Precision Extraction Solutions Archives

StaffJune 24, 2021

Precision Extraction Solutions and Cascade Sciences have entered into a definitive merger agreement to create Sinclair Scientific, forming the largest cannabis and hemp extraction equipment and services company in the world with an unparalleled portfolio of technological offerings. the two operators have combined annual revenue of over $100 million.

The global cannabis extract market size is expected to be valued at $28.5 billion by 2027, according to a new report published by Grand View Research, Inc. It is projected to expand at a CAGR of 16.6% over the forecast period. Based on product type, cannabis extracts are classified into oils and tinctures.

The merger between Precision and Cascades is one of the first major consolidations in the cannabis extraction equipment and life sciences space. Sinclair Scientific said it plans to add more brands to its portfolio, including highly innovative and disruptive technologies to further its growth.

“This is a major milestone in the cannabis extraction equipment and life sciences space and we are thrilled about the unique opportunities this merger will create for our customers, as well as our employees, business partners, and shareholders,” said Marc Beginin, CEO of Precision Extraction Solutions. “Our combined company will have the most respected, recognized, and storied brands in the global cannabis extraction industry, and together we will create even brighter futures. This combination offers significant value to our stakeholders in a company firmly positioned for exponential growth.”

The CEOs of both Precision and Cascade are stepping down. Beginin and Lee Kearney have each taken seats as directors on the newly formed board of Sinclair Scientific. The first act of Sinclair’s board was to unanimously appoint Doug Dowd as the Chief Executive Officer of Sinclair Scientific. Dowd brings more than 35 years of executive leadership experience with some of the largest life sciences companies in the world (including Thermo Fisher and Avantor Sciences) and a proven track record of management expertise and operational results. Most recently, Mr. Dowd served as president of Ricca Chemical Company, a leading manufacturer of analytical solutions and standards in North America.

The newly formed entity will have offices, warehousing, and production facilities throughout the United States including California, Colorado, Michigan, New Jersey, and Oregon.

Lee Kearney, CEO of Cascade Sciences, added, “Through merging Precision and Cascade, we are creating an unmatched platform for both U.S. and international growth. Our combined brands and businesses mean increased scale, solidifying our position as the world’s premier provider of the most innovative equipment, robust technology, and unparalleled customer service in the extraction industries. We greatly admire the business that the Precision team has built, and we are excited to work with them to integrate our two companies and execute on the attractive growth opportunities ahead.”

StaffDecember 8, 2020

Marc Beginin is the Founder and Chief Executive Officer of Precision Extraction Solutions, the world’s leading provider of cannabis and hemp extraction technology.

Under Mr. Beginin’s leadership, Precision scaled from a seed-stage startup in 2014 to the top of the worldwide extraction equipment industry today. He has focused on leveraging Precision’s unique industry knowledge and technological expertise to serve its commercial and industrial clients with an emphasis on robust execution, operational excellence, and the highest levels of customer service.

In the process, Mr. Beginin has made Precision a streamlined, agile, process-driven, and tactical organization while maintaining its entrepreneurial culture and innovative spirit. Capitalizing on a hypergrowth industry in a rapidly developing regulatory landscape, the company is poised to more than double its revenue again in 2020.

As an experienced attorney and entrepreneur with over 25 years of professional experience, Mr. Beginin brings deep expertise in business strategy, capital allocation, product differentiation, and scaling operations with a resolute focus on company culture and ongoing risk management.

Full birth name: Marc Beginin

Title: Founder, CEO

Company: Precision Extraction Solutions

Company Website: www.precisionextraction.com

Years at current company: 7 years

Education profile:

B.A. in Political Science from the University of Michigan

J.D. degree from Wayne State University Law School

Most successful professional accomplishment before cannabis:

Before engaging in the cannabis industry, I built an internationally recognized law practice, specializing in criminal defense, intellectual property, entertainment and business law.

Company Mission:

At Precision Extraction Solutions we are “constantly challenging ourselves to deliver more to our clients”. We are committed to helping our clients thrive in the extraction industry through continuous innovation with unsurpassed safety and unparalleled customer service.

Company’s most successful achievement:

Fostering a company culture that has developed a team of remarkable people passionately driven and focused on success, while encouraging boundless vision, exceptional teamwork, harnessing collective intelligence with zeal to over-achieve, while maintaining a CAGR well above industry growth in a rapidly evolving industry and tumultuous business environment.

Has the company raised any capital (yes or no): Yes

If so, how much?: $5 Million

Any plans on raising capital in the future? Yes. We are currently engaged in a Series B funding raise to fuel the continued rapid growth of the business.

Most important company 5-year goal: We are focused on continuing Precision’s rapid growth while concentrating on three unwavering organizational commitments that have kept Precision on course: i) customer satisfaction at all costs; ii) constant focus on technological innovation; and iii) a company culture built on respect, trust, and hard work. By staying focused on people and innovation, Precision will continue to rapidly grow, and be the dominant player in the worldwide extraction equipment industry.