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Surna Inc (OTCMKTS:SRNA) Reports Robust Revenues Of $3.719 Million In Q4 2019

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Surna Inc (OTCMKTS:SRNA) has reported robust revenues of $3.719 million in Q4 2019. It is an increase of 69% when compared to the same period last year. The company has posted revenues of $15.2 million (up 59%) in 2019. Three project contracts signed with a single multi-operator contributed $6.7 million to the revenues in 2019.

Reduces working hours and slashes salary

Surna has adopted several measures that comprise a reduction in the workforce and salary and downsizing the operations because of the disruptions created by the spread of coronavirus worldwide. It also assessed the working capital, near-term operations, and capital formation opportunities at the end of March 2020. The company focuses on project management activities and customer-centric sales.

Uncertainty remains

Chief Executive Officer of Surna, Tony McDonald said though the company has posted record revenues in 2019, the future is uncertain because of the impact created by the COVID-19 pandemic. He said the company faces uncertainty because of the impact of coronavirus on its operations, business, and planned projects. It is too early to decide the long term prospects of the company. The company’s business is sluggish because of the slowdown and closure of several businesses in the US. It preserves the capital by cost-cutting measures and downsizing the operations for future working capital needs. Surna will continue to offer its products/ services to the customers despite downsizing the operations at this juncture.

Achieves a major milestone for SentryIQ monitoring systems

Surna has unveiled SentryIQ platform in April 2019. The company has achieved a major milestone for its SentryIQ monitoring, controls, and automation systems that find use in control/ data visualization of the engineered cultivation facilities. It signed seven contracts with six companies for implementing its SentryIQ platform, which provides a steady stream of data to the customers to take cultivation decisions.

Enhancements to Surna products

Surna can track the trends from data provided by its SentryIQ platform and incorporate necessary upgrades to its products and services. It helps to maintain a closer relationship with the customers.

As part of the signed seven contracts, Surna will offer climate control equipment, engineering design, and its SentryIQ platform for the two projects spanning 100,000 Sq. Ft. Project in Alberta, Canada. It will also provide support to 25,000 Sq. Ft. project based in California by offering SentryIQ plant controller, climate control equipment and engineering design services.

BUSINESS

Zoned Properties Inc (OTCMKTS:ZDPY) Reports $1.22 Million Revenues In 2020

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Zoned Properties Inc (OTCMKTS:ZDPY) posted revenues of $1.22 million in 2020. The company’s operating expenses declined marginally to $1.18 million in 2020. Its cash balance improved to $699,000 at the end of the year.

The company reported revenues of $309,000 in Q4 2020. Its operating expenses dropped marginally in the quarter to $268,000.

Infrastructure push

Zoned Properties expects to receive $8 million by leveraging its property portfolio in Arizona. The company will use these proceeds for expanding infrastructure.

Zoned Properties is expanding its projects in Chino Valley, Arizona, with an investment of $8 million as of today. It expects to be functional in Q2 2021 and generate significant revenues.

Invests $100,000 in The Open Dør

Zoned properties a sum of $100,000 in Open Dør, the national cannabis franchise retailer. The company added $200,000 in this franchise towards the end of 2020. It will get a certain percentage of franchise fee as well as renewal fee for these investments. The company may convert this fee into a stake of 33% in Open Dør.

CEO of Zoned Properties, Bryan McLaren, said it plays an important role in positioning the company as a leading player in developing real estate. It mainly focuses on the regulated cannabis industry.

The company chose a value-driven approach to benefit from the regulated landscape. Bryan further said its growth strategy positions Zoned Properties to take advantage of investment opportunities.

Bryan has the vision to offer sustainability and real estate services to the regulated cannabis industry. As a sustainability consultant, Bryan engaged in operational implementation and strategic development of Higher Educational customers in his previous stints.

Healthier Choices to offer rights to investors

Healthier Choices Management Corp (OTCMKTS:HCMC) applies with the SEC (Securities and Exchange Commission) to offer rights to investors. CEO of Healthier Choices, Jeffrey Holman, thanked investors for their valued support so far besides its employees for working relentlessly even during the pandemic.

Healthier Choices will not pursue a reverse stock split at the moment. The company needs additional funding to support growth and protect its IP.

It will generate funds through rights issues mainly to its valued investors. Under the rights offering, the shareholders can acquire common stock at a discounted price.

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Canntab Therapeutics Limited (OTCMKTS:CTABF) Receives Exports License From Health Canada And Auxly Cannabis. (OTCMKTS:CBWTF) Gets Uplifted To TSX

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Canntab Therapeutics Limited (OTCMKTS:CTABF) has announced that it has received an Export License from Health Canada.

Canntab receives order from Cann Global

According to the company’s announcement of March 9, 2021, it will now fulfill a purchase order from Cann Global limited. Cann Global’s initial purchase order of $406,200 includes 6 SKUs that comprise 25mg THC, 5mg THC, and 2.5mg THC. It also includes combined caplets with 12.5mg VBD/2.5mg THC and 25mg CBD/5mg THC. The ordered products will be distributed across Australia to medical distributors such as pharmacies, hospitals, and doctors.

Canntab CEO Larry Latowsky said that they are delighted to receive the export license from Health Canada, which will enable the company to meet orders from its Australian partners immediately. He said that this is the first export order for the company, and they expect many more such orders from other international partners besides Canntab. Similarly, the order allows the company to participate in a medical cannabis study. Already the company has engaged Cann Global to commence necessary preparations and preparations to carry clinical blood tests to measure the efficacy of Cannatab’s immediate and future products expected to conclude in the company’s Q3.

Auxly shares uplifted from TSXV to TSX

Auxly Cannabis Group Inc. (OTCMKTS:CBWTF) has announced that the Toronto Stock Exchange has given it conditional approval to graduate to GTSX from the TSX Venture Exchange. Hugo Laves, the company’s CEO, said that the conditional approval to graduate to TSX is a massive milestone. He said that after the successful launch of Cannabis 2.0 in 2020 and Auxly’s strategic expansion to Cannabis 1.0 this year, they are optimistic that the upgrade is a logical step in Auxly’s corporate growth. Hugo said that the uplisting of the company’s profile in the investment community enables Auxly to continue building shareholder value.

However, the approval is subject to Auxly meeting certain customary and standard conditions needed by the TSX. Auxly plans to meet the requirements immediately and will issue a statement once the trading date is confirmed.

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Vireo Health International Inc. (OTCMKTS:VREOF) Completes Expansion Of New Mexico Cultivation Facility

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Vireo Health International Inc. (OTCMKTS:VREOF) has announced the completion of the planned expansion of its New Mexico cultivation and processing facility. The company also announced the recent completion of two retail dispensaries Las Cruces and Albuquerque, which are ready to launch pending regulatory approval. After the approval of the dispensaries, the company will now have four operating dispensaries in New Mexico.

Vireo expanding in New Mexico with two more dispensaries

The company’s affiliate, Red Barn Growers, completed a new cultivation facility in Gallup, New Mexico. The site includes six polycarbonate hoop houses for cultivation year-round and an extra 12,600 sq. ft. cultivation space. Already construction has been finalized, and planting will commence immediately the New Mexico Department of Health approves. The additional facilities will support the growing demand the company is witnessing in the Gallup and Santa Fe dispensaries.

Vireo Health CEO Kyle Kingsley said that the company’s strategic investment in retail and cultivation operations in New Mexico will create more opportunities to boost market profitability that is riding on favorable regulatory changes tailwinds. He said that the expansion projects will create new jobs in the company’s operating communities and meet growing cannabis products demand in New Mexico following the adult-use legislation passage.

Vireo enters Mutual Release with ex-executive chairman Bruce Linton

The company recently announced the signing of a mutual release with Bruce Linton, a renowned cannabinoid business and policy authority, and its ex-executive chairman, regarding outstanding matters between them. Linton joined the company in November 2019, and on June 8, 2020, the company moved to terminate his employment as executive chairman on a without-cause-basis. Linton had received warrants to acquire 15 million shares of the company and 10 million Warrants at an exercise price of $1.02 per share in connection to the employment agreement.

According to the Mutual Release, the company has issued around 8 million shares to Linton, with 7.11 million shares issued pursuant to the exercise of First Tranche Warrants and the 0.889 million shares issued under private placement exemption.

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