Kontrol Energy Corp (CSE:KNR) is entering the North American cannabis market as a supplier of integrated energy efficiency solutions and technologies. Through its operating subsidiaries and its most recent energy technology acquisition, Kontrol is focused on assisting cannabis growers reduce their cost of energy and support mission critical infrastructure.
Kontrol Energy Corp (CSE:KNR) is entering the North American cannabis market as a supplier of integrated energy efficiency solutions and technologies. Through its operating subsidiaries and its most recent energy technology acquisition, Kontrol is focused on assisting cannabis growers reduce their cost of energy and support mission critical infrastructure. “As the North American cannabis industry begins to enter a consolidation phase there is a growing demand for energy solutions which will assist in the drive to the lowest cost of production,” says Paul Ghezzi, CEO of Kontrol Energy. “Further as cannabis moves to become a global commodity the ability to source lower costs of energy with real-time analytics and management is increasingly important.”
Kontrol Energy to enter Cannabis market as a supplier of integrated energy solutions (CNW Group/Kontrol Energy Corp.)
Based on industry estimates it takes approximately 2,000 kilowatt hours to produce a pound of cannabis product using traditional growing methods. That’s similar to how much electricity is used by an average household over a period of 2 to 3 months. Given the number of licensed cannabis growers in Ontario, up to one percent of Ontario’s electricity grid may be required to fuel the Ontario market and this may account for up to 300 megawatts of power. Accordingly, the cannabis industry represents a new target market for Kontrol. “Our focus is providing three integrated solutions which includes real-time energy analytics for energy optimization and mission critical support, emission and air quality compliance and distributed energy infrastructure to offset high costs of electricity,” continues Paul Ghezzi.
According to ArcView Market Research, over the next 10 years spending on legal cannabis worldwide is expected to hit $57 billion by 2027. The adult-use (recreational) market will cover 67% of the spending; medical marijuana will take up the remaining 33%. The largest group of cannabis buyers will be in North America, going from $9.2 billion in 2017 to $47.3 billion within a decade.
About Kontrol Energy Corp.
Kontrol Energy Corp. (CSE: KNR, FSE: 1K8) is a leader in energy efficiency through IOT, Cloud and Blockchain technology. With a disciplined mergers and acquisition strategy, combined with organic growth, Kontrol Energy Corp. provides market-based energy solutions to our customers designed to reduce their overall cost of energy while providing a corresponding reduction in Greenhouse Gas (GHG) emissions.
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Caution Regarding Forward Looking Statements:
Certain information included in this press release, including information relating to energy analytics, growth in the cannabis sector, the provision of solutions to customers to analyze the management of complex heating, ventilation and cooling systems, growth strategy, targeted expansion and other statements that express the expectations of management or estimates of future performance constitute “forward-looking statements”. The forward-looking statements in this press release are presented for the purpose of providing information about management’s current expectations and plans and such information may not be appropriate for other purposes. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief are based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, that the acquisition will be successfully integrated into the Company and that its revenues will be consistent with the Company’s expectations, that suitable businesses and technologies for acquisition and/or investment will be available, that such acquisitions and or investment transactions will be concluded, that sufficient capital will be available to the Company, that technology will be as effective as anticipated, that organic growth will occur, and others. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, lack of acquisition and investment opportunities or that such opportunities may not be concluded on reasonable terms, or at all, that sufficient capital and financing cannot be obtained on reasonable terms, or at all, that technologies will not prove as effective as expected that customers and potential customers will not be as accepting of the Company’s product and service offering as expected, and government and regulatory factors impacting the energy conservation industry. Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as required under applicable securities law.