In our ever-continuing quest to find any company which even remotely associates itself with the cannabis industry, we’ve come across Grey Cloak Tech Inc (OTCMKTS:GRCK) which has made it known that it intends to acquire a CBD (cannabidiol) company.
While the deal is still up in the air, we’ll want to make sure to monitor the situation closely for the occurrence of any updates on finalization of the acquisition. The company in question has an interesting niche in the industry.
A couple of weeks back, Grey Cloak Tech Inc (OTCMKTS:GRCK) reported the signing of a binding Letter of Intent to acquire Eqova Life Sciences, a medically-focused CBD company. Eqova Life Sciences, located in Denver Colorado, develops clinical grade Full Spectrum Hemp Oil products, sold exclusively via partnerships with licensed medical practitioners to use with their patients. To date, no other Hemp Oil company exclusively focuses on the practitioner market, leaving it largely underserved.
They hope to dominate the medical practitioner market with science-backed education and superior products that utilize standardized dosing & unique delivery methods. The exact measures medical professionals demand in order to use Full Spectrum Hemp Oil & CBD more widely in their practices.
Medical professionals do not want counter-culture brands with confusing labels and inconsistent servings in their practice. Eqova is the only company that solves this need for them. This also means Eqova’s products will be used under the care of a medical professionals — which is one of the safer ways possible to distribute its products.
Eqova has four experienced executives in the health & practitioner space to address this gap. Together they bring nearly 80 years of experience in product formulation, FDA compliance, marketing and sales. Eqova’s CEO, Patrick Stiles, is personally responsible for founding and growing more than one nutraceutical brand. His brands have sold millions of dollars in products online through a variety of channels.
Stiles stated, “Today consumers are smarter than ever before. They demand superior products but also want it backed up with education. The days of empty promises are over. This is why we exclusively partner with medical professionals to bring our full spectrum hemp oil products to their patients.”
William Bossung, CFO of Grey Cloak Tech said, “For several months, we have been looking at the cannabis industry for an acquisition. While we have a good core product in our Fraudlytic™, the click fraud prevention industry has become very crowded and competitive. Therefore, we have been examining the many opportunities available in the cannabis industry. We have been looking for a way to grow shareholder value by adding acquisitions from a rapidly growing industry such as CBD.”
Bossung continued, “The possibility of growing substantial revenues certainly exists with Eqova. With Mr. Stiles’ business savvy, we expect to have substantial increases in revenues.”
Prior to signing the Letter of Intent, the companies held numerous meetings to assess alignment of corporate culture. The Letter of Intent includes obligations and conditions to the closing that are typical in similar transactions, including satisfactory due diligence and all required organizational action, and the ability of Eqova to deliver audited financial statements as required by Regulation S-X of the Securities Exchange Act. The parties expect to consummate the transaction as soon as reasonably practicable. (Source: Marketwired)
As we stated above, the acquisition deal could be a game-changer for GRCK, but we’ll need to see the proof in the pudding and get confirmation on the acquisition before our interest is really piqued. We’ll stay on top of the story in the days and weeks ahead and be on the lookout. Stay locked to Street Register for updates, and we’ll deliver important developments on GRCK as they unfold. In the meantime, if you’ve yet to sign up for our 100% free newsletter, do so now! Just enter your active email address into the box below and submit!
Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in GRCK stock, short or long.