- Hemp-derived cannabidiol (CBD) sales projected to surpass $1 billion in five years
- Grey Cloak Tech has acquired Eqova Life Sciences, an established producer of a range of clinical-grade CBD products
- This acquisition strengthens Grey Cloak’s position in this market sector and is likely to accelerate its growth
On the back of several forecasts of explosive growth in the cannabidiol (CBD) market, Grey Cloak Tech, Inc. (OTCQB: GRCK) has made a strategic decision to focus its efforts in this sector. The Hemp Business Journal reports projected growth of 700 percent by 2020, to reach annual sales of $2.1 billion, according to Forbes (http://cnw.fm/S6WUq). Cannabis-derived CBD products comprise the bulk of the market at present, but the Brightfield Group (http://cnw.fm/9Kf40) predicts a phenomenal compound annual growth rate (CAGR) of 55 percent in hemp-derived CBD sales to pass the billion-dollar mark within five years.
On October 24, 2017, Grey Cloak announced that it had acquired 100 percent of Eqova Life Sciences, an established producer of a wide range of clinical-grade hemp CBD oil products supplying medical practitioners. Grey Cloak believes that these practitioners are underserved in sourcing high-quality CBD products. Eqova has developed its own high quality, branded hemp oil health products but has…
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