GlobeNewswire• August 15, 2018
CARSON, Calif., Aug. 15, 2018 (GLOBE NEWSWIRE) — Solis Tek Inc. (OTCQB: SLTK) (“Solis Tek”), a vertically integrated cannabis technology innovator, manufacturer and distributor, is pleased to provide a business update to its shareholders and the Wall Street community.
First Half 2018 Financial Highlights:
- Lighting and nutrient revenue of $1.7 million for the six months ended June 30, 2018;
- Total assets increased to $7.1 million at June 30, 2018, from $4.1 million at December 31, 2017; and
- Cash balance increased to $2.8 million at June 30, 2018, from $1.0 million at December 31, 2017.
Solis Tek Chief Executive Officer, Alan Lien, commented, “In the second half of 2018, we expect our lighting and nutrient divisions to have increased revenues as compared to the first half of the year. With no significant actions taken to date by Federal prosecutors and President Trump’s recent comments that he will probably support States’ positions on cannabis, we are seeing investors and operators jumping back in with their pre-2018 aggressive investment plans. Starting in June, we began to see a pick up in requests and orders for lighting and nutrients.”
The newly acquired cultivation and processing facility, currently under build-out construction, is anticipated to become revenue generating in the second quarter of 2019. The 70,000-square foot facility is operating under a current Arizona licensee with Solis Tek having complete operational, management and sales control. Production and oil extraction are in the process of build-out with equipment to be acquired in the third quarter of this year. Solis Tek is working with the local municipalities and power companies to ensure the proper power feeds and utilities are available for its facility.
Solis Tek continues to capitalize on its extensive relationships throughout China, as it is extending its product line to manufacture and distribute cultivation products, such as rolling benches and green houses.
In 2018, Solis Tek re-positioned its sales focus in order to take advantage of growing opportunities it sees within the legalized jurisdictions of cannabis. The previous efforts centered upon targeting the retail home and hobbyist growers have been replaced with the sales force targeting the commercial side of the cannabis sector. Currently, Solis Tek has five regional commercial cultivation account managers covering North America, with new marketing strategies, pricing and inventory fulfillment processes.
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 and retail 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. Solis Tek’s Zelda Horticulture nutrient division, launched in 2018, has expanded the product mix and offerings. Solis Tek’s lighting and nutrient customers include retail stores, distributors and commercial growers. In 2018, Solis Tek expanded into the “touch-the-plant” side of the cannabis business under a contract with an Arizona licensee and its ongoing build-out of a cultivation and processing facility in Phoenix, AZ. For more information, please visit Solis Tek’s website, www.solis-tek.com.