A system and method of producing a blended extract of cannabinoids and terpenes, which extracts terpenes using supercritical CO2, and extracts a cannabinoid concentrate from the residual material using a cold ethanol flush followed by distillation the CO2-extracted terpenes are then added back to the cannabinoid concentrate in a final blending step. Blending terpenes at the end of extraction may enhance the flavor and effectiveness of the cannabinoid concentrate. By separately extracting terpenes and cannabinoids, optimal processes and parameters may be used for each step. Blending may combine terpenes and cannabinoids in any desired ratio for example, a terpene-to-cannabinoid ratio of approximately 1:10 may be used. The ethanol used in the cold ethanol extraction of cannabinoids may be recovered and reused for subsequent batches. Cannabinoid concentrates may be redistilled multiple times to enhance their concentration, followed by terpene blending.
