Company: Precision Extraction Solutions
Title: Founder and Chief Technology Officer
In 2008, Michigan voters passed a medical marijuana law, and Nick Tennant was the 40th person in the state to get licensed, running a vertically integrated medical operation. But in 2012, he says, he realized that the majority of consumable cannabis products were going to be made with concentrates and founded Precision Extraction Solutions, a manufacturer of cannabis extraction equipment.
“I thought it to be the future of cannabis,” he says.
So he locked himself in his house and figured out all of the nuances of building and using extraction equipment to “extract and isolate these molecules, which is the name of game of what we do.”
The company went to market with its first prototype in 2014 and did $1 million in sales in the first 90 days. By 2019, the company surpassed $40 million in revenue. Precision now has 50 employees, with offices in Detroit and Southern California, and has completed thousands of installations across the North America.
Tennant, the company’s founder and chief technology officer, still sees an even bigger future for the industry and for the extraction side, as new cannabinoid and terpene products become the norm in markets across the world.
“We’ve only begun to discover the capabilities of the cannabis plant,” he says.