SpotLite360 IOT Solutions Expands Contract With KORcannabis - SpotLite360 IOT Solutions (OTC:SPLTF)

SPOTLITE360 IOT SOLUTIONS, INC, SPLTF LITE (Frankfurt:87A0) an emerging supply chain technology solutions company, entered into a contract to provide design services, equipment and technology for KORcannabis, a large indoor cannabis cultivation and environmental control operation. This contract represents an expansion of an existing agreement and will exceed $21 million once fully implemented. This implementation is expected to be completed in fiscal year 2023. E3 Service Group, a subsidiary of SpotLite360 IOT Solutions, will be responsible for the execution of the new construction and ongoing maintenance services.

Bryson Guyer, founder of E3 Service Group, states, “We are thrilled to be working with an industry leader such as KORcannabis. We are leveraging years of expertise in designing and implementing state-of-the-art solutions to generate optimal cultivation environments. The concept of ‘environment-as-a-service’ drives a philosophy of facility optimization and product quality, using technology for real-time data capture and analytics. In today’s indoor cultivation facilities, environmental control hardware is IoT-enabled and monitored in real time, allowing for better decision making, process improvement and product quality.”

In response to the expansion of business with KORcannabis, E3 has formed a general construction management division to manage a tight deadline for completion in one hundred and twenty-nine days from date of permit issuance. The current project represents the development and configuration of a fifty thousand square foot, multi-level cultivation facility. Revenue for this project will largely be the result of hardware and equipment sales along with the necessary installation and management services required to achieve a timely completion and fully operational facility for the customer. Given the revenue composition, the company expects gross margin on total contract revenue to be more in line with that of typical hardware and services contracts completed by the company in previous quarters.

Get your daily dose of cannabis news on Benzinga Cannabis. Don’t miss out on any important developments in the industry.

Photo: Benzinga; Sources: courtesy of jarmoluk and lindsayfox via Pixabay


Image and article originally from Read the original article here.