Business
Eco-Growth Strategies Signs a Letter of Intent to Form a Joint Venture with Sedona Synergy
Eco-Growth Strategies Signs a Letter of Intent to Form a Joint Venture with Sedona Synergy.
About this update from Eco-growth Strategies Inc.
[{"type":"text","content":"LAS VEGAS, NV / ACCESSWIRE / November 12, 2020 / Eco-Growth Strategies (the "Company" or "Eco-Growth Strategies") (OTC PINK:ECGS), a nutraceutical company developing a variety of premium CBD-based products specializing in the sourcing and extraction of trusted North American hemp, today announced that the company has come to terms to a joint venture with Sedona Synergy, an Arizona company that specializes in the extraction of hemp biomass. The joint venture, in which a majority stake will be controlled by Eco-Growth Strategies, will have the option to purchase the entire company at a future date if so inclined. The venture will focus on the extraction of hemp biomass through the utilization of extraction machines that offer a state of the art technology allowing for higher efficiency extraction of CBD, terpenes and other desired cannabinoid content currently being used by Sedona Synergy. Sedona Synergy also will be refining from CBD oils into CBD isolates in a GMP clean room space. In addition, two extraction machines and more clean room refinery equipment will be supplied by Eco-Growth, as well as a cash infusion to modernize the existing facility. Additionally, the existing pipeline of executed contracts, consisting of one-million pounds of biomass worth approximately four million dollars, will be split according to the percentage of ownership agreed upon in the joint venture agreement."We are very excited to have come to terms with this joint venture with Sedona Synergy," said William J. Delgado, Chairman and CEO of Eco-Growth Strategies. "We feel Sedona Synergy was the right fit with their industry expertise and revenue generating existing client base. After careful consideration of other opportunities in the space, we felt that this partnership reflected the best return on investment for Eco-Growth and its stakeholders. As previously disclosed, we intend to continue to pursue these types of ventures to eventually become a recognized leader in both wholesale and retail CBD based businesses. We expect to formally close this transaction within thirty days," added Delgado.About Eco-Growth Strategies, Inc. Eco-Growth Strategies, Inc. is a nutraceutical and processing company developing a range of CBD-based products. The company's mission is to employ best practice science to source, ma...