Precision Extraction Corporation (DBA Precision Extraction Solutions), a Detroit, MI-based market leader in cannabis and hemp extraction technology, received an investment from Rivers Innovations.
The amount of the deal was not disclosed.
The company intends to use the funds to to scale the business.
Led by Marc Beginin, CEO, and Nick Tennant, Founder and Chief Technology Officer, Precision is a specialized equipment manufacturer and service provider that has developed a portfolio of extraction and processing technologies utilized for hemp and cannabis extraction, refinement, and processing.
The company has completed thousands of installations throughout regulated jurisdictions in the United States, Canada, as well as in select European markets.
Rivers Innovations is a private U.S. focused growth capital and strategic support platform founded and advised by the seed investment and strategic advisory group behind Canopy Rivers Inc. (TSXV: RIV).