GoIP Global Acquires California-Based Extraction Facility Apex Extractions

GoIP Global, Inc. GOIG said Thursday it has signed a share acquisition agreement with Apex Extractions LLC, a California-based cannabis extraction facility.

Apex supplies 175 wholesalers and licensed dispensaries in California, both under their brand name and white labels for others. It managed to generate $5.6 million in sales last year, and expects to double the revenue in 2020, according to the press release.

Under the agreement, GoIP’s current CEO, Isaac H. Sutton, will resign and the new CEO will become Apex’s current CEO, Scott Benson. Apex’ shareholders will gain GoIP preferred shares.

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“This acquisition brings a solid company, with real prospects and a quality management team to GoIP,” Sutton said in a statement. “Apex’s team have proven themselves over the last 3 years, producing quality products which have garnered 8 Cannabis Cups in 2019. The Company has achieved multi-million dollars sales in a market that is challenged with regulations and strict compliance. Apex is positioned for major 2020 expansion within California and possibly other states. We are looking forward to their continued success.”

Apex CEO Scott Benson commented on the acquisition, “Apex has been looking for a platform like GoIP for several months. We have tremendous potential for organic growth in our current market, the ability to expand our model in additional states and develop into a true industry leader. We are looking forward to being a public company and driving value for our shareholders.”