Green Technology Solutions, Inc. (OTCBB:GTSO) announced today that the company signed a letter of intent to acquire all or a controlling interest in its joint venture partner, Elevated Industries.
Elevated Industries is a Canada-based company poised to become a dominant supplier of cannabis-based edible recipes in the booming North American marketplace. The company creates and licenses edible recipes that are available in jurisdictions where the sale of cannabis-based products is legal. Due to an explosion in demand for cannabis edibles, GTSO has made penetrating this fast-growing market a top priority, and formed a joint venture with Elevated Industries last year in order to deliver new products tailored to increasingly sophisticated cannabis businesses and consumers.
With Elevated Industries’ product suite now ready to launch in Colorado and other top markets, GTSO will explore the possibility of bringing the company in-house.
“We are intrigued by the opportunity to expand our interest in this developing market, and we believe that a larger relationship with Elevated Industries is a great place to begin,” said GTSO CEO Wallace W. Browne.
Colorado shocked industry observers when the state’s Marijuana Enforcement Division announced that more than five million edibles products were sold in 2014. Edibles made up almost half of the Colorado cannabis market, and many experts believe that the nationwide edibles market will expand dramatically in the coming years.
As the nationwide market for cannabis continues to grow, GTSO plans to keep building new tools to help wholesalers and retailers guarantee their edible products’ potency, consistency and safety to their customers.