SpotLite360 IOT Solutions (CSE:LITE) Inc announced that it has signed a contract to provide design services, equipment and technology for an indoor cannabis cultivation and environmental control operation.
The logistics technologies solutions provider said the contract is valued at about US$10 million and is expected to be fully recognized within fiscal year 2022.
“We are entering an era where Chain of Custody, Proof of Origin, Authenticity and Proof of Sustainability are mandatory, not just after thoughts,” SpotLite360 IOT Solutions CEO James Greenwell said in a statement.
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“We use sensors, IOT (Internet of Things) devices, live alerts and comprehensive analytics to first capture data, second, act on the data and third, use historical data to prove the consistent quality of every cultivation cycle,” Greenwell added.
SpotLite360 noted its technology solution, which has begun implementation in Arizona, will monitor and manage many environmental controls, including air flow, humidity, temperature, lighting and process automation.
It added that installed sensors and IoT connected devices will provide critical real-time data to efficiently control and monitor environmental conditions and drive process efficiencies.
As well, the company reported that it has granted 3,250,000 restricted share units (RSUs), which entitle each holder to acquire one SpotLite360 common share to consultants and an officer of the company.
The RSUs were priced at $0.12, based on the closing price of SpotLite360 shares on the Canadian Securities Exchange on April 20, 2022, and vest four months and one day from issuance.
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.
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