CropLogic Limited has arranged lease finance options for Australian farmers to encourage them to purchase CropLogic’s global agricultural technology, realTime.
In the announcement dated 29 March 2019, CropLogic Limited (ASX: CLI) announced that German financier GRENKE has agreed to provide lease finance to Australian farmers that would allow the growers to finance their purchase of CropLogic realTime hardware and software package with the flexibility to pay it off over a period of time. In this way, lease finance through GRENKE would equip Australian farmers with cost-effective tools to help optimise their farm yields.
The financing process has reportedly been designed user-friendly so that growers can easily access the application via an online portal, send their request, upload the required documents, and then get started. Once their lease finance gets approved, they will get into the direct relationship with GRENKE, told CropLogic.
CropLogic realTime has been developed as a hardware technology for the agricultural sector, leveraging over 30 years of research. The technology tracks the parameters of the crop such as irrigation, soil moisture and then covert the observation into data 24x7. This information is then framed in a concise format to provide actionable insights to users as a foundation to its cost-saving decisions. The software support offered by the company enables the users to view this data via a user-friendly application called CropLogic GrowerView.
The management advised that the company move’s to offer GRENKE lease finance options addresses the highly-sensitive cashflow issue among its growers as the lease financing would provide growers with an affordable way to finance their purchases of its realTime.
GRENKE is a Germany-based business bank that is focused on providing financial leasing services to its clients. It operates in 32 countries with more than 1,500 employees and offers smart finance solutions that could also be customised to fit the specific requirements.
Brendan Kelly, GRENKE’s Account Director, stated GRENKE has spotted exciting market trends that could potentially make a product like CropLogic realTime useful to horticulture growers. These leasing services would not only assist the growers with their purchase of CropLogic realTime but would also enhance CropLogic’s access to the multi-billion horticulture industry.
The company is further progressing with the hemp production process by facilitating the use of its innovative hardware and software package, CropLogic realTime. Recently, CropLogic announced the utilisation of its agricultural technology to optimise yields from 150-acre Oregon Industrial Hemp Trial Farm. This Trial Hemp Farm is aimed to validate CropLogic’s ability to service the U.S. Hemp market which is expected to $22 billion by 2022.
CropLogic has successfully received its first shipment of industrial hemp seed through its wholly owned Oregonian subsidiary LogicalCropping LLC. These seeds have now reportedly been delivered to a third party nursery experienced in industrial hemp for germination before planting in May.
In today’s trading session, CLI stock price declined by 3.846% to last trade at $0.025 on 29 March 2019. Over the past 12 months, the stock has witnessed a negative market change of 39.53% despite a massive upside momentum of 73.33% recorded in the past three months.
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