Solis Tek Issues Shareholder Update Letter
Today 8:30 AM ET (GlobeNewswire) Print
Shifting Business Model to Take Advantage of Cannabis Opportunities Within Legalized Jurisdictions
Solis Tek, Inc. (OTCQB: SLTK), a vertically integrated cannabis technology innovator, manufacturer and distributor, today announced the issuance of the following shareholder letter from its Chief Executive Officer, Alan Lien:
Dear Solis Tek family, partners and shareholders,
We would like to thank you for your interest and support as we are proud of our achievements to-date, having grown to a $9 million revenue business in 2017. While we remain enthused about our current business lines in lighting and nutrients for cannabis cultivation, we are exploring many exciting new opportunities to participate in the expanding legalized cannabis industry.
The legalized cannabis industry continues to evolve rapidly, especially in the United States. Currently, 29U.S. states (plus D.C.) are legal for medical use and nineU.S. states are legal for adult recreational-use. Sentiment is driving demand as cannabis prohibition is waning at both the Federal and State level. According to Gallup polls as of October 2017, 64%of Americans support full cannabis legalization. According to CBS News polls as of April 2017, 61%of Americans favor legalization of cannabis in one form or another and 88%favor medical use.
Our award winning digital lighting and nutrient products, introduced in 2010 to the fast-growing cannabis industry, will continue to enable cannabis growers to increase yield, lower costs and maximize their return on investment. As we expand our network of relationships in the cannabis industry, we have come across many new opportunities for possible corporate expansion.
Our Board and management team are extremely excited about these new opportunities and are determined to broaden the Company's participation in the cannabis industry. Accordingly, we will be transitioning from being purely a service and product provider to exploring new opportunities across all cannabis market segments.
These opportunities are in varying sectors of the cannabis industry and we believe they will offer significant revenue growth at higher margins and sustainable profitability. While we have been presented with many potential opportunities over time, some plans have advanced quickly, and we expect to make further announcements in the coming days and weeks.
We feel this is the right time to transition our Company and strategy because we see an evolving and more beneficial cannabis environment with opportunities to accelerate our growth with our sights on profitability and building long-term shareholder value.
Sincerely,
Alan Lien
Chief Executive Officer
