Spotlite360 Technologies (CSE:LITE) Inc has announced an agreement with Colorado-based cannabis dispensary operator Peak Dispensary to develop scopes of work for the integration of Spotlite360’s suite of technologies into Peak’s systems as part of its business objectives.
Spotlite360 said Peak intends to leverage its technology to improve visibility into the movement of its products through the supply chain both to create new business value and to diligently comply with the unique regulations in each new state in which it plans to operate.
“Blockchain and IoT (Internet of Things) technologies can each contribute to providing unprecedented value to firms in the cannabis industry, particularly in out-of-state expansions such as those presently being planned by Peak,” Spotlite360 president James Greenwell said in a statement.
READ: Spotlite360 exploring opportunities in agriculture supply chains for its blockchain and IoT technologies
“We are pleased to have entered into this agreement with such an established and well-regarded cannabis dispensary operator here in our home state, and we look forward to maximizing their potential through the use of the Spotlite360 Technologies (CSE:LITE),” Greenwell added.
The company also noted that Peak is planning an expansion into at least five new states and said the ability of its technologies to track the provenance of goods in the supply chain could prove instrumental to its ability to maintain product and brand integrity.
It added that Peak has also contract grown more than 50 unique strains of cannabis, several of which are award-winning, and has recognized the benefits of using IoT sensors (such as for temperature and humidity) for the purposes of optimizing product quality and preventing losses from damage or mishandling.
Spotlite360 recently released a video presentation by its president James Greenwell detailing the applications of the Spotlite360 Technologies in the cannabis industry.
As well in a CNBC op-ed last month, the technology was recognized as the driver of growth opportunities in the cannabis industry to fill gaps left by traditional enterprise solutions.
Spotlite360 Technologies is a Software as a Service (SaaS)-based, enterprise software company leveraging IoT technologies, blockchain, and machine learning to deliver supply chain solutions, which result in improved tracing, tracking, visibility, efficiency, collaboration and proof of sustainability claims for customers within pharmaceutical, healthcare & agriculture.
Contact Sean at sean@proactiveinvestors.com