Grey Cloak Tech Inc (OTCMKTS:GRCK) saw a jump in trading on Friday that totaled more than a 100% increase. GRCK has continued the strong showing this morning by adding a %10 bump with sustained volume. The driver here is the acquisition of a medical cannabis company.
Close to two weeks ago, GRCK aquired Eqova Life Sciences, a CBD Oil company. The CBD oil market because of its connection to the pharmaceutical world and its robust growth potential is the reason for GRCK to be relevant to a new group of traders. According to The Hemp Business Journal, CBD products marketplace are projected to grow by 700% by 2020 with annual sales reaching $2.1 billion. In addition, Eqova has a niche play in the space by focusing on the practitioner side of the market. This means an established brand with medical dosage limits and systems.
Grey Cloak Tech Inc (OTCMKTS:GRCK) is engaged in developing a cloud-based software to detect advertising fraud on the Internet. The Company’s cloud-based product, Fraudlytic, is a secure platform that detects, analyzes and destroys bots while allowing consumer traffic to click and view digital advertisements. Fraudlytic’s suite of filters detects various permutations of digital advertising fraud, including cookie stuffing, advertisement stacking, and domain spoofing to allow advertisers to regain control of their advertising budget. Its software application has been uploaded to the Amazon cloud and the overall system runs over My Structured Query Language (MySql) instances using the Amazon storage area network (SAN) for storage of the data. Its TrueClick Compliance product includes the features of the basic TrueClick package with the addition of a selective online marketing feature, which is useful for regulated industries in state or federal compliance.
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William Bossung, CFO of Grey Cloak Tech said, “For several months, we have been looking at the cannabis industry for an acquisition. While we have a good core product in our Fraudlytic™, the click fraud prevention industry has become very crowded and competitive. Therefore, we have been examining the many opportunities available in the cannabis industry. We have been looking for a way to grow shareholder value by adding acquisitions from a rapidly growing industry such as CBD.”
According to the press released GRCK, Eqova anticipates dominating the medical practitioner market with science-backed education and superior products that utilize standardized dosing & unique delivery methods. The exact measures medical professionals demand in order to use Full Spectrum Hemp Oil & CBD more widely in their practices. Medical professionals do not want counter-culture brands with confusing labels and inconsistent servings in their practice. And Eqova is the only company that solves this need for them.
Eqova’s CEO stated, “Today consumers 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 partner with medical professionals to bring our full spectrum hemp oil products to their patients.”
Grey Cloak Tech Inc (OTCMKTS:GRCK) has a market cap of $743,292.00 with 27.03M in outstanding shares. This acquisition puts GRCK on the radar because of the superior growth expected in the cannabis market. The company has seemingly made a smart acquisition here and readers should check back in as we provide more updates on this company. Sign-up for continuing coverage on shares of $GRCK stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: We hold no position in $GRCK, either long or short, and we have not been compensated for this article.