- Sprout AI (SPRT) has received a US$2.1 million purchase order from TheraCann International for 140 aeroponic cultivation habitats
- The order represents net revenue of US$210,000
- TheraCann may require up to 660 units over the next 12 months, representing net revenue of US$990,000
- Sprout AI is a sustainable vertical farming technology company
- Sprout AI (SPRT) is down by 1.12 per cent and is currently trading at $0.88 per share
Sprout AI (SPRT) has received a US$2.1 million purchase order from TheraCann International for 140 aeroponic cultivation habitats.
The order represents net revenue of US$210,000 and forms part of a TheraCann project with an arm’s length party.
The project may require up to 660 units over the next 12 months, representing aggregate gross revenue of up to US$9.9 million (US$990,000 in net revenue).
Sprout AI received an initial payment of 20 per cent at the time of the order. It will receive 30 per cent on or about August 20, 2021. The remaining 50 per cent is due upon shipping in Q4 2021.
Chris Bolton, Sprout AI’s CEO, commented,
“This initial order represents a key milestone for the company in commercializing its vertical farming technology. We are excited, as this order is the first step in establishing Sprout AI as a leading global provider of sustainable vertical farming solutions. In addition, the possible associated follow-on order provides the company with significant shareholder value potential.”
TheraCann International supplies turnkey solutions for essential infrastructure and ongoing management within the urban food sector.
Sprout AI is a sustainable vertical farming technology company.
Sprout AI (SPRT) is down by 1.12 per cent and is currently trading at $0.88 per share as of 10:47 am ET.