Grey Cloak Tech Inc. (OTC:$GRCK) has officially completed its acquisition of Eqova Life Sciences, a medically-focused CBD company. The CBD products marketplace is projected to grow by 700% by 2020, with annual sales reaching $2.1 billion.

Eqova Life Sciences is located in Denver, Colorado and develops clinical grade Full Spectrum Hemp Oil products, sold exclusively via partnerships with licensed medical practitioners to use for their patients. As of today, no other Hemp Oil company exclusively focuses on the practitioner market, rendering a large demand.

In terms of value, Eqova sees around $150,000 of CBD inventory, expected to be sold by the end of the year. Additionally, Eqova possesses hundreds of supplier, vendors, and professional deals.

Patrick Stiles, Eqova’s CEO stated: “Medical professionals do not want counter-culture brands with confusing labels and inconsistent servings in their practice. Eqova is the only company that solves this need for them. This also means Eqova’s products will be used under the care of medical professionals.”

Grey Cloak Tech acquired Eqova in an all-stock transaction where the shareholders of Eqova received shares of Grey Cloak Tech’s Series A Convertible Preferred Stock in exchange for all the stock of Eqova. Half of the preferred stock received by the former shareholders of Eqova is immediately vested and the other half will vest no earlier than three months after Eqova achieves a certain level of sales.

Stiles further elaborates: “Today consumer are smarter than ever before. They demand superior products but also want it backed up with education. The days of empty promises are over. This is why we exclusively partnership with medical professionals to bring our full spectrum hemp oil product to their patients.”

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