NEW YORK, Feb. 5, 2015 /PRNewswire/ -- On Tuesday, January 13, 2015, Surna Inc. (OTCQB: SRNA) announced the finalization of a $1.1 million contract to design, build, and install the climate control systems for cannabis grower CWNevada. CWNevada was recently granted a grow license by the state of Nevada; and is one of the largest indoor cannabis cultivation facilities in Las Vegas, with a 48,000 square foot facility that will require over 700 tons of the company's cooling equipment. The state of Nevada is preparing its infrastructure for the growth and distribution of legal medical marijuana in 2015, after issuing 182 provisional licenses to medical marijuana cultivation facilities in November 2014; including 13 facilities in Las Vegas. The company will recognize revenues from this contract throughout 2015.
In addition, on Friday, January 9, 2015, the company announced signing a definitive agreement to acquire a controlling interest in Agrisoft Development Group, one of the leading software developers of "seed-to-sale" tracking systems for state regulated cannabis cultivation and distribution companies.
According to Arc View Market Research, the market for legal marijuana is expected to reach $2.57 billion in sales for 2014, growing from $1.53 billion in 2013. This growth is expected to continue, with the market reaching $10.2 billion by 2018. Between 2009 and 2014, the cannabis industry grew 16.2% annually, and growth is expected to increase to 23.3% annually between 2014 and 2019. Cannabis is currently the fastest growing industry in the United States. If marijuana is legalized at the federal level, revenues for the legal cannabis industry could reach $35 billion by 2020 according to Greenwave Advisors. Currently, 23 states have legalized medical marijuana, and two states, Washington and Colorado, have legalized marijuana for recreational use.
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