Covalent Collective Archives - Green Market Report

Debra BorchardtDebra BorchardtMay 13, 2020
moneyhand-scaled.jpg

12min6211

Covalent Collective raised millions of dollars from cannabis investors and planned to buy a property called the Colorado 16 (CO16). Now the company is asking those investors for more money to fight a lawsuit over the acquisition and is accusing its former director Geoff Thompson of being a co-conspirator with the CO16 sellers. It also comes to light that there is now an FBI investigation.

The Back Story

Stretching back to November of 2017, Green Market Report reported that Doyen Elements was planning to publicly list its shares on the OTC Market, and was accepting investments prior to its IPO at $7.00 a share. Shareholders of Doyen Elements learned the hard way that the company they invested in wasn’t what it seemed. It turned out there was a Doyen International, separate from Doyen Elements, which was a company that Doyen Intl. said was ignoring shareholders and had renamed itself Reach Genetics. Thompson said that this is the company these shareholders really invested in, not Doyen International. He said that Doyen International sued Doyen Elements accusing the group of hijacking the Reg. A fundraising and requesting that they stop using the Doyen name.

In January 2019, Doyen International rebranded and renamed itself to Covalent Collective, Inc. and named Bill Gregorak as Chief Executive Officer, prior to being named CEO, Gregorak served as Chief Financial Officer of Covalent Collective since February 2018. The CEO had been Thompson, who was going to stay with the company as the leader of merger and acquisitions.

In February 2019, Covalent said it was completing its first acquisition, referred to as the “Colorado 16”, which included ownership of the real estate that leased multiple medical marijuana cultivations, production, and five Colorado medical cannabis dispensaries. Hydroponics Depot, a supplier of canna agricultural supplies in Arizona, was included in the Colorado 16 acquisition.

Gregorak was asked to comment on this article but did not respond.

Colorado 16

The CO16 deal was never closed despite Covalent giving away millions of dollars to the “sellers.” Gregorak and his Covalent colleagues are now asking for an additional $3 million to fight a lawsuit between Covalent Collective and the sellers. In a YouTube video dated February 2020 Gregorak addressed the shareholders. He suggested that if shareholders own 50,000 shares, they should invest another $1,000. Investor Gene Berg says Covalent will either “take down CO16 or get its money back.” In the video, Gregorak also insists that CO16 would be the core asset of Covalent a position he changed this month.

In April, shareholders got way more detail in a lawsuit filed where former Covalent CEO Geoff Thompson is accused of being a co-conspirator with a group called the Pollack Syndicate – the sellers of CO16. It is alleged that “Thompson initially acted on behalf of the purchaser, in this case, Counterclaim Plaintiff Covalent, as its CEO and sole board member. Having befriended Thompson, Mike Pollock leveraged their friendship and “flipped” Thompson, eventually making him a co-conspirator to keep Counterclaim Plaintiffs Covalent, Advantameds and its multiple investors unaware of the fraud schemes employed by Mike Pollock, Thompson and the rest of the Pollock Syndicate.”

Covalent says it paid approximately $8 million for CO16. The case alleges that “In truth and in fact, the monies were for the personal use of one or more of the Counterclaim Defendants and the Pollock Syndicate’s operations, were not used as represented and were never intended to be returned, credited or repaid to Covalent or Advantameds.” The case also suggests that some of the money was used to pay off a previous lawsuit and that there was never any intent to actually purchase any properties.

According to the lawsuit, Thompson tried to negotiate a settlement even though he was no longer the Covalent CEO that amounted to roughly $4.1 million. The 78-page lawsuit also details numerous criminal pursuits by Pollack and his associates that Covalent executives seemed unaware of despite giving them millions. The lawsuits that have been filed are now stalled due to the COVID-19 situation. Gregorak recently said in an email to shareholders that neither side has contacted each other.

Geoff Thompson

In July 2019, Covalent said that its founder Thompson had resigned from his positions as a director and officer of the company and its various subsidiaries and agreed to relinquish all associated corporate responsibilities effective immediately. Thompson was actually in the process of working out a settlement with the SEC related to stock fraud associated with Accelera Innovations and Synergistic Holdings.

In April 2020, Thompson has agreed to a settlement with the SEC for an amount over half a million. Thompson agreed to a payment of $350,000, representing profits gained as a result of the conduct alleged in the Complaint, along with prejudgment interest in the amount of $ 74,849.97, for a total of $424,849.97. In addition to that, Thompson has agreed to pay a civil penalty in the amount of $100,000 in the form of four payments of $25,000 each. He was also barred from serving as an officer of a public company for five years and from participating in an offering of penny stock, including engaging in activities with a broker, dealer, or issuer for purposes of issuing, trading, or inducing or attempting to induce the purchase or sale of any penny stock.

One Covalent shareholder told Green Market Report that Thompson told him he had a new company called HempMetrix and that Covalent shareholders would receive pro rata shares and that HempMetrix was a Delaware C Corp. There is no record online of such a company.

However, there is a company called Hempcentrics. Thompson has a podcast dated October 2019 about it in which he describes the company. There is little additional information on this company. There is a Shopify website for the products with the URL Green Life Balance. The products are available for sale, but there is no information where the CBD is sourced or any information about the company.

The company name does resurface in an email from Gregorak to Covalent shareholders dated May 5. It says, “Covalent has not been directly involved with Hempcentrics since it was split off.  Many of you have exercised your option to receive the warrants that were awarded to you.  I am pleased to share with you that our largest single shareholder Gene Berg will join the board of Hempcentrics.  Gene and I have worked very closely together during the last year trying to resolve our acquisition dispute with the Colorado 16 so I have got to know him quite well and it has been a pleasure working with him, despite our inability to solve the acquisition issues.  I am hopeful that as Covalent recovers from its past that we will be able to find opportunities to collaborate with Hempcentrics in the future.”

The FBI Comes Calling

If the SEC violations weren’t enough to make investors nervous, get ready for the FBI. Gregorak wrote in his May 5 email, “Some of you have received a questionnaire from a Federal Bureau of Investigation agent.  If you have, as in any situation like this, it is wise to discuss what to do with your attorney.  The investigation is looking into any improprieties that may have happened at Covalent and its predecessor companies to ensure that everything in the past was done properly.  At this point, that is all we know.  To the extent that we can, we will keep you updated if there are any developments on this matter.  We have consulted with our corporate attorneys on this matter and have been advised that answering the questionnaire is voluntary.”

In Closing

In October, Thompson talked to investors about Hempcentric in a podcast and now it seems Covalent investor Gene Berg is on the board. The company website is not clear whether Thompson is still associated with the company. GMR asked Rich Kaiser who is listed as the company contact for comment, but he declined. No other contacts are listed.

The website states that the company is “Grounded In Science.” Yet, despite descriptive paragraphs of these lauded scientists, it does not name them.

Gregorak recently told investors, “ We are no longer interested in buying the Colorado 16 businesses.  Our counterclaim is demanding back the funds that Covalent has given to the Colorado 16 sellers/defendants along with associated costs and damages.” The company said it is looking at new acquisitions instead.

 

 

 

 


Debra BorchardtDebra BorchardtApril 8, 2020
shutterstock_309992177.jpg

9min11525

Former Doyen Elements CEO Geoff Thompson has agreed to a settlement with the Securities and Exchange Commission for an amount over half a million. The settlement was related to stock fraud associated with Accelera Innovations and Synergistic Holdings.

Thompson has agreed to a payment of $350,000, representing profits gained as a result of the conduct alleged in the Complaint, along with prejudgment interest in the amount of $ 74,849.97, for a total of $424,849.97. In addition to that, Thompson has agreed to pay a civil penalty in the amount of $100,000 in the form of four payments of $25,000 each.

He is also barred from serving as an officer of a public company for five years and from participating in an offering of penny stock, including engaging in activities with a broker, dealer, or issuer for purposes of issuing, trading, or inducing or attempting to induce the purchase or sale of any penny stock.

Original Complaint

In September of 2017, the SEC alleged that Thompson, acting through a company called  Accelera Innovations Inc. and Synergistic Holdings LLC, sold approximately $1.7 million worth of Accelera stock to investors and that the sale was not registered or subject to an exemption from registration. At the same time that the SEC filed the complaint about Thompson and Accelera, Thompson and Doyen Elements were selling shares online.

Beginning in 2011, Thompson, through the limited liability company which he co-owned with his wife, GNNT, LP, owned and controlled Synergistic Group, LLC. Synergistic was a commodity pool operator, commodity trading advisor, and an investment adviser that was registered with the State of Illinois. Thompson was the Managing Member and Chief Compliance Officer of Synergistic Group, LLC. Through GNNT, LP, Thompson owned at least 75% of Synergistic Group, LLC.

The Commission’s complaint in that matter alleged that from approximately January 2012 through September 2014, Thompson, acting through Synergistic Holdings, LLC and Accelera Innovations, Inc., sold at least 849,886 shares of Accelera common stock to 69 investors for a total of $1,700,301. The complaint further alleged that there was no registration statement in effect for the sales of the shares and that the sales were not exempt from the registration requirements. The complaint further alleged that $1.3 million of the $1.7 million in proceeds from the sale of Accelera common stock was deposited into an account controlled by Synergistic Group.

Doyen Elements

Shareholders have been confused over the Doyen situation. They invested money into Doyen Elements and when their money disappeared, they learned there were two Doyens. At the time, Thompson said the confusion stemmed from the fact that there was Doyen International (Canada) and Doyen Elements (U.S.). Thompson said the Doyen Elements company is the group that is ignoring shareholders and has renamed itself Reach Genetics. He said that this is the company these shareholders really invested in, not Doyen International.

He said that Doyen International sued Doyen Elements accusing the group of hijacking the Reg. A fundraising and requesting that they stop using the Doyen name. In March 2019, Doyen International announced it was rebranding and renaming itself to Covalent Collective. In addition, the company announced Bill Gregorak would be the Chief Executive Officer. Prior to being named CEO, Mr. Gregorak served as Chief Financial Officer of Covalent Collective since February 2018. Mr. Gregorak takes over as CEO from Geoffrey Thompson, a co-founder of Covalent Collective, who will continue as leader of the merger and acquisitions because Thompson was in the process of agreeing with the SEC that he would not be a director of a company.

Covalent Collective

In June 2019, the SEC it filed a subpoena enforcement action in the U.S. District Court for the Northern District of Illinois against Covalent Collective, Inc. f/k/a Doyen Elements International, Inc. f/k/a Advantameds Solutions, Inc. (“Doyen”) for failure to produce documents in an investigation.

The SEC’s application alleges that Doyen, through its founder, Geoffrey Thompson, may have violated the registration provisions of the securities laws by engaging in an unregistered offering of securities, and may also have made misleading representations to investors and potential investors about the operations, acquisitions, and projected stock price of Doyen and related entities.

As part of its investigation, the staff in the SEC’s Chicago Regional office served Doyen with a document subpoena on October 24, 2018. The SEC’s application alleges that Doyen repeatedly refused to produce any documents in response to the subpoena, notwithstanding multiple efforts by the SEC to secure its compliance. The company finally gave the SEC the documents in July 2019.

“When we submitted our document production on July 23, 2019, we were confident that we had provided everything necessary to comply with the SEC’s subpoena,” commented Mr. Bill Gregorak, CEO of Covalent Collective.  “It is gratifying to have received confirmation from the SEC and we are happy to be able to put this issue behind us and move forward with our corporate strategy of acquiring assets in our geographic priorities.” The only thing that Covalent had put behind it was giving the documents requested with the investigation, not that the investigation was ended.

Hempcentric/Hempmetrix

One Covalent shareholder said that Thompson told him he had a new company called HempMetrix and that Covalent shareholders would receive pro rata shares and that HempMetrix was a Delaware C Corp. There is no record online of such a company.

However, there is a company called Hempcentrics. Thompson has a podcast dated October 2019 about it in which he describes the company. There is little additional information on this company. There is a Shopify website for the products with the URL Green Life Balance. The products are available for sale, but there is no information where the CBD is sourced or any information about the company.

The podcast mentions that the company has brought in its own scientists, but there is no information as to who these people are. Thompson also teases a process that the company has created having something to do with a crystallization process in which the company is applying for patents. He calls it a biotech firm.

He says the company has eight people on its team, but again there is no website. He also says he is prepping the company to go public, but his settlement specifically states he can have nothing to do with a penny stock company. He describes himself only as a consultant to the company.

 

 

 

 


Debra BorchardtDebra BorchardtJuly 26, 2019
shutterstock_1583395.jpg

3min18547

Covalent Collective, Inc. announced today that it has submitted all of the documents in its possession, custody or control that relate to the subpoena issued against the company by the United States Securities and Exchange Commission (SEC) on October 24, 2018.

“On July 23 we produced all of the documents we believe were necessary to comply with the SEC’s subpoena,” commented Mr. Bill Gregorak, CEO of Covalent Collective.  “While we must hold ourselves accountable for missing the initial deadline, once we fully understood what was required by the SEC, we were able to fulfill our obligations and submit a detailed response ahead of the deadline.  Although we won’t know if the SEC is satisfied with the content of our submission until a later date, we believe that the significant volume of correspondence and documentation we produced included everything called for by the subpoena,” Mr. Gregorak continued.

Separately, Covalent said that its founder Geoffrey Thompson had resigned from his positions as a director and officer of the company and its various subsidiaries and agreed to relinquish all associated corporate responsibilities effective immediately.

The SEC Subpeona

On June 4, 2019, the Securities and Exchange Commission filed a subpoena enforcement action in the U.S. District Court for the Northern District of Illinois against Covalent Collective, Inc. f/k/a Doyen Elements International, Inc. f/k/a Advantameds Solutions, Inc. for failure to produce documents in an investigation.

The SEC’s application alleged that Doyen, through its founder, Geoffrey Thompson, may have violated the registration provisions of the securities laws by engaging in an unregistered offering of securities, and may also have made misleading representations to investors and potential investors about the operations, acquisitions, and projected stock price of Doyen and related entities.

As part of its investigation, the staff in the SEC’s Chicago Regional office served Doyen with a document subpoena on October 24, 2018. The SEC’s application alleges that Doyen repeatedly refused to produce any documents in response to the subpoena, notwithstanding multiple efforts by the SEC to secure its compliance.

The SEC’s application seeks an order from the federal district court compelling Doyen to comply fully with the subpoena. The SEC is continuing its fact-finding investigation and, to date, has not concluded that anyone has violated the securities laws.


Debra BorchardtDebra BorchardtJune 20, 2019
SEC.jpg

2min148511

The following is Litigation Release No. 24489 / June 4, 2019

Securities and Exchange Commission v. Covalent Collective, Inc., Civil Action No. 1:19-cv-03721 (N.D. Ill., filed June 4, 2019)

The Securities and Exchange Commission (“SEC”) announced today that it filed a subpoena enforcement action in the U.S. District Court for the Northern District of Illinois against Covalent Collective, Inc. f/k/a Doyen Elements International, Inc. f/k/a Advantameds Solutions, Inc. (“Doyen”) for failure to produce documents in an investigation.

The SEC’s application alleges that Doyen, through its founder, Geoffrey Thompson, may have violated the registration provisions of the securities laws by engaging in an unregistered offering of securities, and may also have made misleading representations to investors and potential investors about the operations, acquisitions, and projected stock price of Doyen and related entities.

As part of its investigation, the staff in the SEC’s Chicago Regional office served Doyen with a document subpoena on October 24, 2018. The SEC’s application alleges that Doyen repeatedly refused to produce any documents in response to the subpoena, notwithstanding multiple efforts by the SEC to secure its compliance.

The SEC’s application seeks an order from the federal district court compelling Doyen to comply fully with the subpoena. The SEC is continuing its fact-finding investigation and, to date, has not concluded that anyone has violated the securities laws.

Geoff Thompson was asked to comment but has not responded.


StaffStaffFebruary 21, 2019
img_cc-3.jpg

6min8770

Acquisition of Real Estate, Facilities and Infrastructure for Two Active Grows and Five Colorado Medical Cannabis Dispensaries

COLORADO SPRINGS, Colo., Feb. 21, 2019 /AxisWire/  Covalent   Collective, Inc., a burgeoning network of vertically integrated cannabis-centric enterprises, announces today the completion of its first acquisition, internally referred to as the “Colorado 16”, which includes ownership of the real estate that leases multiple medical marijuana cultivations, production and five Colorado medical cannabis dispensaries.  The operators of Colorado 16 are among the most experienced in the cannabis industry and bring to bear more than ten years of experience in the production, extraction and distribution of cannabis products. Terms of the transaction were not disclosed.

“The acquisition of Colorado 16 will form the foundation of Covalent’s vertically integrated operating platform. Our long-term strategy is to enhance and strengthen our platform and significantly expand it throughout the US, which includes plans to develop over one-million square feet of cultivation capacity. We look forward to continuing to share our progress on our various business initiatives with investors in the months ahead,” commented Mr. Bill Gregorak, CEO of Covalent Collective.

Colorado 16’s proprietary cultivation processes have resulted in consistently high-quality production and amongst the industry’s lowest cost of production.  A next generation production facility is currently scheduled to be completed in 2019 and is expected to measurably improve yield and quality consistency.  Hydroponics Depot, the largest supplier of canna agricultural supplies in Arizona, which is included in the Colorado 16 acquisition, will further help reduce the overall cost of production while capitalizing on the growth of both commercial and home cultivation operations in the AZ market.

About Covalent Collective:

 

Covalent Collective, Inc. is a British Columbia, Canada company founded in 2014 and headquartered in Colorado Springs, CO. The Company is building a diverse network of vertically integrated cannabis-centric enterprises that span the entirety of the legal cannabis and hemp industries. With a vision to build the largest grow capacity in the U.S., Covalent Collective’s mission is to create stronger bonds throughout the greater cannabis community through the execution of a strategic acquisition and joint venture strategy that is strategically positioned to support eventual federal legalization in the United States. For more information, please visit https://covalentcannabis.com.  

 

Cautionary Note Regarding Forward-Looking Statements:


This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and “forward- looking information” within the meaning of Canadian securities laws, or collectively, forward-looking statements. Forward-looking statements in this press release may be identified by the use of words such as “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, including statements with respect to the Company’s rebranding and acquisition strategies. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment and future approvals and permits. Actual results, performance or achievements could differ materially from those expressed in, or implied by, any forward-looking statements in this press release, and readers should not place undue reliance on any such forward-looking statements since they are not guarantees of future results. The Company does not undertake and specifically declines any obligation to update any forward-looking statements that are included herein, except in accordance with applicable securities laws.

 

Media Contacts:

Nick Opich / Cynthia Salarizadeh

KCSA Strategic Communications

212-896-1206 / (856) 425-6160

nopich@kcsa.com / cynthia@kcsa.com

 

Investor Contact:

David Hanover

KCSA Strategic Communications

212-896-1220

dhanover@kcsa.com

 

Richard Kaiser

Covalent Collective, Inc.

rkaiser@covalentcannabis.com

757-306-6090

 


StaffStaffJanuary 30, 2019
img_cc-2.jpg

10min11580

Colorado Springs, Colorado, Jan. 30, 2019 /AxisWire/ Covalent Collective, Inc. (“Covalent Collective” or the “Company”), a burgeoning network of vertically integrated cannabis businesses, announced today that the Company has added two new members to its leadership team with the hiring of Anthony Engel as Chief Financial Officer and Douglas Matthews as Chief Operations Officer.  Both Mr. Engel and Mr. Matthews will report directly to Bill Gregorak, CEO of Covalent Collective.

Anthony Engel brings extensive financial leadership experience to Covalent Collective having served as CFO across a range of retail, consumer packaged goods, and agricultural verticals. In his role as CFO, Mr. Engel will be responsible for overseeing Covalent Collective’s financial operations and be responsible for managing liquidity, balance sheet risk and capital market transactions to ensure the Company remains well positioned to capitalize on growth opportunities. Before joining Covalent Collective, Mr. Engel served as CFO at Agrium and managed the expansion of the Company’s retail footprint of its agricultural product lines across nine countries and four continents. In addition to his experience at Agrium, Mr. Engel also previously served as Corporate Accounting Manager at Molson Coors and held a leadership role in the IPO processes for three different companies, was involved in numerous debt and equity financings, and oversaw more than fifty acquisitions including managing the successful sale of a national food retailer (Wild Oats) to a strategic buyer (Whole Foods Market).

“I am pleased to announce the addition of Anthony to our executive team. His impressive background and financial leadership experience managing multiple public companies through the IPO process will prove to be an invaluable asset to the Company as it executes on its growth strategy throughout 2019 and beyond,” commented Mr. Gregorak. “As we continue to expand Covalent Collective’s footprint in the U.S. and abroad, Anthony’s deep understanding of executing financial strategies and his strong international experience will be critical as we look forward to continuing to scale the business and build value for shareholders.”

Douglas Matthews joins Covalent Collective as Chief Operations Officer and will be responsible for developing effective and efficient organizational capabilities at both the Company’s corporate headquarters as well as throughout Covalent Collective’s network of vertically integrated cannabis businesses. With experience in consumer products sales, marketing, production and distribution on global basis, Mr. Matthews brings a combination of both tactical and strategic skills with a focus on organizational performance, strategic alignment, relationship development and profitable operational execution to the organization.  Before joining Covalent Collective, Douglas served as President/Founder of The 4E Project Inc., a private corporate redevelopment firm engaged in leading organizations’ assessment, refinement and implementation of strategic business expansion, acquisition/divestiture and market expansion activities. Prior to The 4E Project, Douglas spent 14 years with Case Logic, subsequently acquired by Thule, where he served as President of the Organization Solutions business unit, with prior roles as the Senior VP Sales & Marketing, VP of Custom Products group and lead the expansion of the Company’s Asia/Pacific retail and wholesale operations.

“As our operations continue to grow in size and complexity across a network of businesses, we will rely upon Doug’s creative flexibility and global entrepreneurial experience to ensure financial strength and operational efficiency,” added Mr. Gregorak.  “With over three decades of experience leading large geographically dispersed organizations, Doug will play a critical role guiding Covalent Collective towards executing its strategic goals and becoming a leading cannabis company.”

About Covalent Collective:

Covalent Collective, Inc. is a British Columbia, Canada company founded in 2014 and headquartered in Colorado Springs, CO. The Company is building a diverse network of vertically integrated cannabis-centric enterprises that span the entirety of the legal cannabis and hemp industries. With a vision to build the largest grow capacity in the U.S., Covalent Collective’s mission is to create stronger bonds throughout the greater cannabis community through the execution of a strategic acquisition and joint venture strategy that is strategically positioned to support eventual federal legalization in the United States. For more information, please visit https://covalentcannabis.com.

Media Contacts:

Nick Opich / Cynthia Salarizadeh
KCSA Strategic Communications
212-896-1206 / (856) 425-6160
nopich@kcsa.com / cynthia@kcsa.com

Investor Contacts:
David Hanover / Rich Kaiser
KCSA Strategic Communications / Covalent Collective, Inc.
212-896-1220 / 866-420-4205
dhanover@kcsa.com / ir@covalentcollective.co

Cautionary Note Regarding Forward-Looking Statements:

This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and “forward- looking information” within the meaning of Canadian securities laws, or collectively, forward-looking statements. Forward-looking statements in this press release may be identified by the use of words such as “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, including statements with respect to the Company’s operations and growth strategies. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment and future approvals and permits. Actual results, performance or achievements could differ materially from those expressed in, or implied by, any forward-looking statements in this press release, and readers should not place undue reliance on any such forward-looking statements since they are not guarantees of future results. The Company does not undertake and specifically declines any obligation to update any forward-looking statements that are included herein, except in accordance with applicable securities laws.

Nick Opich
Covalent Collective
2128961206
nopich@kcsa.com

StaffStaffJanuary 8, 2019
img_cc.jpg

8min11696

Colorado Springs, CO, Jan. 08, 2019 /AxisWire/ Doyen Elements International, Inc., a burgeoning network of vertically integrated cannabis businesses, announces its rebranding and renaming itself to CovalentCollective, Inc. (“Covalent Collective” or the “Company”). In addition, the Company announced Bill Gregorak as Chief Executive Officer, effective immediately. Prior to being named CEO, Mr. Gregorak served as Chief Financial Officer of Covalent Collective since February 2018. Mr. Gregorak takes over as CEO from Geoffrey Thompson, a co-founder of Covalent Collective, who will continue as leader of merger and acquisitions.

“The cannabis industry is evolving even more rapidly than any of the experts expected, and Covalent Collective’s value proposition differentiates us in a crowded marketplace.  Over the coming weeks, months and years, the vision we have will yield tremendous shareholder value, and position us for exponential growth,” said Mr. Thompson. “We are confident that the rebrand and name change to Covalent Collective effectively aligns with our core mission of building out a vertically integrated network of unique cannabis enterprises. It also allows us to capitalize on this rapidly expanding market by providing a means to greatly enhance and accelerate our partners’ growth potential. As we continue to grow Covalent Collective, we will focus our efforts on both organic growth and strategic acquisitions.”

In his role, Mr. Gregorak will direct all business units and strategy for Covalent Collective. Mr. Gregorak will also oversee the execution of the Company’s rebranding and acquisition strategy of plant-touching enterprises that grow, process and sell cannabis products.

“As a seasoned executive, Bill Gregorak brings to bear more than two decades of public company experience. Coupled with his broad background in managing relationships with customers, partners and investors, Bill has the right combination of skills and experience to lead our company and senior management team,” added, Mr. Thompson. “Throughout the search process, Bill’s unique skill set stood out as the best candidate for the CEO position and we are thrilled to have him lead us into our next level of growth and expansion.”

Prior to joining Covalent Collective, Mr. Gregorak served as CFO for publicly traded companies on both the NASDAQ and the OTC markets including Two Rivers Water and Farming, a company that builds and leases greenhouses optimized for marijuana cultivation and also specializes in the development of water resources for municipal, commercial and agricultural usage in Southwest Colorado.  Mr. Gregorak also spent nearly 20 years with tech giant Hewlett-Packard in various financial and operational capacities.

“Before taking Covalent Collective to the next level, we needed to develop a more sophisticated brand, one that better reflects our mission,” said Mr. Gregorak. “As we take this next step, our goal is to provide tremendous value to our partners, investors and potential shareholders. In order to achieve this, we are confident that a diversified, innovative collective of vertically integrated cannabis enterprises will allow us to optimize efficiency across the entire cannabis ecosystem.”

About Covalent Collective:

Covalent Collective, Inc. is a British Columbia, Canada company founded in 2014 and headquartered in Colorado Springs, CO. The Company is building a diverse network of vertically integrated cannabis-centric enterprises that span the entirety of the legal cannabis and hemp industries. With a vision to build the largest grow capacity in the U.S., Covalent Collective’s mission is to create stronger bonds throughout the greater cannabis community through the execution of a strategic acquisition and joint venture strategy that is strategically positioned to support eventual federal legalization in the United States. For more information, please visit https://covalentcannabis.com.

Media Contacts:
Nick Opich / Cynthia Salarizadeh
KCSA Strategic Communications
(212) 896-1206 / (856) 425-6160
nopich@kcsa.com/ cynthia@kcsa.com

Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and “forward- looking information” within the meaning of Canadian securities laws, or collectively, forward-looking statements. Forward-looking statements in this press release may be identified by the use of words such as “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, including statements with respect to the Company’s rebranding and acquisition strategies. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment and future approvals and permits. Actual results, performance or achievements could differ materially from those expressed in, or implied by, any forward-looking statements in this press release, and readers should not place undue reliance on any such forward-looking statements since they are not guarantees of future results. The Company does not undertake and specifically declines any obligation to update any forward-looking statements that are included herein, except in accordance with applicable securities laws.



About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


READ MORE



Recent Tweets

@GreenMarketRpt – 1 hour

$ITHUF ⁦@ianthuscapital⁩ Reports Staggering Net Loss of $237 Million #marijuana…

@GreenMarketRpt – 3 hours

Green Market Report’s Marijuana Money August 14, 2020

Back to Top

You have Successfully Subscribed!