SpotLite360 IOT Solutions (CSE:LITE) Inc told investors it has executed a master terms agreement to create a strategic relationship with American Cannabis Consulting (ACC), an arm's length party to the company.
The logistics technologies solutions provider noted that Denver, Colorado-based ACC is a nationally recognized business-to-business cannabis consulting solutions provider and licensed owner-operator with several significant brands and company relationships, including the recently-announced partnership with the Bubba Kush cannabis brand.
"Our companies have a shared vision to assist our clients making data-driven decisions - across a sustainable agricultural supply chain,” SpotLite360 president and CEO James Greenwell said in a statement.
“SpotLite360 looks forward to working together with ACC to deliver process efficiency, support regulatory and compliance mandates, improve product quality and provide the consumer with the proof of ESG claims that they are now demanding. Our engineering designs and supply chain platform will drive best in class models for optimal agricultural cultivation," he added.
READ: SpotLite360 IOT Solutions acquires majority interest in E3 Service Group
Under the terms of the agreement, dated March 30, 2022, SpotLite360 said both companies will work together in joint consulting engagements to leverage their combined strengths.
The company said its recent announcement to acquire a majority interest in E3 Service Group, combined with its software as a service (SaaS) based technology and ACC's deep history of indoor cannabis cultivation knowledge can offer best-in-class design, build, total cost of ownership, production and financial returns. Its technology will provide supply chain transparency, including the necessary proof of sustainability claims, the company added.
Both companies are currently working together on significant customer opportunities in seven different states, SpotLite360 said. Most projects are new construction opportunities, with several in advanced discussions. Joint announcements are anticipated throughout the remainder of 2022, the company added.
"Investors and operators agree, the future of cultivation is not based on old school mechanical systems, but technology, IoT (Internet of Things), automation and data driven analytics," ACC founder and CEO Ellis Smith said. "We believe consistent and repeatable high-quality product is a direct result of good design, good engineering, best practices, good systems, good data and good decisions. Together, our companies' will partner with our customers for more than a consulting agreement, or a design or an install, but for decades of joint successes."
SpotLite360 is a logistics technologies solutions provider unlocking value, opportunities, and efficiencies for all participants in a supply chain. Building upon existing applications of IoT technologies, distributed ledgers, and machine learning, SpotLite360 endeavours to set new standards of transparency, integrity, and sustainability in the pharmaceutical, healthcare, and agriculture industries.
Contact the author at stephen.gunnion@proactiveinvestors.com