Grey Cloak Tech Inc. (OTC: GRCK) recently announced that it has signed a binding Letter of Intent to purchase Eqova Life Sciences, a California-based medically-focused company producing clinical-grade full spectrum hemp oil products. To date, no other hemp oil company has exclusively focused on the medical practitioner market, leaving this important segment largely underserved. Grey Cloak Tech, which is known for its click fraud prevention products, has been searching for a way to enter the growing cannabinoid industry, as it noted in a news release (http://cnw.fm/Ak74N).
According to The Hemp Business Journal, sales of products derived from cannabinoids more than tripled from 2014 to 2017, rising to $358 million. Additional revenue predictions for the medical marijuana industry point to $1.8 billion in sales by 2022, the report states. Grey Cloak Tech expects to dominate the medical practitioner market with science-backed education and superior products that utilize standardized dosing and unique delivery methods. Market professionals rightly require a safe, consistent product that meet strict conditions.
Eqova CEO Patrick Stiles, who is responsible for founding and growing several nutraceutical brands, has sold millions of dollars in products online through a variety of channels. Eqova’s medical advisory board seeks the most effective phytocannabinoid-rich hemp oil, ingredients and delivery methods – combining them into innovative, cutting edge products that deliver standardized dosing and consistent pharmaceutical grade ingredients that actually help patients. All Eqova products go through rigorous third-party testing before and after manufacturing, ensuring that Equova’s products contain no or only trace amounts of psychoactive ingredients such as THC (tetrahydrocannabinol).
“Today, consumers are smarter than ever before. They demand superior products but also want it backed up with education,” Stiles said in a news release. “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 the acquisition is contingent on meeting various obligations and conditions and will be consummated as soon as is reasonably practicable.
“The possibility of growing substantial revenues certainly exists with Equova,” Bossung said. “With Mr. Stiles’ business savvy, we expect to have substantial increases in revenue.”
For more information on Grey Cloak Tech Inc., visit www.GreyCloakTech.com
For information about Eqova Life Sciences, visit www.Eqova.com
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