American Green Inc (OTCMKTS:ERBB) has announced an agreement to acquire TrackX LLC. The company is a leading provider of radio frequency identification tracking and cloud based asset management systems. Originally based in Denver, TrackX hosts a number of patents and services to cater to the needs of national customers. With its patents and unique services, American Green believes that TrackX has the capability to become the premier source of RFID-enabled asset tracking.
The global market for RFID applications is growing at a steady pace and was worth $8.89 billion by the end of 2014. RFID is quickly becoming an integral part of the Internet of Things and TrackX hosts the next-generation of technology that makes it stand out. As per the announcement from the company, American Green plans to make use of this technology in developing a seed-to-sale platform for the cannabis industry. Apart from this new venture, TrackX will still cater to the needs of existing partner brands.
Stephen Shearin, the president of ERBB, stated that the deal had been in the pipeline for over 3-months now. He believes that the possibilities for tracking and efficiency are endless and his company wants to add the cannabis industry to the list of industries that TrackX already caters to. TrackX CEO, Tim Harvie, was more than delighted to be on board with American Green, stating that he and his company had been working to develop a perfect solution. Now they believe that this solution is ready for the larger market.
American Green has been increasingly focused at bringing new and innovative technologies to the cannabis industry. The company had recently launched its ZaZZZ machines, with the first installation taking place in Kentucky. The machine would serve as a cannabis vending machine, but the customers can keep a track of their purchases and leave feedbacks online for others to see.
American Green Inc (OTCMKTS:ERBB) lost 4.76% of its share value during the June 6 session, to reach a close at $0.004.