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Tuesday, November 29, 2022

The Long and Short of Surna Inc (OTCMKTS:SRNA)

Surna Inc (OTCMKTS:SRNA) continues to move north on accelerating volume in recent days as it comes back off lows just over a dime. SRNA has a long history of big moves skyrocketing in early 2014 from $0.175 to $8.73. The stock saw a significant run up in November to highs of $0.294.

SRNA operates in the red hot Marijuana industry that has quickly turned into a multi-billion dollar massive growth market that is sweeping across the Country with many new states legalizing the drug including California, Nevada, Maine, and Massachusetts on November 8. Medical MJ products in the U.S. alone are projected to generate up to $35 Billion by 2020.

Surna Inc (OTCMKTS:SRNA) mission is to acquire intellectual property and scalable operating companies in the nascent, legal marijuana industry with a focus on disruptive technology, equipment and related support services. The young Company is led by Stephen Keen, a highly successful lifelong serial entrepreneur and co-founder of Hydro Innovations.

SRNA bills itself as a pure play on explosive growth in the cannabis industry, while being agnostic as to the escalating proliferation of regulated, commodity cannabis growers & sellers, winners or losers; its business model excludes the production or sale of marijuana. ArcView industry research projects the highly fragmented $2.3 billion US cannabis industry will increase over four-fold to $10.2 billion by 2018.

Surna has been very successful in getting its name into the mainstream media; in October of last year they said multiple, major media organizations outlets — including Entrepreneur Magazine and Huffington Post — have featured Surna and its role as a technology leader in the legal cannabis industry.

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In December SRNA announced it was the recipient of the The Cannabist’s inaugural award for Innovation in the cannabis industry.

The Innovation Award recognizes the cannabis business that has shown the most innovation throughout the industry. Eleven finalists were named to qualify for the award. A judging panel consisting of the cannabis industry’s top influencers, including members from the ArcView Group, Canopy, and WomenGrow, selected Surna as the winner. The Cannabist, The Denver Post’s cannabis-focused reporting arm, held the award ceremony on Dec. 15, in The Denver Post building. The ceremony was also streamed live on The Cannabist’s website.

On November 14 SRNA announced its financial results for the three and nine months ended September 30, 2016.

Results for Third Quarter: 2016 Compared to 2015

  • Revenue was $1.2 million, compared to $3.6 million, primarily due to delays in customer readiness to acceptance equipment. Surna continues to expect quarterly sales will fluctuate due primarily to the timing of state legislation, procedural set up, licensing and general availability.
  • Cost of revenue was $754,000, compared to $3.1 million, due to lower sales and the more efficient cost and supply chain management.
  • Gross margin increased to 35.6%, compared to 14.0%.
  • Operating expenses decreased to $654,000, compared to $1.0 million.
  • SG&A and marketing expenses were reduced to $582,000, compared to $825,000, due to reduced personnel costs and cost containment.
  • Product development costs decreased to $72,000, compared to $224,000 as the Surna Reflector and the Hybrid Building transitioned to production.
  • Operating loss improved to $237,000 from $540,000.
  • Net loss was $669,000, or $0.00 per share, compared to $1.3 million, or $0.01 per share.

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Currently trading at a $28 million market valuation SRNA is the latest pot stock to explode up the charts on significant volume. While the Company has just $300k in the treasury revenue growth has been spectacular growing  328% to $7.9 million, compared to $1.8 million last year. SRNA is an exciting story in small caps; the Company bills itself as a pure play on explosive growth in the cannabis industry, has a history of explosive moves in the past and are masters at selling the sizzle on the sector successfully getting its name into the mainstream media in the recent past. We will be updating SRNA as events unfold so make sure you are subscribed to Microcapdaily so you know what is going on with SRNA.

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Disclosure: we hold no position in SRNA either long or short and we have not been compensated for this article.

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