EnWave Corp (CVE:ENW) shares were on the rise earlier Wednesday, as Aurora Cannabis Inc (TSE:ACB) (NYSE:ACB) exercised an option that will see Aurora use EnWave's proprietary Radiant Energy Vacuum (REV) dehydration technology for drying cannabis in South America, aside from Peru.
The firms inked an exclusive, royalty-bearing commercial licence agreement with sub-licensing rights.
The Vancouver-based advanced tech company, which is focused on its proprietary REV dehydration technology, is making waves in the cannabis space, with shares up 56% year-over-year, and up 1.3% at C$2.40 on Wednesday morning in Toronto.
EnWave is developing commercial applications for its dehydration technology, in the cannabis, food and pharmaceutical industries. The company says it is faster and cheaper than freeze drying, with better product quality than air drying or spray drying.
As part of the agreement, Aurora will hold the exclusive master license for the drying of cannabis using REV in the South American license territory. Aurora will receive an undisclosed share of royalties from any cannabis product dried with REV technology by sub-licensees in South America. This is the third agreement signed by the two firms.
In the cannabis world, time is money and EnWave's technology can reduce the time required to dry cannabis from between five and seven days to less than an hour. The company says its low temperature drying retains cannabinoids and terpenes and its low-pressure drying prevents oxidation. The small machine footprint can help reduce the need for oversized drying rooms, with the drying time at an estimated 40 minutes from fresh to dry.
Multiple commercial platforms
EnWave offers industrial-scale dehydration technology for commercial applications in the food and pharmaceutical spaces. It also provides machinery for drying bulk biological materials and pharmaceuticals in vials.
It has multiple commercial platforms, including nutraREV, which is used in the food industry to dry food products quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour; powderREV, used for dehydrating food cultures, probiotics and biochemicals, such as enzymes, below the freezing point. The company's quantaREV is used for continuous, high-volume low-temperature drying.
Contact Katie Lewis at [email protected]