Grey Cloak Tech Inc. (OTCMKTS:GRCK)
Shares of Grey Cloak Tech Inc. (OTCMKTS:GRCK) gained 27.1% after the company announced the completion of the Eqova Life Sciences’ acquisition. The all-stock acquisition expands the software developer business operations into the multi-billion Hemp business – set to grow 700% by 2020.
Eqova Life Sciences Acquisition
Located in Denver, Eqova Life sciences develops Hemp oil products that are sold exclusively through partnerships with licensed medical practitioners. It also has relationships with hundreds of suppliers, vendors, and medical professionals.
Eqova Life Sciences joins Grey Cloak Tech Inc. (OTCMKTS:GRCK) with $150,000 worth of CBD inventory that it plans to sell before the end of the year. Early in the month, the company exhibited at Denver’s Integrative Medicine Summit.
Eqova was the only company to exhibit CBD products at the summit and used the opportunity to unveil its new CannaBio Salve, an innovative topical salve. The company expects its merger with Grey Cloak Tech to be the catalyst as it moves to pursue growth opportunities in the hemp business.
GRCK Investor Reaction
Investor reaction to the acquisition has been positive, as seen by the stock spiking higher. However, the stock continues to trade in a downtrend after coming under pressure. The stock has shed more than 70% in market value since the start of the year.
The acquisition of Eqova Life Sciences could be the catalyst in strengthening investor interest in Grey Cloak Tech heading into the end of the year. Demand for superior hemp products is reportedly on the rise. This is an opportunity that could help Grey Cloak Tech Inc. (OTCMKTS:GRCK) diversify its revenue streams.
“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,” said CEO, Patrick Stiles.
Separately, Grey Cloak Tech Inc. (OTCMKTS:GRCK) common stock will now trade on the OTCQB Venture Market after the OTC Market Group upgraded it from the Pink Open Market. The upgrade will guarantee higher reporting standards for investors including increased analyst coverage as well as access to news services and comprehensive compliance requirements.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
Don’t miss out! Stay informed on $GRCK and receive breaking news on other hot stocks by signing up for our free newsletter!