Sprout AI has processed an initial purchase order of 140 units in connection with the Company’s proprietary cultivation habitats from TheraCann International Benchmark Corporation in August 2021.
Chris Bolton, 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.”
The order was made pursuant to the terms of a distribution agreement between the company and TheraCann dated Sept. 1, 2020 (the “agreement”), pursuant to which TheraCann was appointed nonexclusive distributor for the purpose of marketing, selling and providing training and support for the units. As disclosed in the prospectus (as defined below), TheraCann is a major shareholder of the company and considered a “related party” under applicable Canadian securities law.
Additional details in connection with the agreement can be found on the company’s filings on www.sedar.com and, specifically, in its final prospectus dated May 31, 2021 (the “prospectus”).