Kush Bottles, Inc. (OTCQB: KSHB), announced this morning that the company has completed its acquisition of Summit Innovations, LLC., who is one of the leading distributor of hydrocarbons to legal cannabis businesses.
Summit Innovations has been acquired by Kush Bottles in exchange for 1,280,000 shares of the company’s stock and approximately $3.2 million dollars in cash. Kush bottles is one of the a leading distributors of ancillary goods to the cannabis industry such as packaging, vaporizers, hydrocarbon gases, solvents, and other accessories in the United States.
Hydrocarbon based gases are used to extract cannabis and other cannabinoid based oils from cannabis and industrial hemp. This acquisition will allow Kush Bottles to enter a new marketplace for cannabis based solvents. Summit Innovations owns seven different facilities across the U.S. that distributes butane, propane, iso-butane and other blends.
Nicholas Kovacevich, CEO and Chairman of Kush Bottles gave this statement in the press release:
” By bringing Summit Innovations under the Kush Bottles umbrella, we expect to leverage synergies in our distribution channels to grow sales at both Summit and our existing business lines. This is a major step forward in our strategy to position Kush Bottles as a one-stop shop for any business looking to operate responsibly within the legal cannabis market.”