A CBD oil manufacturer is set for further expansion following the acquisition of a new facility in Europe.

Dragonfly Biosciences has acquired full ownership of Premium Extraction Services Limited, a large-scale ethanol extraction facility in Romania near the Bulgarian border.

The firm, which specialises in its own self-developed cannabinoid (CBD) oil and skincare products, has its products stocked in retailers such as Boots, Tesco and Sainsbury’s as well as independent pharmacies.

It is expected that Dragonfly Biosciences’ new extraction facility will support the delivery of over 1000kg of CBD per month, allowing the firm to scale up its operations.

Regan Saveall, chief executive at Dragonfly Biosciences, commented: “The acquisition of the Premium Extraction Services Company is a significant step forward for Dragonfly Biosciences and importantly our range of CBD products.

“We are committed to innovation and investment, and already have our own vertical integrated supply chain, which allows us to provide high-quality CBD products, all of which are compliant with all regulatory status.

“The extraction facility will enable us to control and produce even more first-class CBD on a much larger scale. This will support the demand for our current products and allow us to explore different types of CBD offerings. There are only a handful of large-scale fully permitted facilities in the EU, so this is really exciting for us.”