Recent growth in the legal cannabis market has been significant.
More countries are adopting cannabis-friendly regulations, creating a large market of potential users. In turn, this has created demand for state-of-the-art cultivation technologies to produce high-quality, high-yield cannabis crops. According to Statista, the global cannabis market is expected to reach US$63.5 billion by 2024. Within Canada, consumers are expected to spend C$7 billion in 2019, and over 1.5 million new customers are expected to be added to the market. The “green rush” has led to increased revenues throughout the supply chain, but more specifically in cannabis cultivation.
As an agriculture technology company, Water Ways Technologies (TSXV:WWT) provides water irrigation solutions to small- and medium-sized farmers and legal cannabis cultivators across the globe. To date, the company has designed, supplied and installed irrigation systems in China, Mexico, Ethiopia, Georgia, Laos, Peru and Uzbekistan, among others.
Water Ways generates revenue in two ways: turnkey projects and irrigation equipment. Traditionally, the company sells its irrigation equipment to third-party suppliers. With the company’s recent acquisition of Heartnut Grove, it can now sell its products directly to consumers in Canada’s agricultural community.
Water Ways Tech has also recently launched its internet of things (IoT) controlled irrigation and fertilization system, CANNAWays, to meet the needs of cannabis growers and cultivators worldwide. The system is designed to increase yield and consistency while maintaining the industry’s high-quality product requirements. CANNAWays is also able to help cultivators reduce energy, water and fertilizer costs.
CANNAWays contains a hydroponic system that maximizes the plant’s nutritional absorption as well as systems that fully monitor and control the administration of plant nutrition throughout the different growing stages. The system also contains a fertilizing mechanism comprised of raw fertilizer tanks, dosing pumps, drainage, filtration and water recycling systems. Central to the technology is the IoT control gateway, which allows growers to make informed decisions and control the entire system from their mobile devices.
The following infographic, sponsored by Water Ways Tech, is designed to educate investors about cannabis cultivation processes and the associated technologies.
This infographic was created according to INN editorial standards to educate investors.
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