CO2 GRO Inc reports that it generated record revenue for its second quarter.
During the quarter ended June 30, 2021, the Toronto-based company said it pulled in $91,660 in revenue versus $16.597 in 1Q 2021 thanks to increases in commercial feasibilities and sales of its flagship CO2 Delivery Solutions systems.
CO2 GRO also said it signed $50,625 worth of purchase orders that will be recognized as revenues when its CO2 Delivery Solution systems are installed and operating.
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The company said it sold five systems for commercial installations to the cannabis industry in Canada and the US. It also said four commercial feasibilities were signed as well.
To date for 2021, CO2 GRO said it has signed 14 commercial feasibilities, including three in the current 3Q, in North America, the UK, Israel, Malaysia, Colombia, France, South Africa, The Netherlands, and Japan.
Looking ahead, the company is targeting the massive Mexican and Spanish protected agricultural markets -- as well as expanding its footprint in the Canadian cannabis market.
“The commercial feasibility and sales activity in Q2 is very encouraging as is the accelerated activity in Q3 to date,” said CEO John Archibald in a statement. “These commercial feasibilities represent a pool of potential CO2 Delivery Solutions system sales as each commercial feasibility is completed.”
Archibald added: “For the balance of 2021, we expect more Canadian Cannabis market direct sales where our technology is being well accepted and our first vegetable greenhouse sales resulting from commercial feasibilities initiated in 2020. Over time, we believe that CO2 Delivery Solutions technology will become the industry standard for carbon to be efficiently added to plants. The global protected Ag facility market is 600 billion square feet. Of this market approximately 99% cannot use CO2 gassing but can use CO2 Delivery Solutions to significantly enhance their crop yields and suppress micro pathogens resulting in improved yields and profitability."
The company’s system creates a saturated CO2 solution that when misted onto plants provides growers that cannot gas with CO2 the opportunity to increase plant yields by up to 30% and profits by up to 100%.
Applying saturated CO2 also suppresses the development of pathogens such as E.coli and powdery mildew, helping to reduce crop losses.
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