DENVER and VANCOUVER, July 19, 2021 (GLOBE NEWSWIRE) — SPOTLITE360 TECHNOLOGIES, INC. (“Spotlite360” or the “Company”) (CSE: LITE) has published an original video presentation delivered by its President James Greenwell, discussing cannabis industry applications for blockchain and Internet-of-Things (“IoT”) technologies such as those developed by Spotlite360. In a press release dated July 6, 2021, the Company announced an initiative for the pharmaceutical industry in which the Spotlite360 technologies are being commercialized as a solution for supply chain optimization and compliance with impending new regulations in the United States. As the cannabis industry continues to grow at a global level, new challenges are emerging in areas such as logistics and compliance. Furthermore, industry players and consumers have increasingly taken interest in the environmental, social, and corporate governance (“ESG”) standards of the cannabis trade. Offering unparalleled visibility into supply chain activities and consolidated metrics for making business decisions, the Spotlite360 technologies can create unique value for cannabis firms as the industry continues to evolve.
In the 17-minute video presentation, which can be viewed on the Company’s YouTube channel, Mr. Greenwell introduces the Spotlite360 technologies and explains the synergies between blockchain and IoT functionality. Initially, Mr. Greenwell outlines the current landscape of supply chains in the U.S. cannabis industry and the issues that arise from conflicts between laws at the federal and state levels (e.g., lack of EPA oversight of pesticide use). Mr. Greenwell then describes the nuances of specific cannabis product types (e.g., distillate and crude oils) and how the Spotlite360 technologies can provide value both for stakeholders in the cannabis supply chain as well as the end consumer. Early in the video, Mr. Greenwell also shows examples of unique item-level tracking technologies that can be used with Spotlite360 such as RFID (Radio Frequency Identification) tags as seen in the screen capture below.
Please click here to view the Spotlite360 cannabis industry video presentation.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ee4233f9-8790-4f27-a489-e2f2bf95ea10
Readers using news aggregation services may be unable to view the media above. Please access SEDAR for a version of this press release containing all published media.
In 2020, legal cannabis sales in the U.S. reached a record-setting USD $17.5 billion between product for medical and adult use1. With this demand comes a greater degree of competitiveness to gain market share, which heavily relies on supply chain efficiency. By enabling end-to-end visibility into the journey of a cannabis product in addition to insights along the way (e.g., humidity, temperature) gathered through IoT sensors, the Spotlite360 solution offerings could prove instrumental to cannabis firms as the industry continues to experience strong demand.
Spotlite360 President James Greenwell commented, “In the past few years, cannabis has become an increasingly sophisticated market segment from a supply chain perspective. Macro-level demand has put cannabis existing cannabis supply chain solutions to the test, especially in markets that allow both recreational and medical use. I encourage everyone involved in the cannabis, logistics, or blockchain technology sectors to watch our latest video presentation to see how powerful tracing and tracking technologies combined with blockchain to enable supply chain partner collaboration are necessary to respond to the demands for visibility and compliance that exist in the Cannabis industry.”
On behalf of the Board of Directors of the Company,
Spotlite360 Technologies Inc.
James Greenwell, President
For more information about Spotlite360, please visit: http://spotlite360.com
Investor Relations and Media Inquiries
+1 (720) 830-6120
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.
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.