Green Technology Solutions Inc (OTCMKTS:GTSO) reported that it finalized a letter of intent buy a part or all of controlling interest in its IV associate, Elevated Industries. The associate is a Canada based firm set to become a leading seller of cannabis-based edible recipe in the flourishing North American marketplace.
Green Technology develops and licenses edible recipes that are offered in jurisdictions where cannabis-based products are legal. Recently, the industry witnessed an increased demand for cannabis edibles following which the company has decide to penetrate the fast growing cannabis-based edibles market.
It has made the fast growing industry as its top priority and, hence finalized a JV with Elevated Industries in 2014 to deliver new products customized for sophisticated cannabis clients and businesses. With Elevated Industries’ product range now ready to release in Colorado and other markets, Green Technology will consider the possibility of bringing Elevated Industries in-house.
The expert view
Wallace W. Browne, the CEO of Green Technology Solutions Inc (OTCMKTS:GTSO), said that they are considering the opportunity to expand their reach in the budding market. The management believes that a larger alliance with Elevated Industries would be the right decision to begin with.
Colorado surprised industry bystanders when its Marijuana Enforcement Division reported that more than 5 million edibles were sold in 2014. In fact, they made up nearly half of the Colorado’s total cannabis market. Many professionals expect the nationwide edibles market to expand considerably in the coming years.
As the countrywide market for cannabis and its products continues to grow, Green Technology intends to keep formulating new tools to help retailer and wholesalers assure their edible products’ safety, consistency, and potency to their customers.
In the early morning trade on Friday, the stock price of Green Technology was trading flat with loss of 0.09% at $0.559. The company has a market cap of $2.76 million.