Exclusive CFN Media Interview with SolisTek (SLTK) CEO Dennis Forchic
July 24th, 2017
News, Top News
SolisTek (OTCQB: SLTK) an innovator in cannabis lighting solutions, has been offering unique technology designed specifically for marijuana cultivation for several years. This public company’s catalogue includes digital lamps, ignition control with their proprietary SenseSmart technology, digital ballasts, and everything in between. CFN sat down with SolisTek CEO Dennis Forchic at the Spring MJ Biz Con in Washington, D.C. to learn more about the company and its unique properties.
Rachelle Gordon: Tell us about SolisTek and about your place in the cannabis industry?
Dennis Forchic: SolisTek is the most tenured lighting company. It’s one of the few, if not only, that was developed solely initially for the cannabis space. We started introducing ballasts to the cannabis marketplace about eight, nine years ago.
The initial, first presentation that SolisTek made to the consumer marketplace had a software development in it that was tailored to the needs of the industry at that time, and what I find impressive about the company is that over the last seven, eight years, they’ve continued with an R&D focus that has continued to provide the growers, both commercial and hobbyists, with aspects in our lighting that no one else has and it’s been tailored and focused solely for the end results of the cannabis marketplace.
RG: Where does your company operate and sell products?
DF: We sell to all 50 states. We have two primary client bases: at retail hydroponic stores, which are legal in every state. Then we have our commercial accounts as well that we sell – which are in the legal states – that are rapidly expanding across the country. We sell throughout Europe and we sell into Australia as well, so we’re domestic, international and obviously in Canada too.
RG: How has growth in SolisTek been since the advent of recreational cannabis?
DF: We’ve sustained double-digit growth rates year-over-year, quarter-over-quarter, so the company has been on a pretty steady, focused effort to be in front of the balance of our competitive landscape, so as the legality, as the legalization continues to move eastward, we feel that we’re positioned well.
We’re in the process now of evaluating a number of different opportunities. At this point in time, we’re considering a handful of different options. The one thing we know is the majority of employees have told us that come from this industry, we are very, very, very in tune to the grower networks. We talk to the growers on a daily basis. We know what they’re going through and we listen to them and we’ll continue to put products that we believe through our R&D efforts and through the communication with our customers, that continue to serve us and provide them the results they want.
RG: What sets SolisTek apart from other lighting companies?
DF: Well as I mentioned earlier, the majority of the lighting companies that are in this space were initially designed and created for big agriculture – for products other than cannabis. We have software in our ballast, in our lighting systems that are strictly and initially designed and focused for the canopy that is sitting under these lights. We have a multitude of aspects. We have ignition control, which gauges the internal feed of electricity coming into the product so that we’re not blowing breakers. Our lights don’t necessarily all fire at once. They fire in a sequential manner, which again is designed so we’re not tripping or using more electric things coming into the lights at any given time.
Our competitors are, for the most part, putting one lamp in the reflector and running that lamp throughout the plant’s growth cycle. We have tailored working with PhDs on our staff and consultants that we have as well. We provide a multitude of lights: four different lights over the plant’s life cycle, and we rotate the plants under the various lights, the bulbs, and the end result is a better yield for our client. There’s no question that the growers see better results as they go through the program with our lights. It works well.
What we have, because of the commitment from the factory to source only our lights, there are no other lights coming out of this factory, so the IP that we have in place has been tailored and created solely for us and we’re confident that what we’re manufacturing is consistent, the quality levels and the quality-control processes are 100%, always in place, and that has a huge impact on our product in the marketplace here.
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