- Roto-Gro International’s (RGI) subsidiary receives an initial purchase order for its RotoGro technology valued at over CA$1.03 million (A$1.13 million)
- The order from Canniberia LDS is pursuant to the parties’ previous purchase and sale deal for the technology valued at CA$1.9 million (A$2.07 million)
- Canniberia has received pre-approval for its cannabis cultivation license in Portugal, where it is building out a facility to cultivate medicinal cannabis
- Shares closed up 6.9 per cent at 3.1 cents on October 4
Roto-Gro World Wide, a subsidiary of Roto-Gro International (RGI), has received an initial purchase order for its RotoGro technology valued at over CA$1.03 million (A$1.13 million).
The order from Canniberia LDS follows the parties’ previously executed purchase and sale agreement covering the purchase of 144 RotoGro rotational garden systems and one RotoGro plant nutrient management system for CA$1.9 million (A$2.07 million).
Canniberia has received pre-approval for its cannabis cultivation license in Portugal, where it is building out a facility to cultivate medicinal cannabis.
According to RGI, the first purchase order of 72 garden systems and one plant nutrient management system demonstrates Canniberia’s commitment to the company as its exclusive tech supplier for the project.
To this end, Roto-Gro said it expected to deliver and install the technology at the cannabis facility early in the first quarter of 2022.
Further, following administrative delays caused by the pandemic, the company has granted Canniberia an extension to the due date of its 50 per cent payment on the purchase order, which now falls on December 15.
Roto-Gro CEO Michael Di Tommaso commented on the transaction.
“The Canniberia project is moving along steadily, despite minor COVID-19 related setbacks, and the company looks forward to entering Europe’s lawful cannabis space alongside Canniberia,” he said.
Canniberia CEO Paul Leandro said the purchase demonstrated “great progress”.
“This purchase order secures and demonstrates our commitment to Roto-Gro as our exclusive technology partner in the region,” he said.
“We are excited to continue progressing forward with this project and begin operations as soon as reasonably practicable.”
RGI said it considered Portugal as a strategic entry point to Europe’s lawful cannabis market and was seeking further partnerships throughout the continent.
Shares closed up 6.9 per cent at 3.1 cents on October 4.