PALM CITY, Fla. - GelStat Corp. on Thursday announced it signed a definitive agreement to acquire Mastix Medica. The final closing of the acquisition is expected to take place on or before July 7.
The acquisition is is expected to add more than $500,000 in revenue in the third quarter ending Sept. 30, 2014, GelStat reported.
"The acquisition of Mastix Medica adds another dimension to GelStat that complements our present experience in product innovation and marketing," stated Larry Gershman, GelStat chairman and CEO. "The vertical integration also enhances our profitability of recently introduced dietary supplement Chews 2 Lose appetite suppressant gum. More importantly, the acquisition brings to GelStat a key asset and foothold in the explosive high CBD/low THC industrial hemp and medical marijuana market. We are also excited to be adding Bob Estey to our management team as he brings a wealth of financial management experience as well as manufacturing capabilities to the GelStat team."