In addition to expanding its office space, the increase enables Surna to substantially increase its R&D and manufacturing capacity as well as to build out a showroom to meet accelerating demand for its leading-edge cannabis and other indoor agriculture growing equipment.
Surna Chairman and CEO, Tom Bollich, commented, “Closing the Hydro acquisition was an important milestone for the Company. Founded in 2007, it has a solid and rapidly growing installed customer base. It has an exceptional intellectual property portfolio upon which we intend to capitalize as we apply for additional patents in the weeks and months ahead. We plan to commercialize new, leading edge cannabis indoor agriculture equipment products — some of which are in advanced development and testing phase and will be launched in 2014, while we have a growing pipeline of sophisticated new products in the pipeline for 2015.
“We had maxed out our current Boulder headquarters,” Mr. Bollich added. “Securing a long term lease on the additional space provides a big boost to operating and manufacturing capacity and widens our options for consolidating any future acquisitions.”
The Company represents a pure play on explosive growth in the cannabis industry, while being agnostic as to the escalating proliferation of regulated, commodity cannabis growers & sellers, winners or losers; its business model excludes the production or sale of marijuana. ArcView industry research projects the highly fragmented $2.3 billion US cannabis industry will increase over four-fold to $10.2 billion by 2018.