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This week, Marc Beginin, founder and CEO of Prodigy Processing Solutions, joins the Cannabis Equipment News podcast to discuss hostile takeovers, "woefully under-regulated" extraction and the "alarmingly commonplace" lack of GMP implementation.
Marc Beginin is an entrepreneur and attorney with a track record in the cannabis extraction industry. He founded Precision Extraction Solutions with a $45,000 investment in 2014, growing it to $40 million in revenue by 2019, making it the largest player in the extraction equipment space.
Following the strategic sale of Precision to Agrify Corporation for more than $50 million, Beginin launched Prodigy Processing Solutions, quickly establishing it as an industry leader.
Beginin has experience in mergers and acquisitions, from securing a $5 million investment from Canopy Rivers to navigating high-stakes transactions that have significantly shaped the industry landscape. Notably, he attempted a hostile takeover of Agrify Corp in 2022.
Jump around:
- Doing $1 million in business in the first 90 days. (6:45)
- Shipping Precision Extraction's first machine. (10:40)
- Problems with ASME certification in China. (14:35)
- Differences between U.S. and Chinese manufacturing. (16:51)
- Moving away from Chinese-manufactured goods. (23:51)
- The sale of Precision Extraction to Agrify. (32:42)
- Starting Prodigy Processing Solutions. (43:11)
- The attempted hostile takeover. (45:25)
- Room for competition in cannabis extraction. (54:42)
- The alarming lack of GMP implementation and "woefully underregulated" cannabis extraction. (1:12:22)
