ExtractionTek Solutions and Pinnacle Stainless Announce Merger
ExtractionTek Solutions (ETS) and Pinnacle Stainless recently announced that they will be merging operations. With this declaration, the company will work under the new name ExtractionTek Stainless, Powered by Pinnacle.
Colorado-based cannabis extraction technology companies ExtractionTek Solutions (ETS) and Pinnacle Stainless announced that they will be merging operations as of January 1, 2021. With this proclamation, the company will begin performing under the new name ExtractionTek Stainless, Powered by Pinnacle.
According to their announcement, with this merger the companies will be able to grow their expertise in closed-loop hydrocarbon and ethanol extraction methodologies. They will also be able to centralize all equipment design with in-house fabrication, thus facilitating business expansion. One of the outcomes projected from the merger are combined revenues of $45 million in 2021. The company leadership plans to maintain current levels of staffing.
“As the cannabis space continues to grow more competitive, we understand that combining our forces is the path forward to achieve a level of synergy impossible alone. ExtractionTek Solutions brings industry-leading hydrocarbon extraction technology, and Pinnacle offers expertise in ethanol extraction, excellent fabrication capability and an advanced production facility,” said Matthew Ellis, CEO of ETS (1). “A merger right now is especially important as we near election time—many states may achieve legalization, and we are uniquely positioned to meet those upcoming needs and thrive in new and developing markets.”
ExtractionTek Stainless, Powered by Pinnacle displays an innovative, complementary partnership, giving their companies leading jurisdiction over their supply chain and quality assurance. This partnership will also offer cannabis extraction professionals more flexibility and opportunity in safe and compliant extraction equipment.
“Both Pinnacle and ETS are proudly Colorado-based companies. We’ve been in this industry for years, and we’ve seen first-hand the differences that quality and innovation make every step of the way,” said Zach Harris, CEO of Pinnacle Stainless. “It’s this spirit of innovation and focus on the future that informs our decision to take this step as the cannabis industry undergoes changes and advancements on all fronts.”
The two companies plan to continue utilizing US steel and American-made components in their equipment lines as part of their commitment to US manufacturing. ExtractionTek Stainless, Powered by Pinnacle plans to operate out of Pinnacle’s 32,000-square-foot manufacturing and fabrication facility located in Wheat Ridge, Colorado.
Reference
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