Smoofi Inc. (OTC: SMFI), a provider of consulting and advisory services to licensed medical and recreational marijuana operators, recently announced that it signed a non-binding letter of intent with a licensed cultivator to provide turnkey operations and services to a 150,000 square foot licensed cultivation facility located in Pueblo, Colorado.
“We believe that by combining the large-scale production with Smoofi’s proprietary operational efficiencies, it will help lower cost of production significantly and could make this facility one of the most competitive suppliers in the state,” said Smoofi Inc. COO Jack Donahue. “Because of these low operational costs, the project will be focused on only high quality strains to maximize revenue.”
The facility is expected to be one of the largest recreational indoor grow operations in the U.S., with 107,000 square foot for indoor vertical growing and 10,000 square feet of manufacturing and extraction space. Construction is expected to begin in June of 2015 with maximum capacity of 4,000 to 7,000 pounds per month reached in late-2016, which could generate significant revenue.
Under the terms of the agreement, Smoofi will receive fees to provide services including financial and accounting services, staffing and personnel, construction management, information technology, security, and transportation.
Shares of Smoofi Inc. soared higher earlier this week following the news announcement.
Disclaimer: Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: http://www.cannabisfn.com/legal-disclaimer/.