SpotLite360 IOT Solutions (CSE:LITE) Inc has announced a contract to provide design services, equipment and technology for KORcannabis, a large indoor cannabis cultivation and environmental control operation.
The logistics technologies solutions provider said the contract represents an expansion of an existing agreement and will exceed $21 million once fully implemented.
“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 devices, live alerts and comprehensive analytics to capture real-time data and ensure consistent quality for every cultivation cycle,” Greenwell added.
SpotLite360 noted the implementation of the contract is expected to be completed in fiscal year 2023.
The company added that its E3 Service Group subsidiary will be responsible for the execution of the new construction and ongoing maintenance services.
As well, SpotLite360 said revenue for the project will largely be the result of hardware and equipment sales along with the necessary installation and management services required to achieve a timely completion and fully operational facility for the customer.
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, the company endeavors to set new standards of transparency, integrity, and sustainability in the pharmaceutical, healthcare, and agriculture industries.
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