SPO Networks, Inc. (SPOI) Receives Pre-Orders From Ten Dispensaries For Company’s Proprietary Strain Of Cannabis Seeds; First Delivery Scheduled On August 1, 2021 - Revenues To Follow
Rhea-AI Summary
SPO Networks, Inc. (SPOI) is expanding into the global cannabis seeds market, projected to reach USD 723.77 million by 2027. The company has secured its first pre-order from a chain of 10 dispensaries in Colorado. CEO Tom Smith expressed eagerness to generate revenues through wholesale sales, with dispensaries typically selling cannabis seeds at 3 for $50. As part of its growth strategy, SPOI plans to open its own dispensaries and acquire cultivation operations across several U.S. states.
Positive
- First pre-order received from a chain of 10 dispensaries in Colorado.
- Entering a rapidly growing cannabis seeds market expected to reach USD 723.77 million by 2027.
- CEO's statement indicates readiness to generate revenue quickly.
- Plans to open own dispensaries and acquire cultivation properties to expand revenue base.
Negative
- None.
News Market Reaction – SPOI
In the trading session that priced this news, SPOI declined 1.64%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Company Is Entering The Global Cannabis Seeds Market Which Is Expected To Reach USD 723.77 Million By 2027
FARMINGTON, AR / ACCESSWIRE / June 23, 2021 / SPO Networks, Inc. (OTC PINK:SPOI) ("SPOI" or the "Company"), a publicly-traded company that is actively exploring potential acquisitions and opportunities in diversified industries, including an established revenue generating waste/recycling subsidiary plus a newly launched medical and recreational cannabis and genetic seed operations entity with the expectation of rapid expansion in the cannabis industry utilizing a proprietary vertical market from cultivation facilities, to wholesale and retail dispensaries, today announced that it has received its initial pre-order for delivery of its proprietary strain of certified cannabis seeds. The pre-order came from a chain of 10 dispensaries in Colorado.
A report from Data Bridge markets said that:" Global cannabis seeds market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with the CAGR of
The cannabis seeds market is growing tremendously in the U.S. with the legalization of cannabis in 33 out of 50 states.
On the basis of distribution channel, the cannabis seeds market is segmented into store based retailing and online/e-commerce retailing. In 2020, store based retailing segment is dominating as people find it easy to purchase from stores and they can check the quality of products they are purchasing. However, in future online retailing will increase as people are shifting towards online shopping as they find it convenient.
On the basis of type of vendors, the cannabis seeds market is segmented into resellers, breeders and seeds manufacturing companies. In 2020, resellers segment is dominating as there are a large number of resellers as compared to breeders and seeds companies. Moreover, the growers prefer to purchase the seeds from seeds banks as they have a larger variety."[1]
Tom Smith, the Company's CEO, said: "We are both eager and ready to enter this market, and to begin generating our first revenues in this sector. Initially, the revenues we will be receiving will be wholesale sales to the dispensaries. Dispensaries usually charge approximately 3 seeds for
SPO Networks, Inc.
SPO Networks, Inc. is actively exploring potential acquisitions and opportunities in diversified industries, including solid waste, scrap metal recycling and demolition with special waste remediation. Additionally, SPO maintains the belief that patients and customers have a right to high quality, economical, and clinically-validated cannabis products. Towards this, SPO aims at medical and recreational cannabis and genetic seed operations with the expectation of rapid expansion in the cannabis industry. SPO is developing its cultivation facilities for extraction operations, wholesaling of cannabis and cannabis extracts in Colorado to licensed retailers and wholesalers. Eventually, the goal is to expand to retail product manufacturing and dispensary operations in several states, allowing SPO to offer a pricing strategy that will be attractive to consumers large and small.
For more information, please go to: https://www.spoinow.com .
FORWARD-LOOKING STATEMENTS:
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events, including our ability to raise capital, or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
For a discussion of these risks and uncertainties, please see our filings with the OTC Markets Group Inc. Our public filings with the OTC Markets Group Inc are available from commercial document retrieval services and at the website maintained by the OTC Markets at https://www.otcmarkets.com/stock/SPOI/disclosure
Contact:
www.spoinow.com
479-443-6000
info@spoinow.com
SOURCE: SPO Networks, Inc.
View source version on accesswire.com:
https://www.accesswire.com/652822/SPO-Networks-Inc-SPOI-Receives-Pre-Orders-From-Ten-Dispensaries-For-Companys-Proprietary-Strain-Of-Cannabis-Seeds-First-Delivery-Scheduled-On-August-1-2021--Revenues-To-Follow