Aquarius Cannabis, a branding firm in Woodland Hills, California, announced on Thursday that it will acquire SpeedWeed, one of the state’s biggest medical marijuana delivery services.
SpeedWeed was founded in 2011 by AJ and Eugene Gentile, and now has 25,000 medical marijuana customers in the Los Angeles area. It generated more than $2.5 million in revenue in 2015, according to a press release, and has 45 employees, including 30 drivers.
AJ Gentile will become vice chairman of the board and chief technology officer of Aquarius, while his wife, Jennifer Gentile, SpeedWeed’s chief marketing officer, will join Aquarius as chief creative officer. Eugene Gentile will be a vice president of business development at Aquarius, the press release said.
Once the deal closes, the trio of owners will also receive “16 million shares of common stock in Aquarius, 3 million warrants to purchase common stock at $0.90 per share, with a 5-year expiration date from the date of closing, and an additional 3 million warrants… totaling $10 million or more for the sale of data gathered by the SpeedWeed platform.”