Micron Waste Technologies Inc. (CSE: MWM, OTC: MICWF), an organic waste technology company, recently announced that it has suspended development of the cannabis-industry waste digester system in light of changing market conditions. The company stated that a longer product development was required to reach the commercialization stage of the cannabis waste treatment system.
In its news release, the company stated that the cannabis industry is not currently funding new technologies and this has resulted in a lower outlook on the commercial viability of the company’s Cannavore™ system.
The CannavoreTM is an integrated cannabis waste shredder, microbial digester, and water treatment system. It is designed to operate outside of the facility and has safeguards to prevent biological contamination in the cultivation facility.
In 2017, Micron Waste Technologies signed a non-binding agreement with Aurora Cannabis under which Micron would install an organic waste digester unit at one of Aurora’s growing facilities and where the companies would work to optimize the technology for the cannabis industry. Under the agreement, Aurora (TSX:ACB) would have the option to buy additional units for its other facilities at a preferred price once the optimization program is complete and is proven viable.
The Company will continue to focus on developing its Organivore™ organic food waste digester and effluent treatment systems.
The company also announced it is actively seeking to leverage the company’s approximately $3M working capital and 2.5M shares of Palladium One Mining Inc. to review potential value-enhancing strategic acquisitions.