Im having a profitable blast buying low and selling high with this stock. Making a few grand per sell. Does anyone know of any other stocks that swing like this one from top to bottom between the 1.00 - 1.50 price range? I would like to look for a few more to diversify .
Solis Tek Closes Acquisition for Cannabis Cultivation and Processing Facility in Arizona
GlobeNewswire•May 11, 2018
Transitioning to High Growth Opportunities in Legalized Cannabis Jurisdictions
Future Farm Technologies Becomes a 10% Partner
CARSON, CA, May 11, 2018 (GLOBE NEWSWIRE) -- Solis Tek, Inc. (SLTK), a vertically integrated cannabis technology innovator, manufacturer and distributor, today announced the closing of its previously disclosed acquisition of YLK Partners NV, LLC, an Arizona-based company which has in place a management services agreement to provide turn-key services for the management, administration and operation of a licensed medical marijuana cultivation and processing facility being developed by the holder of a Medical Marijuana Dispensary Registration Certificate issued by the Arizona Department of Health Services (“Arizona Licensee”). April 26, 2018.html
Solis Tek, through a wholly-owned subsidiary, has also executed an Option Agreement for the right to enter into a long-term lease agreement with MSCP, LLC, for an expansive facility comprised of more than 70,000 square feet located in Phoenix, Arizona. The plan is to develop the facility into one of the most technologically advanced cultivation and processing facilities in the State of Arizona for use by Arizona Licensee. Solis Tek paid MSCP, LLC $160,000 for the option, which remains exercisable until May 19, 2018.
Solis Tek has issued 5 million warrants exercisable at $0.01 per share as consideration for the acquisition of all of the ownership interests in YLK Partners NV from the current owners.
Future Farm Technologies (FFT.CN) has agreed to invest $500,000 for a 10% interest in the Arizona Operation.
YA II PN, Ltd. is providing the working capital for YLK Partners. Its investment of $2,495,000 is comprised of a $1,500,000 Promissory Note for 9 months, a $495,000 cash exercise of 450,000 Solis Tek warrants and a $500,000 purchase of Solis Tek common shares at $1.00 per share.
Solis Tek Chief Executive Officer, Alan Lien, commented, “We are really excited about this opportunity in Arizona and its growth and profitability potential. We are very pleased to have partners such as Future Farm Technologies and Yorkville Advisors to collaborate and support the build-out and growth of this facility. Our collective experience and knowledge in cannabis will position this Arizona operation for success. We are excited to commence Phase 1 of the development and construction of our state-of-the-art cultivation and processing facility and look forward to many additional opportunities in the cannabis industry.”
About Solis Tek, Inc.
Solis Tek, Inc. (OTCQB: SLTK) is a vertically integrated technology innovator, developer, manufacturer and distributor focused on bringing products and solutions to commercial cannabis growers in both the medical and recreational space in legal markets across the U.S. For nearly a decade, growers have used Solis Tek's lighting solutions to increase yield, lower costs and grow better to maximize their return on investment. The Company's customers include retail stores, distributors and commercial growers in the United States and abroad. For more information, please visit our website, www.solis-tek.com.
GlobeNewswire•May 11, 2018
Transitioning to High Growth Opportunities in Legalized Cannabis Jurisdictions
Future Farm Technologies Becomes a 10% Partner
CARSON, CA, May 11, 2018 (GLOBE NEWSWIRE) -- Solis Tek, Inc. (SLTK), a vertically integrated cannabis technology innovator, manufacturer and distributor, today announced the closing of its previously disclosed acquisition of YLK Partners NV, LLC, an Arizona-based company which has in place a management services agreement to provide turn-key services for the management, administration and operation of a licensed medical marijuana cultivation and processing facility being developed by the holder of a Medical Marijuana Dispensary Registration Certificate issued by the Arizona Department of Health Services (“Arizona Licensee”). April 26, 2018.html
Solis Tek, through a wholly-owned subsidiary, has also executed an Option Agreement for the right to enter into a long-term lease agreement with MSCP, LLC, for an expansive facility comprised of more than 70,000 square feet located in Phoenix, Arizona. The plan is to develop the facility into one of the most technologically advanced cultivation and processing facilities in the State of Arizona for use by Arizona Licensee. Solis Tek paid MSCP, LLC $160,000 for the option, which remains exercisable until May 19, 2018.
Solis Tek has issued 5 million warrants exercisable at $0.01 per share as consideration for the acquisition of all of the ownership interests in YLK Partners NV from the current owners.
Future Farm Technologies (FFT.CN) has agreed to invest $500,000 for a 10% interest in the Arizona Operation.
YA II PN, Ltd. is providing the working capital for YLK Partners. Its investment of $2,495,000 is comprised of a $1,500,000 Promissory Note for 9 months, a $495,000 cash exercise of 450,000 Solis Tek warrants and a $500,000 purchase of Solis Tek common shares at $1.00 per share.
Solis Tek Chief Executive Officer, Alan Lien, commented, “We are really excited about this opportunity in Arizona and its growth and profitability potential. We are very pleased to have partners such as Future Farm Technologies and Yorkville Advisors to collaborate and support the build-out and growth of this facility. Our collective experience and knowledge in cannabis will position this Arizona operation for success. We are excited to commence Phase 1 of the development and construction of our state-of-the-art cultivation and processing facility and look forward to many additional opportunities in the cannabis industry.”
About Solis Tek, Inc.
Solis Tek, Inc. (OTCQB: SLTK) is a vertically integrated technology innovator, developer, manufacturer and distributor focused on bringing products and solutions to commercial cannabis growers in both the medical and recreational space in legal markets across the U.S. For nearly a decade, growers have used Solis Tek's lighting solutions to increase yield, lower costs and grow better to maximize their return on investment. The Company's customers include retail stores, distributors and commercial growers in the United States and abroad. For more information, please visit our website, www.solis-tek.com.
Solis Tek Provides Update on Transition of Business and Announces First Quarter 2018 Results
GlobeNewswire•May 15, 2018 CARSON, Calif., May 15, 2018 (GLOBE NEWSWIRE) -- Solis Tek, Inc. (SLTK), a vertically integrated cannabis technology innovator, manufacturer and distributor, is pleased to provide an update on its business transition, including expected targets and milestones for its recently acquired cannabis cultivation and processing facility in Arizona, and its first quarter 2018 operating results.Over the next few weeks, the Board and management plan on rebranding the corporate entity and public company name to better reflect management’s strategy to transition to high growth opportunities in legalized cannabis jurisdictions, including cultivation and processing. The Company will continue to aggressively develop and innovate its lighting division as Solis Tek Digital Lighting and its nutrients division as Zelda Horticulture.
In regard to the recently acquired cannabis cultivation and processing facility in Arizona, the Company has planned for 50,000 square feet of cultivation and 10,000 square feet of processing, which will be funded by the recently raised $2.5 million and future commitments from its previously disclosed financial partner. Management is targeting for processing to begin by November 2018 potentially generating up to $500,000 in processing revenue per month and targeting ramping up to $1 million per month over time. Management also expects to begin the cultivation build out imminently with its sights on a first crop in January 2019, and a capacity of producing 8,000 pounds per year, which would equate to $10 million at current wholesale prices.
Solis Tek Chief Executive Officer, Alan Lien, commented, “We are very excited with the transformation of our business strategy and the incredible growth opportunities our team has identified in the legalized cannabis industry. We look forward to a multi-prong approach in growing our business and creating long-term shareholder value through varying segments of the legalized cannabis industry in the United States and potentially in Canada and overseas. We remain confident in our Solis Tek lighting and newly introduced Zelda Horticulture nutrients, but feel this is the right time and opportunity to expand to the touching the plant segment, which will lead to higher and more predictable revenue growth and profitability. Additional details of our plans will be announced over the next few weeks and we look forward to communicating with our current shareholders and prospective new shareholders.”
Financial Results for the First Quarter Ended March 31, 2018:
Revenue for the three months ended March 31, 2018 and 2017 was $1,011,749 and $2,901,826, respectively, a decrease of $1,890,077 or 65%. The decrease was due to several negative factors during the first quarter of 2018, as compared to the first quarter of 2017.
Such factors included, market instability and uncertainty, reports of over-capacity and price declines at the wholesale level. U.S. Attorney General Jeff Sessions messaging, the Administration’s stance and announcements on marijuana enforcement, particularly the rescinding of the Cole Memorandum and giving the Federal US Attorneys “free-reign” as to enforcement priorities set a very negative tone and caused hesitation from buyers in the cannabis industry. Industry-wide build-outs slowed and were pushed-out.
Specific reasons to beset to Solis Tek, included a change at the Chief Executive Officer level and change of message and direction. Solis Tek had previously been a retail driven company servicing our 500+ hydro-stores targeting the home and hobbyist growers. Solis Tek restructured its sales force to five nationwide commercial cultivation account managers and had to re-program the sales team, change pricing and change marketing strategies. Its recent shift to convert to a commercial mindset, also altered its inventory strategy to longer fulfillment and lead times.
Cost of sales for the three months ended March 31, 2018 and 2017, was $533,925 and $1,781,304, respectively. Gross profit for the three months ended March 31, 2018 and 2017, was $477,824 and $1,120,522, respectively. The decrease in gross profit of $642,698, or 57% was primarily due to our decrease in revenue. As a percentage of revenue, gross profit for the three months ended March 31, 2018 was 47% compared to 39% for the three months ended March 31, 2017. The increase in gross profit percentage was due to the change in product mix sold.
Selling, general and administrative expenses for the three months ended March 31, 2018 and 2017 was $3,448,271 and $4,764,655, respectively, a decrease of $1,316,384 or 28%. For the three months ended March 31, 2018, stock-based compensation expense decrease $1,857,866 to $1,780,288, compared to $3,638,154 for the prior year period. Excluding stock-based compensation expense, our SG&A increased $541,482 due to the recording of a $449,000 severance obligation to our former Chief Executive Officer, and $92,482 in increased operating expenses to support our operations.
Research and development (“R&D”) expenses for the three months ended March 31, 2018 and 2017 was $51,878 and $82,770, respectively, a decrease of $30,892 or 37%. The decrease in R&D expenses was primarily due to decreased employee compensation and royalty expense.
Other income for the three months ended March 31, 2018 was $2,651,620 as compared to other expense of $24,171 for the three months ended March 31, 2017. The increase in other income was due to the recording of a gain on the extinguishment of derivatives of $674,254, a gain on the change in fair value of derivative liability of $2,630,052, and financing costs of $607,717, all of which did not exist during the prior year period. Interest expense increased over the prior year period by $20,798 due to our increase in borrowings.
Net loss for the three months ended March 31, 2018 was $370,705 compared to net loss of $3,751,987 for the three months ended March 31, 2017. The decrease in net loss was due to the increase in other income and expenses, decreased operating expenses, offset by decreased revenues and gross profit as discussed above.
About Solis Tek, Inc.
Solis Tek, Inc. (OTCQB:SLTK) is a vertically integrated technology innovator, developer, manufacturer and distributor focused on bringing products and solutions to commercial cannabis growers in both the medical and recreational space in legal markets across the U.S. For nearly a decade, growers have used Solis Tek's lighting solutions to increase yield, lower costs and grow better to maximize their return on investment. The Company's customers include retail stores, distributors and commercial growers in the United States and abroad. For more information, please visit our website, www.solis-tek.com.
GlobeNewswire•May 15, 2018 CARSON, Calif., May 15, 2018 (GLOBE NEWSWIRE) -- Solis Tek, Inc. (SLTK), a vertically integrated cannabis technology innovator, manufacturer and distributor, is pleased to provide an update on its business transition, including expected targets and milestones for its recently acquired cannabis cultivation and processing facility in Arizona, and its first quarter 2018 operating results.Over the next few weeks, the Board and management plan on rebranding the corporate entity and public company name to better reflect management’s strategy to transition to high growth opportunities in legalized cannabis jurisdictions, including cultivation and processing. The Company will continue to aggressively develop and innovate its lighting division as Solis Tek Digital Lighting and its nutrients division as Zelda Horticulture.
In regard to the recently acquired cannabis cultivation and processing facility in Arizona, the Company has planned for 50,000 square feet of cultivation and 10,000 square feet of processing, which will be funded by the recently raised $2.5 million and future commitments from its previously disclosed financial partner. Management is targeting for processing to begin by November 2018 potentially generating up to $500,000 in processing revenue per month and targeting ramping up to $1 million per month over time. Management also expects to begin the cultivation build out imminently with its sights on a first crop in January 2019, and a capacity of producing 8,000 pounds per year, which would equate to $10 million at current wholesale prices.
Solis Tek Chief Executive Officer, Alan Lien, commented, “We are very excited with the transformation of our business strategy and the incredible growth opportunities our team has identified in the legalized cannabis industry. We look forward to a multi-prong approach in growing our business and creating long-term shareholder value through varying segments of the legalized cannabis industry in the United States and potentially in Canada and overseas. We remain confident in our Solis Tek lighting and newly introduced Zelda Horticulture nutrients, but feel this is the right time and opportunity to expand to the touching the plant segment, which will lead to higher and more predictable revenue growth and profitability. Additional details of our plans will be announced over the next few weeks and we look forward to communicating with our current shareholders and prospective new shareholders.”
Financial Results for the First Quarter Ended March 31, 2018:
Revenue for the three months ended March 31, 2018 and 2017 was $1,011,749 and $2,901,826, respectively, a decrease of $1,890,077 or 65%. The decrease was due to several negative factors during the first quarter of 2018, as compared to the first quarter of 2017.
Such factors included, market instability and uncertainty, reports of over-capacity and price declines at the wholesale level. U.S. Attorney General Jeff Sessions messaging, the Administration’s stance and announcements on marijuana enforcement, particularly the rescinding of the Cole Memorandum and giving the Federal US Attorneys “free-reign” as to enforcement priorities set a very negative tone and caused hesitation from buyers in the cannabis industry. Industry-wide build-outs slowed and were pushed-out.
Specific reasons to beset to Solis Tek, included a change at the Chief Executive Officer level and change of message and direction. Solis Tek had previously been a retail driven company servicing our 500+ hydro-stores targeting the home and hobbyist growers. Solis Tek restructured its sales force to five nationwide commercial cultivation account managers and had to re-program the sales team, change pricing and change marketing strategies. Its recent shift to convert to a commercial mindset, also altered its inventory strategy to longer fulfillment and lead times.
Cost of sales for the three months ended March 31, 2018 and 2017, was $533,925 and $1,781,304, respectively. Gross profit for the three months ended March 31, 2018 and 2017, was $477,824 and $1,120,522, respectively. The decrease in gross profit of $642,698, or 57% was primarily due to our decrease in revenue. As a percentage of revenue, gross profit for the three months ended March 31, 2018 was 47% compared to 39% for the three months ended March 31, 2017. The increase in gross profit percentage was due to the change in product mix sold.
Selling, general and administrative expenses for the three months ended March 31, 2018 and 2017 was $3,448,271 and $4,764,655, respectively, a decrease of $1,316,384 or 28%. For the three months ended March 31, 2018, stock-based compensation expense decrease $1,857,866 to $1,780,288, compared to $3,638,154 for the prior year period. Excluding stock-based compensation expense, our SG&A increased $541,482 due to the recording of a $449,000 severance obligation to our former Chief Executive Officer, and $92,482 in increased operating expenses to support our operations.
Research and development (“R&D”) expenses for the three months ended March 31, 2018 and 2017 was $51,878 and $82,770, respectively, a decrease of $30,892 or 37%. The decrease in R&D expenses was primarily due to decreased employee compensation and royalty expense.
Other income for the three months ended March 31, 2018 was $2,651,620 as compared to other expense of $24,171 for the three months ended March 31, 2017. The increase in other income was due to the recording of a gain on the extinguishment of derivatives of $674,254, a gain on the change in fair value of derivative liability of $2,630,052, and financing costs of $607,717, all of which did not exist during the prior year period. Interest expense increased over the prior year period by $20,798 due to our increase in borrowings.
Net loss for the three months ended March 31, 2018 was $370,705 compared to net loss of $3,751,987 for the three months ended March 31, 2017. The decrease in net loss was due to the increase in other income and expenses, decreased operating expenses, offset by decreased revenues and gross profit as discussed above.
About Solis Tek, Inc.
Solis Tek, Inc. (OTCQB:SLTK) is a vertically integrated technology innovator, developer, manufacturer and distributor focused on bringing products and solutions to commercial cannabis growers in both the medical and recreational space in legal markets across the U.S. For nearly a decade, growers have used Solis Tek's lighting solutions to increase yield, lower costs and grow better to maximize their return on investment. The Company's customers include retail stores, distributors and commercial growers in the United States and abroad. For more information, please visit our website, www.solis-tek.com.
[FONT="][h=1]Solis Tek Digital Lighting Receives Award and Accolades from Cannabis Industry and Customers[/h]
[/FONT]
[FONT="]
GlobeNewswire•May 30, 2018
[/FONT]
[FONT="]Enables Higher Yields and Maximizes Quality[/FONT]
[FONT="]CARSON, CA, May 30, 2018 (GLOBE NEWSWIRE) -- Solis Tek, Inc. (OTCQB: SLTK), a vertically integrated cannabis technology innovator, manufacturer and distributor, today announced that its Digital Lighting System was awarded Most Efficient Indoor Light Systems at Terpenes and Testing World Conference 2018. [url]https://terpenesandtesting.com[/URL][/FONT]
[FONT="]Solis Tek is proud to offer an extensive line of digital lighting equipment & accessories to help achieve higher yields and maximize quality. Solis Tek lighting products include complete light system fixtures, controllers, digital ballasts, reflectors, CMH double ended lamps, digital splitters, accessories and digital controllers. For more information, please visit: [url]https://solis-tek.com/solistek-digital-lighting/products.html[/URL][/FONT]
[FONT="]Terpenes and Testing World Conference 2018: Award for Most Efficient Indoor Light Systems[/FONT]
[FONT="][url]https://terpenesandtesting.com/conference/[/URL][/FONT]
[FONT="]Terpenes and Testing Magazine provides the scientific cannabis world with cutting edge reporting on news, politics, and methods regarding cannabis testing, marijuana extractions, and everything in between. With an emphasis on science and an infusion of culture we pride ourselves in creating a relevant bi-monthly publication that reaches a large quantity of the laboratory professionals and interested subscribers worldwide.[/FONT]
[FONT="]According to an independent, third party test of six lighting companies/products serving the commercial cannabis sector conducted by Light Laboratory Inc., anindependent photometric testing laboratory, Solis Tek’s Digital Lighting solutions scored highest in terms of overall value for cultivators.[/FONT]
[FONT="]The study evaluated photosynthetic photon flux density (PPFD), which measures the quantity of light that arrives at the plant canopy and how plants “see” and “absorb” light. According to the study, the Solis Tek All-In-One A1 fixture had the best light output, providing a high-intensity and a more consistent footprint. As such, the Solis Tek High Intensity Discharge (HID) lights helped commercial growers avoid hotspots, creating a more even canopy, where no one plant grows taller and overshadows other plants. This helps farmers – hobbyists and commercial alike – create the best environment to increase yield.[/FONT]
[FONT="]About Solis Tek, Inc.
Solis Tek, Inc. (OTCQB: SLTK) is a vertically integrated technology innovator, developer, manufacturer and distributor focused on bringing products and solutions to commercial cannabis growers in both the medical and adult use recreational space in legal markets across the U.S. For nearly a decade, growers have used Solis Tek's lighting solutions to increase yield, lower costs and grow better to maximize their return on investment. The Company's customers include retail stores, distributors and commercial growers in the United States and abroad. For more information, please visit our website, www.solis-tek.com.[/FONT]
[/FONT]
[FONT="]
GlobeNewswire•May 30, 2018
[/FONT]
[FONT="]Enables Higher Yields and Maximizes Quality[/FONT]
[FONT="]CARSON, CA, May 30, 2018 (GLOBE NEWSWIRE) -- Solis Tek, Inc. (OTCQB: SLTK), a vertically integrated cannabis technology innovator, manufacturer and distributor, today announced that its Digital Lighting System was awarded Most Efficient Indoor Light Systems at Terpenes and Testing World Conference 2018. [url]https://terpenesandtesting.com[/URL][/FONT]
[FONT="]Solis Tek is proud to offer an extensive line of digital lighting equipment & accessories to help achieve higher yields and maximize quality. Solis Tek lighting products include complete light system fixtures, controllers, digital ballasts, reflectors, CMH double ended lamps, digital splitters, accessories and digital controllers. For more information, please visit: [url]https://solis-tek.com/solistek-digital-lighting/products.html[/URL][/FONT]
[FONT="]Terpenes and Testing World Conference 2018: Award for Most Efficient Indoor Light Systems[/FONT]
[FONT="][url]https://terpenesandtesting.com/conference/[/URL][/FONT]
[FONT="]Terpenes and Testing Magazine provides the scientific cannabis world with cutting edge reporting on news, politics, and methods regarding cannabis testing, marijuana extractions, and everything in between. With an emphasis on science and an infusion of culture we pride ourselves in creating a relevant bi-monthly publication that reaches a large quantity of the laboratory professionals and interested subscribers worldwide.[/FONT]
[FONT="]According to an independent, third party test of six lighting companies/products serving the commercial cannabis sector conducted by Light Laboratory Inc., anindependent photometric testing laboratory, Solis Tek’s Digital Lighting solutions scored highest in terms of overall value for cultivators.[/FONT]
[FONT="]The study evaluated photosynthetic photon flux density (PPFD), which measures the quantity of light that arrives at the plant canopy and how plants “see” and “absorb” light. According to the study, the Solis Tek All-In-One A1 fixture had the best light output, providing a high-intensity and a more consistent footprint. As such, the Solis Tek High Intensity Discharge (HID) lights helped commercial growers avoid hotspots, creating a more even canopy, where no one plant grows taller and overshadows other plants. This helps farmers – hobbyists and commercial alike – create the best environment to increase yield.[/FONT]
[FONT="]About Solis Tek, Inc.
Solis Tek, Inc. (OTCQB: SLTK) is a vertically integrated technology innovator, developer, manufacturer and distributor focused on bringing products and solutions to commercial cannabis growers in both the medical and adult use recreational space in legal markets across the U.S. For nearly a decade, growers have used Solis Tek's lighting solutions to increase yield, lower costs and grow better to maximize their return on investment. The Company's customers include retail stores, distributors and commercial growers in the United States and abroad. For more information, please visit our website, www.solis-tek.com.[/FONT]
They are eating through some 144 sellers that funded the company early on. They want them out ! Hard to track the selling when its not on listed exchange . I have been scaling in for more each day it slips. The seller will be done, and then the stock will be worked on . They are all cashed up, looking for more acquisitions, and will be a major player in this industry .
Solis Tek CEO Alan Lien to be Keynote Speaker at Upcoming CannaGather Event
https://finance.yahoo.com/news/solis-tek-ceo-alan-lien-123000889.html
Solis Tek CEO Alan Lien to be Keynote Speaker at Upcoming CannaGather Event
https://finance.yahoo.com/news/solis-tek-ceo-alan-lien-123000889.html
I hear ya, bought plenty of shares higher myself . However my target wasn't 50%, Im looking for a 10 bagger from here, at least, and 5 times my money based upon my original price . Try to scale in for some more to bring your cost down. They are not going anywhere and can, and will get better sponsorship.
Solis Tek Provides Update for its Cannabis Cultivation and Processing Facility in Arizona
GlobeNewswire•July 25, 2018
Progressing as Expected; Targeted to Commence Operations in First Half of 2019
CARSON, CA, July 25, 2018 (GLOBE NEWSWIRE) -- Solis Tek, Inc. (OTCQB: SLTK) (“Solis Tek”), a vertically integrated cannabis technology innovator, manufacturer and distributor, today provided an update on its previously announced acquisition from May 11, 2018. The cannabis cultivation and processing facility build-out is progressing on schedule and Solis Tek expects operations to begin in the first half of 2019.
Solis Tek plans to develop the facility into a technologically advanced cultivation and processing facility in Arizona.The 70,000-square foot facility, located in Phoenix, Arizona has advanced to the design phase, which is expected to be completed by October 2018.
Omni Build Group has been instrumental in managing the project for Solis Tek and its partners. Solis Tek has been working with Edge Construction, who has experience in designing and building grow facilities. The demolition and rebuilding of the interior of the prior existing building is progressing on schedule.
The architecture design and planning is being spearheaded by DPA Architects of Scottsdale. DPA has previous experience executing cannabis grow designs. DPA also specializes in technical projects for multiple industrial and technology-based firms that have very tight climate control standards; which is critical to the Arizona operations.
Production and oil extraction is in the process of build-out with equipment estimated to be purchased in the third quarter of this year. Solis Tek is working with the local municipalities and power companies to ensure the proper power feeds are available for its facility.
Solis Tek Chief Executive Officer, Alan Lien, commented, “We remain excited about this opportunity in Arizona and its growth and profitability potential. We are pleased with the progress to-date and the work of our partners on the project. We look forward to commencing operations at this facility in the first half of 2019.”
About Solis Tek, Inc.
Solis Tek, Inc. (OTCQB: SLTK) is a vertically integrated technology innovator, developer, manufacturer and distributor focused on bringing products and solutions to commercial cannabis growers in both the medical and recreational space in legal markets across the U.S. For nearly a decade, growers have used Solis Tek's lighting solutions to increase yield, lower costs and grow better to maximize their return on investment. Solis Tek’s customers include retail stores, distributors and commercial growers. For more information, please visit our website, www.solis-tek.com.
GlobeNewswire•July 25, 2018
Progressing as Expected; Targeted to Commence Operations in First Half of 2019
CARSON, CA, July 25, 2018 (GLOBE NEWSWIRE) -- Solis Tek, Inc. (OTCQB: SLTK) (“Solis Tek”), a vertically integrated cannabis technology innovator, manufacturer and distributor, today provided an update on its previously announced acquisition from May 11, 2018. The cannabis cultivation and processing facility build-out is progressing on schedule and Solis Tek expects operations to begin in the first half of 2019.
Solis Tek plans to develop the facility into a technologically advanced cultivation and processing facility in Arizona.The 70,000-square foot facility, located in Phoenix, Arizona has advanced to the design phase, which is expected to be completed by October 2018.
Omni Build Group has been instrumental in managing the project for Solis Tek and its partners. Solis Tek has been working with Edge Construction, who has experience in designing and building grow facilities. The demolition and rebuilding of the interior of the prior existing building is progressing on schedule.
The architecture design and planning is being spearheaded by DPA Architects of Scottsdale. DPA has previous experience executing cannabis grow designs. DPA also specializes in technical projects for multiple industrial and technology-based firms that have very tight climate control standards; which is critical to the Arizona operations.
Production and oil extraction is in the process of build-out with equipment estimated to be purchased in the third quarter of this year. Solis Tek is working with the local municipalities and power companies to ensure the proper power feeds are available for its facility.
Solis Tek Chief Executive Officer, Alan Lien, commented, “We remain excited about this opportunity in Arizona and its growth and profitability potential. We are pleased with the progress to-date and the work of our partners on the project. We look forward to commencing operations at this facility in the first half of 2019.”
About Solis Tek, Inc.
Solis Tek, Inc. (OTCQB: SLTK) is a vertically integrated technology innovator, developer, manufacturer and distributor focused on bringing products and solutions to commercial cannabis growers in both the medical and recreational space in legal markets across the U.S. For nearly a decade, growers have used Solis Tek's lighting solutions to increase yield, lower costs and grow better to maximize their return on investment. Solis Tek’s customers include retail stores, distributors and commercial growers. For more information, please visit our website, www.solis-tek.com.
