Cannabis-tech company prepares for ASX listing in January
RotoGro is aiming to land on the ASX in January. A Canadian cannabis-tech company is readying a January ASX listing, capitalising on Australia’s recent move to legalise the manufacturing of medical cannabis.
RotoGro CEO Adam Clode said his system is a cheap, quick and effective way of achieving massive medical cannabis yields, and he calls it the future of indoor growing equipment. The equipment can be loaded with up to 420 cannabis plants in a single system. Mr Clode told The Australian cannabis stocks in Australia have been going gangbusters since it became legal to cultivate and manufacture medical cannabis from November 1. RotoGro is aiming to land on the ASX in January with a public offer for the issue of up to 18 million shares, at an issue price of $0.20 to raise a maximum of $3.6 million. “With this legalisation there comes a huge opportunity for peripheral industries around the main economic drivers of medical cannabis, such as technologies specifically developed to help grow, extract and distribute cannabis products,” he said. “The potential for medicinal cannabis is obvious — companies which are applying for a cultivation licence at the moment will no doubt be looking for options to produce cannabis as efficiently and cost effective as possible whisky ensuring consistency of product. According to Mr Clode RotoGro had already rolled out and implemented vertical farming facilities in North America and Europe, and he said his tech can yield over nine times the produce of traditional hydroponic growing systems when compared to a square meter of floor area occupied by comparable systems. “This is produced using about half of the energy of traditional growing systems and 80 per cent less water,” he said. “Both of these savings have a huge impact on the bottom line of businesses whether growing perishable foods or medical cannabis. He said plants rotate around a single light source and receive their nutrients from a stationary reservoir that can be electrically monitored with RotoGro’s software, and products are grown in a tightly controlled environmental system that optimises the use of electricity, water, floor space, and feeding resources. “Medicinal cannabis is just one potential use of the RotoGro technology. There are much bigger issues we’re trying to solve as well, like how to sustainably produce food in dense urban areas with a lack of fertile land or lack of clean reliable water,” he said. “Australia in particular has been experiencing highly unpredictable yields in recent years due to weather and ageing soils. We want RotoGro to play an important part in the future of agriculture in Australia and around the world.” http://www.theaustralian.com.au/business/companies/cannabistech-company-prepares-for-asx-listing-in-january/news-story/161626e191e5efad5d9a9e3551022c24