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Kush Bottles agrees to buy Summit Innovations to gain foothold in cannabis-extraction process

Summit Innovations will get US$3.2mln in cash and shares of Kush Bottles
Cannabis plants
The transaction is scheduled to close by May 1

Kush Bottles Inc. (OTCQB:KSHB), a provider of packaging and accessories for the regulated cannabis industry, said it agreed to buy Summit Innovations LLC, giving it an entry into the distribution of hydrocarbon gases used in the extraction of plant oils.

Summit Innovations will receive US$3.2mln in cash and 1.28mln shares of Kush Bottles’s common stock, Santa Ana, California-based Kush said in a statement.

“Integrating this broad gas portfolio into our large distribution platform will further diversity our business by offering another unique produce line that is highly complementary to Kush Bottles’s existing product inventory,” Kush Chief Executive Officer Nicholas Kovacevich said in the statement.

The transaction is expected to close by May 1, 2018, subject to confirmatory due diligence and certain closing conditions, including approval of the transaction by the equity holders of Summit Innovations, according to the statement.

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