Surna has recently signed two contracts with a combined value of $4.7 million.
"New facility construction project for $2.2 million: This contract is for a 90,000 square foot indoor cannabis facility that is being built in the Midwest. Our customer has been pre-approved for a state cannabis cultivation license and is moving forward with construction plans. We have received an advance payment of $167,000 on this contract, which is partial payment for engineering and design services expected to be completed in Q2 2019. Payment for the remaining value of the contract, about $2.1 million, is primarily for delivery of HVAC equipment, the timing of which remains uncertain due to construction permitting and typical construction delays—which are outside of our control. We estimate that the equipment portion of this contract could be delivered in Q3 and Q4 2019. However, this is only an estimate and there is no assurance when or if our customer will obtain construction permitting and be able to accept delivery of our equipment," the company explains.
"Facility expansion project for $2.5 million. This contract is for the sale of equipment for a customer’s 40,000 square foot expansion of a fully operational and licensed indoor cannabis cultivation facility. We have received an advance payment of $500,000 on this contract and have commenced preparing the initial equipment package. Since this project is not subject to typical new construction licensing and permitting risks and the expansion building infrastructure is already in place, the full value of this contract is expected to be recognized by the end of Q2 2019 or early Q3 2019."
For more information:
Surna
1780 55th Street, Suite A Boulder, CO 80301
T: (303) 993-5271
F: (303) 955-2544
info@surna.com
orders@surna.com
surna.com