California Cannabis Banking Bill Becomes Law

California Cannabis Banking Bill Becomes Law

WHEAT RIDGE, Colo.–(BUSINESS WIRE)–PRESS RELEASE–ExtractionTek Solutions and Pinnacle Stainless, two Colorado-based innovators in cannabis extraction technology, equipment design and fabrication, are have announced they are merging operations, effective Jan. 1, 2021. The company will operate under the name ExtractionTek Stainless, Powered by Pinnacle.

The merger brings together expertise in closed-loop hydrocarbon and ethanol extraction methodologies, and allows the companies to centralize all equipment design with in-house fabrication, all of which will facilitate business expansion. As a result of this merger, the company projects combined revenues of $45 million in 2021. Company leadership plans to maintain current staffing levels.

“As the cannabis space continues to grow more competitive, we understand that combining our forces is the path forward to achieve a level of synergy impossible alone. ExtractionTek Solutions brings industry-leading hydrocarbon extraction technology, and Pinnacle offers expertise in ethanol extraction, excellent fabrication capability and an advanced production facility,” said Matthew Ellis, CEO of ETS. “A merger right now is especially important as we near election time—many states may achieve legalization, and we are uniquely positioned to meet those upcoming needs and thrive in new and developing markets.”

ExtractionTek Stainless, Powered by Pinnacle is an innovative, complementary partnership that gives the two companies greater control over their supply chain and quality assurance, providing cannabis extraction professionals greater flexibility and choice in safe and compliant extraction equipment.

The two companies, which strive to provide exemplary customer support, will continue to utilize U.S. steel and American-made components in their equipment lines as part of their commitment to U.S. manufacturing. The merger also heralds the deployment of proprietary new solvent recovery technology that boosts production capability and efficiency for extract manufacturers.

“Both Pinnacle and ETS are proudly Colorado-based companies. We’ve been in this industry for years, and we’ve seen first-hand the differences that quality and innovation make every step of the way,” said Zach Harris, CEO of Pinnacle Stainless. “It’s this spirit of innovation and focus on the future that informs our decision to take this step as the cannabis industry undergoes changes and advancements on all fronts.”

As the cannabis industry matures in the U.S. and more states are set to vote on legalization for medical, adult-use recreational or both, the need for safe and compliant extraction technologies will increase. Additionally, the U.S. hemp-derived CBD market is expected to grow to $23.7 billion by 2023.

ExtractionTek Stainless, Powered by Pinnacle will operate out of Pinnacle’s 32,000 -square-foot manufacturing and fabrication facility in Wheat Ridge, in the northwest greater Denver area.

Published at Thu, 01 Oct 2020 17:44:00 +0000