A PET bottle and preform maker is being acquired by a cannabis-based medicine company in California.
Cannabis Science Inc. is buying Bottle It Inc. of Corona, Calif., which makes injection molded preforms and blow molded bottles and containers for markets including water, energy drinks, vitamin shots, sprays and food.
"Cannabis Science's acquisition of Bottle It contributes significantly to our company's growth strategy and solidifies our capabilities as a manufacturer," CEO Raymond C. Dabney said in a statement.
"Cannabis Science now has the in-house capacity to manufacture PET bottles and containers for Cannabis Science's consumer products, as well as to manufacture bottles and containers for other manufactures of beverages, specialty waters, foods, cosmetics, and other products globally. This creates an important new revenue stream for Cannabis Science," Dabney said in the statement.
The CEO pointed to the "large and growing" global PET bottle market as an attractive reason for the purchase.
"The acquisition of Bottle It gives Cannabis Science a foothold in this important market segment with existing products, as well as the ability to add many of our own products," he said.
The company said it creates cannabis treatments for "a number of illnesses for which current treatments and understanding remain unsatisfactory."
The company's initial focus is on cancers, HIV and AIDS and neurological conditions.
Bottle It was founded in 2014 and primarily serves the continental western United States, the company said on its website. The company uses both virgin and recycled resin to make products at its 27,000-square-foot location in Corona.
"We excel in manufacturing custom bottles for specialty vendors. Our wide range of equipment allows us to manufacture preforms and plastic bottles for both large and specialty firms," according to the website.
Cannabis Science is a public company with its shares currently traded over the counter. Shares were trading at 7 cents on March 23.