SpotLite360 IOT Solutions Extends Contract with KORcannabis – SpotLite360 IOT Solutions (OTC:SPLTF)

Spotlight360 IoT Solutions, Inc. spltf mild (Frankfurt: 87A0) an emerging supply chain technology solutions company, has entered Contract to provide design services, equipment and technology for KORcannabis, a large indoor cannabis cultivation and environmental control operation. This Agreement represents an extension of an existing Agreement and will Over $21 million after full implementation, The implementation is expected to be completed in the financial year 2023. E3 Service GroupSpotLite360, a subsidiary of IOT Solutions, will be responsible for the execution of new construction and ongoing maintenance services.

Bryson GuyerFounder of E3 Service Group, said, “We are thrilled to partner with an industry leader like KORcannabis. We are leveraging years of expertise in designing and implementing state-of-the-art solutions to generate the optimal cultivation environment. The concept of ‘Environment-as-a-Service’ drives the philosophy of facility optimization and product quality, using technology for real-time data capture and analytics. In today’s indoor farming facilities, environmental control hardware IoT- is enabled and monitored in real time, leading to better decision making, process improvements and improved product quality.

In response to expanding business with KORcannabis, E3 has formed a general construction management division to manage a strict deadline for completion in one hundred and twenty nine days from the 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 the sale of hardware and equipment, along with the necessary installation and management services required to achieve timely completion and a fully operational facility for the customer. Given the revenue structure, the Company expects gross margin over total contract revenue to be in line with specific hardware and service contracts the Company has completed in previous quarters.

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Photo: Benzinga; Source: Courtesy of Jarmoluk and Lindsefox via Pixabay

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