Visionstate (VIS.V) put together a new division called NEXT Vision to develop Internet of Things (IoT) technology for the cannabis sector, according to a press release.
The $500,000 contract comes at the tail end of years of development, execution and selling software solutions for any kind of facility. Visionstate recognized the necessity and potential utility of this technology for cannabis cultivation facilities, and took swift advantage. Now NEXT Vision will expand their Internet of Things platform from facilities management into what they’re hoping will become an entirely new sector.
“There is no question that IoT technology is increasingly becoming critical to a corporation’s operations. Whether it’s analytics, predictive maintenance, or introducing new efficiencies in operations, IoT has demonstrated returns on investment. For licenced producers, the higher the crop’s quality coupled with cost-effective solutions, the better it is for the producer overall. We are focussing our technology on bringing about those positive results,” said John Putters, Visionstate’s CEO.
Finding a way to inject IoT into cannabis is what Visionstate does. They invest in research and development to find new ways to use IoT, big data and analytics, and sustainability, and introduce their findings to companies to help eliminate inefficiencies, reduce costs and boost customer satisfaction.
Their core product is called WANDA. It’s an IoT touch-screen program that gathers information
on cleaning activities, watches inventories, and manages workforces. Its sensors also collect foot-traffic data, and provides analytics, reporting and dashboards to help make decision-makers lives easier.
The contract gives NEXT Vision the ability to take their IoT specialty and reconfigure
it to meet the demands of the cannabis sector. It’ll include new sensor equipment, new communication protocols between sensors, and robust data and analytics for insights into operational efficiency. Other processes and equipment will include lighting, heat and other environmental conditions and standardization of procedures to be met by the producers.
Right now might be the right time for cannabis as the United States government inches towards federal legalization or decriminalization, and it’s certainly done well during the pandemic. Sales and revenues are up despite the Canadian lockdowns.
VIS’s price is down by a half-penny and closed out the day at $0.11.