Cannabis growing into a big market for Signify

The world’s biggest lighting company has been selling equipment to the horticultural industry for decades, building up its business outfitting greenhouses to grow plants like tomatoes, lettuce and roses. Lately, demand for a new crop has exploded onto the scene: Pot.

A cannabis boom that began a few years ago in the lead up to legalization in Canada, Uruguay and some U.S. states is now fueling sales of equipment like so-called grow lights. The changes in legislation and surge in consumption have led farmers to seek out more controlled and energy-efficient cultivation in hothouses.

“Where it’s legal, we participate,” said Eric Rondolat, chief executive officer of Signify NV, a spinoff of Amsterdam-based Royal Philips NV. “Worldwide we see an evolution in the thinking of cannabis production.”

Rondolat’s willingness to talk about marijuana and Signify is also a sign of change. The manufacturer gets the bulk of its 6.4 billion euros ($7.2 billion) in annual revenue from more mundane products like home lighting fixtures and street lamps. Until a few years ago, selling specialized gear to grow medicinal pot wasn’t something the company sought to publicize.

“We have seen big growth in cannabis being legalized lately and we see that also through our activity,” Rondolat said in an interview.

Click here to read the complete article at Bloomberg.

Photo credit: Cannabis Tours via Wikimedia Commons, Creative Commons Attribution-Share Alike 4.0 International license.

02/21/2019 - Bloomberg

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