ACKRELL CAPITAL Cannabis Investment Report | December 2017 CO, Extraction CO, extraction is a process whereby cannabis is introduced into a system of supercritical CO, (CO, at a pressure and temperature at which it exhibits properties of both a gas and a liquid). Cannabi- noids and other compounds dissolve in the supercritical CO); pressure is released, and the CO, then evaporates, leaving a concentrated form of the dissolved compounds. CO, extraction is considered a relatively safe and clean extraction process because CO, is nonvolatile, CO, concentrates are generally free of residual solvents and CO, extraction kills mold and bacteria. CO, extraction is commonly used to produce viscous CO, oil for vaporizer cartridges and low-terpene concentrates for infused products. Ethanol Extraction Ethanol extraction is a method used in a number of industries to extract essential oils and food flavor- ings from plants. When used to produce cannabis concentrates, the process involves soaking cannabis plant material in ethanol, which separates cannabinoids, terpenes and other compounds from the plant matter. The solution is then heated until the ethanol is purged to acceptable levels. Ethanol is generally much safer to use for extraction than hydrocarbons and is particularly useful for creating con- centrates with “whole-plant” compound profiles that mirror the source plant. Unfortunately, ethanol also extracts certain plant compounds—particularly chlorophyll—that have undesirable aromas and flavors. Solvent-Free Extraction Most solvent-free extraction techniques are inexpensive and do not require special training or equip- ment, but they also tend to produce low yields. Kief, ice water hash and rosin are examples of concen- trates produced with solvent-free methods. Kief is a collection of trichomes that are separated from cannabis flower by sifting the flower with specialized filtering screens. Ice water hash is a collection of trichomes produced by stirring cannabis in ice w