Mile High Labs Acquires Former Novartis AG Facility In Broomfield

BROOMFIELD, CO — The largest manufacturer of CBD isolate in the world has announced the purchase of a 400,000-square-foot production facility in Broomfield. Mile High Labs has acquired the land, labs, building and manufacturing equipment on the site for $18.8 million.

The company will take over the former Novartis AG facility at 2555 W Midway Blvd.

CBD, or cannabidiol, is a compound found in hemp and marijuana. Sales of CBD have grown rapidly since it was legalized in the United States last year. Some of the largest health companies in the country have begun to stock CBD products, which are used to treat anxiety, pain, movement disorders and various ailments. Other companies are awaiting further regulations before stocking up on the products.

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“CBD is an amazing molecule that we’re only beginning to understand,” Stephen Mueller, chief technology officer and found of Mile High Labs, said in a statement. “Just as Silicon Valley in California has fostered innovation and collaboration in the tech industry, Mile High Labs will create a CBD Center for our industry to learn, innovate, grow and succeed.”

The purchase of the new facility is the largest infrastructure transaction in the history of the CBD market, Mile High said.

“In light of recent legislative developments, the demand for our products has increased considerably,” Mueller stated. “And it’s not just a domestic phenomenon. CBD is a global product and we serve a global customer base. This large-scale production facility will ensure we have the capacity to provide high quality, consistent CBD to every customer, large or small.”

The company, which was founded in 2016, was originally based in Longmont, and moved to a larger facility in Loveland the following year. After the Farm Bill passed and hemp was legalized in 2018, demand for CBD grew rapidly and the search for a much larger facility began.

“We are grateful to the City of Broomfield and the State of Colorado for creating an environment where we can be a long-term partner in the economic success of this community,” Mueller said. “We look forward to continued growth and hope Broomfield residents and current and former employees of the facility will consider new opportunities with us.”