Solis Tek Inc (OTCMKTS:SLTK)
Solis Tek Inc (OTCMKTS:SLTK) shares are up almost 20%, at $2.52, on heavy volumes. The company presents itself to the hydroponic cannabis industry as a vertically integrated technology innovator, developer, manufacturer and distributor of digital lighting solutions. The company is focused on bringing products and solutions to commercial cannabis growers in both the medical and adult-use space in legal markets across the U.S. Solis Tek’s customers include retail stores, distributors, and commercial growers around the world.
Last week, Solis Tek Inc (OTCMKTS:SLTK) announced that it has retained KCSA Strategic Communications (KCSA), a leading New York-based communications firm, to create a strategic, corporate communications program to support sales and branding efforts, as well as help the Company communicate its broader vision to the marketplace and investment community.
Solis Tek Inc(OTCMKTS:SLTK) has developed a product line that includes digital ballasts, a line of lighting products including a line of specialty ballasts ranging from 400 watts to 1,000 watts with various features, a line of specialty metal halide digital lamps, a line of reflectors, high intensity lighting accessories and a line of double ended lamps, ceramic metal halide lamps and light emitting diode (LED) lighting technologies. Solis Tek Inc(OTCMKTS:SLTK) digital ballasts are designed with ignition control sequential lamp ignition, and SenseSmart, self- diagnostic safety systems. Solis Tek Digital Lamps are designed to be tuned and matched with Solis Tek digital ballasts.
Solis Tek Inc(OTCMKTS:SLTK) reported record revenues for the year ended December 31, 2016 of $8,563,751 compared to revenue of $7,713,456 in 2015. This represents an 11% increase in revenue over 2015. Gross profit for the years ended December 31, 2016 and 2015, was $3,123,859 and $2,719,036, respectively. The gross profit increase of $404,823 or 15% was primarily due to the increase in revenue.
Incoming Solis Tek Inc(OTCMKTS:SLTK) CEO, Dennis G. Forchic, commented “Throughout 2016, Solis Tek’s revenues reached record levels as more states embraced legalized cannabis sales, driving commercial demand for indoor lighting equipment for cannabis cultivation. In addition to securing repeat sales from existing clients, we were pleased to sign new sales agreements with leading industry players such as DNA Genetics, a cultivator of diverse cannabis strains which has won 150 plus industry awards, and GrowBlox Sciences, Inc., a pioneer in the research and development of pharmaceutical-grade, cannabinoid therapies.”
I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.
About the author: Marc has a degree in economics and a MSc. in Finance. Over his 20-year career, Marc has worked for global investment firms in Europe and the United States as an analyst, fund manager, and consultant.