Surna inks record contract

BOULDER — Surna Inc. (OTCQB: SRNA), a Boulder-based manufacturer of growhouse equipment for the cannabis industry, announced this week the closure of the firm’s biggest-ever single sale.

The $3.2 million contract comes at an opportune time for Surna, which saw its third-quarter sales — posted in November, the most recent financial results available — fall 70% year-over-year. 

In fact, the $3.2 million deal, which is for a 53,000-square-foot facility in Arizona and beats the firm’s previous record for largest contract of $2.8 million last summer, represents roughly twice the revenue Surna generated in Q3. 

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“For the second time in six months Surna is announcing its largest-ever single contract with this latest contract being nearly 15% larger than the previous record,” Surna CEO Tony MacDonald said in a prepared statement. “Over the last several years Surna has invested heavily in technology R&D as well as in our engineering capabilities. The result has been an expanding portfolio of product and system offerings and enhanced engineering sophistication.” 

As reason for the lackluster performance in 2020, a company disclosure from November cited “recent events in the national and global economies [that] have had an adverse impact on our operations and financial condition, including constraints on capital availability for us and our customers and prospects who have commenced, or are contemplating, new and expanded cannabis cultivation facilities.”

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