EDMONTON, Alberta, Jan. 21, 2021 (GLOBE NEWSWIRE) -- Visionstate Corp. (TSX-V: VIS) (“Visionstate” or “the Company”), is pleased to announce it has entered into a non-binding Memorandum of Understanding (“MOU”) with Edmonton-based Freedom Cannabis Inc. to pursue strategic opportunities in business and technology development.
The MOU provides a basis for which the two companies can collaborate to pursue opportunities, including the introduction of Visionstate IoT Inc.’s proprietary Internet of Things (IoT) technology to the cannabis sector.
“We are extremely pleased to have entered into this MOU with Freedom Cannabis,” said Visionstate CEO John Putters. “It is a demonstration of the versatility of our Wanda IoT platform that has typically been sold to the building management sector. This relationship opens the door to an entirely new industry.”
“After observing the evolution of the cannabis sector, we decided that now was the right time to leverage and develop IoT technology to improve productivity and fulfill the industry needs,” said Freedom Cannabis CEO Johnfrank Potestio. “The IoT will align neatly with our processes and enable the next stages of operational innovations.”
Visionstate’s IoT technology, branded under the name Wanda, is currently deployed throughout North America in diverse settings, including hospitals, airports, casinos, office building and shopping centres, to name a few. Wanda is designed to track and monitor cleaning processes and protocols using sensors and IoT devices.
For the cannabis sector, the technology will be tailored toward collecting data on routine processes, including the maintenance and sanitation records in grow rooms. Currently the tracking and stamping of employee tasks for most cannabis producers is paper based. This includes tracking of maintenance, pest control, defoliation, and cleaning and sanitizing rooms and equipment.
“Introducing our IoT technology to the cannabis sector opens new opportunities to diversify our customer base and expand our revenues,” Putters explained. “Cannabis producers all face similar challenges in automating operations, so the application is relevant to virtually any licenced producer.”
The MOU also paves the way for the two companies to explore other opportunities in business and technology. The relationship is solidified by the fact that Visionstate Corp. is an existing shareholder of Freedom Cannabis Inc.
According to the Financial Post the estimated value of the cannabis sector in Canada will be $5 billion in 2021.
About Visionstate Corp.
Visionstate Corp. (TSX-V: VIS) is a growth-oriented company that invests in the research and development of promising new technology in the realm of the Internet of Things, big data and analytics, and sustainability. Through Visionstate Inc., it helps businesses improve operational efficiencies, reduce costs and elevate customer satisfaction with its state-of-the-art devices that track and monitor guest activities and requests. The footprint of its WANDA™ smart device now extends to hospitals, airports, shopping centres and other public facilities across and beyond North America. Through building up a collection of synergistic technologies, Visionstate Corp. will continue to innovate, reduce environmental impact and transform consumer experiences.
Issued on behalf of the Board of Directors
“John A. Putters”
Visionstate Corp.
