Vancouver, Canada, September 28, 2016 – Legend Power Systems Inc. (“Legend”)(TSXV: LPS) today announced that a major North American medical marijuana grower has agreed to purchase Legend’s energy saving device, the Harmonizer. This sale represents entry to a new, significant and rapidly growing market-vertical for Legend.
In 2016 the medical marijuana market is forecast at $6.7 billion in U.S. sales and is projected to reach $21.8 billion in annual sales by 20201.
The medical marijuana market is emerging as one of the most energy-hungry industries. North American based indoor growing operations in 2012 racked up at least $6 billion a year in energy costs with some larger facilities today consuming as much as $1 million in power a month2. Electricity represents as much as 50 percent of an operator’s overhead.
Legend’s Harmonizer is perfectly suited to address energy intensive industries such as the medical marijuana market, helping to reduce production costs with a measurable impact on bottom line profitability.
The medical marijuana industry represents the thirteenth (13th) distinct, major market-vertical in which Legend has achieved sales success. Legend intends to actively pursue other accounts in this market vertical.
About Legend Power Systems Inc.
Legend Power Systems Inc. (www.legend20.wpengine.com) markets a proprietary device, the ‘Harmonizer’ that helps individual buildings reduce energy consumption through the utility-proven concept of Conservation Voltage Reduction, (CVR). Legend provides customers risk free energy savings, improves the value of their physical assets, and enhances their sustainability efforts. As an application with demand side benefits, Legend is also a key contributor toward utility conservation goals. Legend was recognized as the top performing cleantech company on the TSX Venture Exchange in 2015.
1. Arcview Market Research, Legal Marijuana Sales Could Hit $6.7 Billion in 2016, February 1, 2016
2. Bloomberg, As Pot-Growing Expands, Electricity Demands Tax U.S. Grids, December 21, 2015
For further information, please contact:
Randy Buchamer, CEO and President
+ 1 778 945 1501
Steve Vanry, CFO
+ 1 604 671 9522
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
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