Touted as a miracle cure for just about any ailment, medicinal cannabis has been an interesting point of contention in healthcare for years now. The media hype around the stuff has increased, patient demand has increased, and global production is booming (legally).
Canadian based Wolf Island Cannabis is currently constructing a cannabis cultivation facility in Ontario, Canada to provide cannabis on a commercial-scale. The lawful, regulated facility will be state-of-the-art, designed to achieve high yields of a quality product.
To help achieve this, Wolf Island has reached out to RotoGro (ASX:RGI) to install their proprietary Rotational Garden Systems and Plant Nutrient Management System.
The technology purchase order for RotoGro’s products is worth CAD $380,000 (approx A$330k) with a 50% deposit to be paid to RotoGro by 9 July 2021. Systems will be delivered in late 2021. RotoGro’s service includes onsite assembly, installation, testing, certification, commissioning, training and IP support.
CEO of Rotogro, Michael Di Tommaso said: “Securing a binding purchase order from Wolf Island Cannabis for the Rotogro Model 420ITs and the Rotogro Fertigation System is an important step forward for the Company. The Wolf Island Cannabis Facility will be the first commercial-scale lawful cannabis cultivation facility in Ontario, Canada which utilises RotoGro’s patented and proprietary technology, enhancing RotoGro’s position in the Canadaian lawful cannabis cultivation space.”
“We will continue to make every effort to secure similar purchase orders, with several promising technology inquiries and venture proposals on the horizon. We will continue to press forward, providing the vertical farming industry with innovative and sustainable alternative technologies, and driving shareholder value. We are excited about the future of RotoGro, considering recent industry trends and the growth of indoor vertical farming.”
Both companies are keen to stake their claim as leaders in an increasingly competitive space with a huge global market currently at USD $16.5 billion and expected to rise at a compound annual growth rate of 22% to reach USD $46.2 billion by 2026.
Samantha Freidin is a business journalist at Emerald Financial whilst also completing a Masters of Marketing and Digital Communications at Monash University.
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