Troy-based cannabis extraction equipment maker Precision Extraction Solutions is merging with Portland, Ore.-based Cascade Sciences.
The new company, which will remain based in Troy, will be called Sinclair Scientific, according to a news release. The two merging entities claim in the release this will be the biggest company in the world that makes devices needed to extract oils from cannabis and hemp. They signed a merger deal Tuesday.
Together the companies will bring in more than $100 million in revenue annually, according to the release. A representative did not respond to a request for more revenue information.
Terms of the deal were not disclosed.
Precision employs 43 people, up from 25 in 2018. Cascade employs 22.
The CEO of Precision, Marc Beginin, and Cascade CEO Lee Kearney will not remain employed with the new company. They will, however, be members of its board.
The board appointed Doug Dowd as CEO. He comes from a position as president of Arlington, Texas-based Ricca Chemical Co.
The names Precision Extraction Solutions and Cascade Sciences will remain as brands under Sinclair's portfolio, the release said.
Beginin founded Precision with partner Nick Tennant in 2015.
"industry" - Google News
June 24, 2021 at 03:57AM
https://ift.tt/3vONVR7
Troy cannabis extraction equipment maker merges to create industry giant - Crain's Detroit Business
"industry" - Google News
https://ift.tt/2RrQtUH
https://ift.tt/2zJ3SAW
Bagikan Berita Ini
0 Response to "Troy cannabis extraction equipment maker merges to create industry giant - Crain's Detroit Business"
Post a Comment