustainable, priced at about half the current cost of olive oil. This could be a major factor driving hemp's mainstream adoption.
The bulk of project activities will be conducted at Blue Sky's Saskatoon facility throughout the upcoming year, continuing until late 2025. The facility will serve as a hub for testing and optimizing CO2 extraction processes, as well as evaluating the economic and technical feasibility of producing high-value protein concentrate and gluten-free flour from hemp and canola crops.
Blue Sky Hemp Ventures, Virtex Grain Exchange, and Thar Process have partnered to ensure the project's success. Virtex will manage crop inputs, optimize crushing parameters, and test refined oils to enhance crop sustainability adding value for hemp and canola processors to benefit the Canadian food sector, farmers, and the environment. Thar Process will provide CO2 processing expertise and help design larger-scale extractors, positioning Canada as a leader in supercritical CO2 extraction technology.
As part of the project, Blue Sky will continue to focus on product innovation and functionality testing, leveraging the PIC co-investment to drive further research and development initiatives. The company remains committed to advancing sustainable technologies and expanding market opportunities for hemp-derived ingredients, contributing to a more resilient and environmentally conscious food supply chain.
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For more information please contact:
Alison Mair
403 826 0416
Or
Ssetyo@blueskyhempventures.com
1-306-986-3934
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Blue Sky Hemp Ventures, founded in 2017 in Rosetown, Saskatchewan, is a private Canadian company at the forefront of whole plant utilization for hemp ingredients, cannabis extracts, and sustainable industrial products. Committed to sustainability and innovation, Blue Sky delivers high-quality wholesale hemp and cannabis products across North America and globally, contributing to a “Better World, Fuelled by Hemp.”
About Protein Industries Canada (PIC):
Protein Industries Canada, one of Canada’s five Global Innovation Clusters, accelerates innovation in ingredient manufacturing, food processing and bioproducts. Working with trailblazing companies, Protein Industries Canada provides a structure that lessens risk and allows for bold initiatives to create a more competitive, productive and sustainable Canadian agrifood sector that leads the world in the production of plant-based products. Protein Industries Canada and its members are working to embrace the $25 billion opportunity presented by Canada’s ingredient manufacturing, food processing and bio-product sector. Learn more at theroadto25billion.ca.
Virtex Grain Exchange was founded in 2009, in Saskatoon, Saskatchewan and is a corporation owned by over 80 farmers. Virtex is a value-added venture in which farmers grow, process and market non-GMO expeller pressed canola oil for the health food market in North America. Virtex also sells high-fat canola meal into the North American and Chinese markets. Its facility can process 2,500 tonnes of canola per month and is comprised of 45,000 square feet while operating a fleet of 21 railcars for oil distribution across North America. It prides itself on being the only farmer-owned corporation in North America that is fully integrated from farm to table with non-GMO canola to oil.
Aquareyn through its subsidiary Thar Process, is a platform technology company that has been developing and designing applications and equipment solutions based on supercritical CO2. From extraction to purification to drying to remediation - Aquareyn / Thar Process has done it all for the world's most innovative pharmaceutical, food, CPG and chemical companies. The company is based in a 78,000 ft2 Pittsburgh facility but provides service and support globally.
