DENVER and VANCOUVER, British Columbia, Aug. 11, 2021 (GLOBE NEWSWIRE) -- SPOTLITE360 TECHNOLOGIES, INC. (“Spotlite360” or the “Company”) (CSE: LITE) (OTC: SPLTF) (Frankfurt: 87A) is pleased to announce that it has entered into a master terms agreement (the “Agreement”) with Peak Dispensary (“Peak”), a cannabis dispensary operator with locations in Denver and Sedgwick, Colorado, to develop scopes of work for the integration of the Company’s suite of technologies (the “Spotlite360 Technologies”) into Peak’s systems as part of its business objectives. At this time, Peak is planning an expansion into at least five new states which are likely to present complex regulatory challenges in each jurisdiction. Additionally, the ability of the Spotlite360 Technologies to track provenance of goods in the supply chain could prove instrumental to its ability to maintain product and brand integrity in the course of such expansions.
Shortly before announcing a licensing agreement with a Colorado-based hemp manufacturer in a July 29, 2021 press release, the Company released a video presentation by its President James Greenwell detailing the applications of the Spotlite360 Technologies in the cannabis industry. In a CNBC op-ed last month, technology was recognized as the driver of growth opportunities in the cannabis industry to fill gaps left by traditional enterprise solutions. Although such technologies are suitable for businesses that are subject to lower regulatory burdens with less expansive inventories (e.g., a restaurant with 30 menu items), cannabis dispensaries in the United States are regulated to a much greater degree and commonly stock hundreds or thousands of product varieties. For instance, although cannabis edibles can carry more than 134 different attributes such as strains and ingredients, there is no normalized data collection process for this type of information1. Through a combination of blockchain and Internet-of-Things (“IoT”) capabilities, the Spotlite360 Technologies can allow for this data to be gathered efficiently and transmitted proactively to suit the increasingly sophisticated needs of the cannabis industry.
Under the scope of work contemplated in the Agreement, Peak intends to leverage the Spotlite360 Technologies to improve visibility into the movement of its products through the supply chain both to create new business value and to diligently comply with the unique regulations in each new state in which it plans to operate. Peak has also contract grown more than 50 unique strains of cannabis, several of which are award-winning, and has recognized the benefits of using IoT sensors (e.g., for temperature and humidity) for the purposes of optimizing product quality and preventing losses from damage or mishandling.
As an early-stage player in the cannabis industry with the fourth dispensary license ever issued in the state of Colorado, Peak believes that the Spotlite360 Technologies can play a role in fortifying its reputation as a world-class purveyor of cannabis products. The visitor traffic to Peak’s Denver location in April of 2015 on the days surrounding the annual April 20 cannabis culture celebration (popularly known as “420”) was highlighted in a Business section article of the Denver Post later that year, which included 82 buses and 17 limousines in a four-day period2. Furthermore, Peak has enjoyed considerable media attention from several well-known outlets, which can be viewed on Peak’s Media webpage: http://peakmj.com/media/
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/74e92a47-8f6c-4c43-8287-fc5bc63066a3
In the third episode of “In My City: Denver”, a series produced by HipHopDX (a channel owned by Warner Music Group), Peak was featured as an iconic contributor to Denver’s music scene, with patronage from high-profile recording artists. This episode can be viewed by clicking the thumbnail above or by clicking here.
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Spotlite360 President James Greenwell commented, “Accountability is the name of the game in the cannabis industry in 2021. In markets across the country, industry players are facing all kinds of questions from customers, suppliers, and regulators, and it is mandatory to have the right answers. As evidenced by last month’s CNBC article, weaknesses in legacy technologies for users in the cannabis industry are coming to the surface given the space’s unique nuances compared to other sectors. Blockchain and IoT technologies can each contribute to providing unprecedented value to firms in the cannabis industry, particularly in out-of-state expansions such as those presently being planned by Peak. We are pleased to have entered into this agreement with such an established and well-regarded cannabis dispensary operator here in our home state, and we look forward to maximizing their potential through the use of the Spotlite360 Technologies.”
Sources
1 - https://www.cnbc.com/2021/07/07/op-ed-technology-is-driving-the-cannabis-industrys-biggest-growth-opportunity-.html
2 - https://www.denverpost.com/2015/10/30/legal-to-legit-colorado-marijuana-industry-sheds-stoner-stigma/
On behalf of the Board of Directors of the Company,
Spotlite360 Technologies Inc.
“James Greenwell”
James Greenwell, President
For more information about Spotlite360, please visit: http://spotlite360.com
Charles Lee
Investor Relations and Media Inquiries
+1 (720) 830-6120
ir@spotlite360.com
THE CANADIAN SECURITIES EXCHANGE (“CSE”) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE, NOR HAS OR DOES THE CSE’S REGULATION SERVICES PROVIDER.
About Spotlite360 Technologies Inc.
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. As regulators across the globe begin to impose new tracing and accountability requirements for the protection of consumers (e.g., DSCSA and FSMA from the U.S. Food and Drug Administration), the need for reliable, cost-effective, and versatile tracking technology is expected to grow considerably. Spotlite360’s flagship SaaS solution has been engineered to seamlessly track the movement of a product by integrating with systems of all major stakeholders in a supply chain ranging from the raw materials to the hands of the end consumer. With a primary objective of onboarding new clients in 2021, Spotlite360 plans to explore innovative use cases for its proprietary stack of technologies which could transform logistics workflows in some of the world’s largest industries.
Forward-Looking Statements
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation, with respect to the Company. The forward-looking information included in this news release is not based on historical facts, but rather on the expectations of the Company’s management regarding the future growth of the Resulting Issuer, its results of operations, performance, business prospects, and opportunities. This news release uses words such as “will”, “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar expressions to identify forward-looking information. Such forward-looking information reflects the current beliefs of the Company’s management, based on information currently available to them.
This forward-looking information includes, among other things, statements relating to: the intentions, plans and future actions of the Company; statements relating to the business and future activities of the Company; anticipated developments in operations of the Company; market position, ability to compete, and future financial or operating performance of the Company; the timing and amount of funding required to execute the business plans of the Company; capital expenditures of the Company; the effect on the Company, of any changes to existing or new legislation or policy or government regulation; the length of time required to obtain permits, certifications and approvals; the availability of labour; estimated budgets; currency fluctuations; requirements for additional capital; limitations on insurance coverage; the timing and possible outcome of regulatory and permitting matters; goals; strategies; future growth; the adequacy of financial resources; our expectations regarding revenues, expenses and anticipated cash needs.
In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are based on certain assumptions and analyses made by the Company in light of the experience and perception of historical trends, current conditions, and expected future developments and other factors it believes are appropriate, and are subject to risks and uncertainties. Although the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and there can be no assurance that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties, and assumptions, prospective investors should not place undue reliance on these forward-looking statements. Whether actual results, performance, or achievements will conform to the expectations and predictions of the Company is subject to a number of known and unknown risks, uncertainties, assumptions, and other factors, including those listed in the Company's non-offering prospectus dated May 26, 2021.
If any of these risks or uncertainties materialize, or if assumptions underlying the forward-looking statements prove incorrect, actual results might vary materially from those anticipated in the forward-looking statements. Information contained in forward-looking statements in this news release is provided as of the date of this news release, and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information or future events or results, except to the extent required by applicable securities laws. Accordingly, potential investors should not place undue reliance on forward-looking statements or the information contained in those statements.
All of the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements.
Statement Regarding Third-Party Investor Relations Firms
Disclosures relating to investor relations firms retained by Spotlite360 Technologies Inc. can be found under the Company's profile on http://sedar.com.
