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CleanSpark issues clarification on cannabis industry

The Utah company said it will not contract directly with cannabis companies

Cleanspark, Inc. - CleanSpark Inc issues clarification regarding its connections to the Cannabis industry as it works to finalize its listing with Nasdaq
The company makes software that allows an energy microgrid to be scaled to the user's specific needs

CleanSpark Inc (OTCMKTS:CLSK), a designer of microgrid and distributed energy resource management systems, issued Thursday a clarification regarding its connections to the cannabis industry as it works to finalize its Nasdaq listing.

In a statement, CleanSpark noted it has mentioned the cannabis industry as a potential target market for its advanced energy and control solutions due to its large energy needs and inefficient use of that energy. 

For the same reasons, companies in the energy industry, such as solar providers, have also targeted the cannabis market to directly provide alternative energy to the industry, CleanSpark said.

READ: CleanSpark prepares for Nasdaq uplisting, approves stock split to meet price requirements

“CleanSpark would like to clarify that it has set an internal policy to not contract directly with any companies in the cannabis industry and that it has not in the past and will not in the future divert from this policy, absent fundamental changes in US cannabis laws,” the company said.

CleanSpark said its past press releases discussing forward-looking statements about the growth opportunities in the cannabis industry were in reference to the specific possibility of providing energy controls software to energy providers that could then deploy them across many industries with inefficient energy use, including the cannabis industry. 

“To date, however, those possibilities have not occurred and the company is not currently focusing significant marketing efforts in that manner, and all efforts are solely directed at solar and energy storage providers, not cannabis companies. No revenues to date have been generated directly from that industry,” the company said.

CleanSpark said it continues to have discussions with energy providers, such as solar companies, “about how the use of CleanSpark’s advanced energy and control solutions can be used in many different industries to potentially increase the ROI that the companies can then present to its customers, some of which may be in the cannabis industry.”

The company added: “Our recent press release regarding feasibility studies and engineering contracts for the development of off-grid power solutions are an example of CleanSpark contracting directly with a solar provider whose customer is in the cannabis space.” 

CleanSpark, based in Utah, makes software that allows an energy microgrid to be scaled to the user's specific needs and implemented across commercial, industrial, military and agricultural sectors.

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

Quick facts: Cleanspark, Inc.

Price: 4.02 USD

NASDAQ:CLSK
Market: NASDAQ
Market Cap: $19.55 m
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