CORAL SPRINGS, Florida, May 20, 2015 /PRNewswire/ --
As more U.S. states loosen their policies on recreational and medical marijuana operations, companies are racing to become the industry leaders in cultivation technology for growing cannabis and hemp industry innovators. Cannabis Companies in focus today are Surna Inc. (OTC: SRNA), Green Grow Technologies Inc. (OTC: GRNH), Medical Marijuana Inc. (OTC: MJNA), Totally Hemp Crazy Inc. (OTC: THCZ), Pazoo, Inc. (OTC: PZOO) and Terra Tech Corp. (OTC: TRTC)
Surna Inc. (OTCQB: SRNA), a technology company that engineers, manufactures, and distributes state-of-the art equipment and systems for controlled environment agriculture ("CEA") currently specializing in commercial indoor cannabis cultivation, has announced financial results for the first quarter. For the first quarter ending March 31st, the Company had gross revenues of $870,895 compared to $0 for the first quarter of 2014 and $632,865 for the preceding quarter. First quarter revenues represented 47% of total revenues for 2014 and 35% of the proforma revenues for 2014, respectively. The net loss for the quarter was $1.42 million which is $0.01 loss per share.
Read the full SRNA Press Release at http://www.financialnewsmedia.com/profiles/srna.html
The sales activity of the Company is also reflected in the increased level of deferred revenue. Deferred revenue increased from $408,199 at year end to $786,987, a 93% increase. Deferred revenue represents contracts that are in progress pending completion. The Company does not recognize revenue from a contract until it is completed. Surna continued to expand its technology foundation in the first quarter by investing $180,989 on research and development for new technology and products.
The Company also believes brand awareness is important to building a successful company in a nascent industry. Surna spent $82,974 for advertising and marketing in the first quarter to advance its products and brand recognition. Its general and administrative expenses were $803,742. The Company finished the first quarter with a balance sheet that included liquid assets (cash, accounts receivable, inventory and prepaid assets) of $1,846,580, an increase of 23% over last year end. Current liabilities payable in cash total $695,884, of which $303,298 is payable to shareholders
In other cannabis & legal/medical marijuana developments: Green Grow Technologies Inc. (OTC: GRNH) announced that its 4.20 superstore grand opening event exceeded expectations in both attendance and sales. The sales team credits its expanded showroom and demo area as a big draw for new customers and increased sales. Greengro CEO James Haas, stated, "We have a knowledgeable and experienced sales team so giving them expanded demo capabilities helps our customers understand the complete picture. I believe those tools helped us land a design and consulting contract from an Arizona dispensary client that attended our event." The Greengro superstore location is setup to showcase. Greengro and Vertical Hydrogarden products hold informative seminars and demonstrations, and offer design and consulting services for customers of any size. The company has several new innovative product launches set for the 2015 peak season ahead and is accelerating plans to launch more hydroponic, water conservation solutions to help farmers and producers adjust their operations for the extreme drought conditions out west.
Medical Marijuana Inc. (OTC: MJNA) a leading cannabis and industrial hemp industry innovator that sources, evaluates and acquires value-added companies with a focus on the medicinal cannabis and industrial hemp industries, and SmallCapVoice.com, Inc. (SCV) recently announced that a new audio interview with Medical Marijuana, Inc. is now available. The interview can be heard at http://smallcapvoice.com/blog/5-15-15-smallcapvoice-interview-with-medical-marijuana-inc-mjna. Stuart W. Titus, President and CEO of Medical Marijuana, Inc. (MJNA), called in to SmallCapVoice.com, Inc. to go over the recently filed financials and accompanying Shareholder Letter. The interview includes his candid insights into the recent developments for the Company, an overview of the upcoming events to watch for, and the drivers for the explosive product sales growth of 187%.
Totally Hemp Crazy Inc. (OTC: THCZ) recently announced that four new distributors have joined the Rocky Mountain High hemp-infused beverage distribution team. Jerry Grisaffi, Founder of THCZ, stated, "We would like to welcome Mad Beez LLC who will be opening up the Minneapolis-Saint Paul region in Minnesota led by Mark Miles. Minneapolis-Saint Paul is commonly known as the Twin Cities and boasts the highest population in the State." Mark Miles said, "We are excited to once again be on the ground floor of a fresh new product that elicits such exuberant emotions that the target audience becomes raving fans. Our group has experienced this before via Naked Juice as two of our founding members were part of the original group that developed that brand. Test marketing on our existing distribution base leads us to believe Rocky Mountain High Hemp beverages will surpass all of our projected sales expectations. Mark can be reached at (651) 295-8388 for any product information."
Pazoo, Inc. (OTC: PZOO) recently announced that a grand opening event will be held in the afternoon of Wednesday, June 3, 2015 for its Las Vegas testing lab. The facility's construction has been completed, and all of the necessary testing machines have been delivered, installed, and are ready to be operational. It was felt that the first week of June would be the perfect time to hold a big press event. The first part of Pazoo Fest will be held from 3:30 -- 7:00PM at the Laboratory in Las Vegas at 2009 Western Ave and is an open house for everyone. The second half of Pazoo Fest has now been set to begin at 6:00PM and will last until 10:00PM. Please RSVP by emailing your name and contact information to firstname.lastname@example.org to get your name on the list. This event will double up as the first Pazoo Fest event since the one held on November 13th of last year. It is open to the public and we look forward to seeing shareholders in attendance. Please contact the company via email@example.com to sign up to attend this event. The company will be hosting a party at the New York New York Hotel & Casino in the early evening as a meet and greet with the Pazoo family of companies' management team. Money TV has been engaged and will air an entire episode just on Pazoo. Film footage will be taken of the laboratory locations run and operated by the Pazoo group of companies, as well as on site interviews of key Pazoo team members and influential members within the industry.
Terra Tech Corp. (OTCQB: TRTC) recently announced the filing of its financial results for the quarter ending March 31, 2015. Total revenues generated for the first quarter totaled $763,353, compared to $560,319 for the quarter ended March 31, 2014, which was an increase of $203,034 or a 36.23% increase in sales revenue over the same period last year. The increase was primarily due to revenue generated by IVXX from the sale of its cannabis products. Our gross profit for the quarter ended March 31, 2015 was $228,715, compared to a gross margin of$2,090 for the quarter ended March 31, 2014, an increase of$226,625 or gross margins of 29.96% compared to a 0.37% gross margin for the three months ending March 31, 2014. The increase in gross margin was primarily due to Dutch style hydroponic technology improvements made at the Edible Garden facility. The net result for the quarter ended March 31, 2015 was a net loss of$2,076,514, or $0.01 per share, compared to a net loss of$4,916,490, or $0.03 per share, for the quarter ended March 31, 2014. Read more here: http://finance.yahoo.com/news/terra-tech-announces-first-quarter-202000903.html
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