Plant extract is a major industrial product from Shaanxi, a province in Northwest China.Plant extract export reached 1 billion Chinese Yuan in 2018, the forth largest export goods of Shaanxi by revenue. Cilitech’s recent industrial survey shows that 87% plant extract companies in Shaanxi expect export revenue to be increased in 2019.
The star of plant extract is no doubt hemp products. Hemp, or industrial hemp, is a strain of the Cannabis sativa plant species that is grown specifically for the industrial uses of its derived products.Thanks to local government support, Shaanxi has quietly become a superpower in the plant’s research and extract.
Inspired by the market forecast, some plant extract companies expand their production facilities. A company we surveyed, Laybio Natural, installed a brand new cannabidiol oil, aka CBD, processing system in May 2019 with investment amount the company reluctant to disclose.
“Hemp is what everyone is after. we call hemp the green gold” said Frankie Wu, Sales Director of Laybio, ”Laybio plans to continue investing and researching hemp and CBD while expanding upon our current legal market”