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Feature & Contents
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PolyScience
Philip Preston, president of PolyScience, has approached the cannabis industry as he has with many of his pursuits — to make the world a better place through innovation, create opportunities for people, and respect the environment. He takes us on a journey through PolyScience’s past and where it is going.
First Feed
Groundbreakers
10 From the Editor
28 CanGenX BioTech
12 Good to Grow
32 O:Door
18 Industry Buzz
36 Canarm HVAC 40 Changing Your View of Money
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Maximum Yield
VOLUME 18 NUMBER 04 April 2019
Maximum Yield Industry News is published monthly by Maximum Yield Inc. No part of this magazine may be reproduced without permission from the publisher. The views expressed by columnists are personal opinions and do not necessarily reflect those of Maximum Yield or the editor.
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There are so many people out there who don’t realize that they have a relationship with money, for better or worse.”
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ne of my favorite questions that we ask in our company features is “what is your proudest moment while working with your company?” The responses are always varied. Some say solving a unique problem for a client, or a milestone such as obtaining an important certification or license. Others say watching their employees grow and prosper or working with their family members. In this issue, PolyScience’s Philip Preston had one of the more unique responses. “I think the absolute proudest moment was when I worked very closely with Sedus on a temperature cycling unit,” he said. “At the time, I didn’t know what the technology was, but I knew how to solve the temperature part of that application and it turned out to be a technology called polymerase chain reaction, which is known as DNA amplification. I actually built the large part of the unit that tested OJ’s glove and all of the equipment that we manufactured then was subsequently used in mapping the human genome.” I found this answer particularly interesting because it really encapsulates the entrepreneurial spirit and how fearless people who are innovators really are. It’s a great example of how working outside of your comfort zone can accomplish great and important things. You can find our complete interview with Mr. Preston and PolyScience beginning on page 22 and more of PolyScience’s insight at maximumyield.com. Conversely, in the hundreds of client features we’ve published, not one response to “what is your proudest moment while working with your company?” has been about making money. Which isn’t to say money isn’t important. It is, but our relationship with money can also be complicated and sometimes unbalanced. We address this issue with Wayne Elsey’s article “Changing Your View of Money” on page 40, where Elsey follows Steve, who found out the hard way that the pursuit of money and the pursuit of success aren’t necessarily the same thing. “There are so many people out there who don’t realize that they have a relationship with money, for better or worse,” notes Elsey. “Hopefully, if Steve’s story sounds all too familiar to you, you’ll understand that it doesn’t have to be a bad relationship with money.”
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2 | Hydrofarm — Extract!t
1 | Hannah Instruments
HI 9814 Portable Meter
Designed to bring simplicity to nutrient testing, the Hanna Instruments HI 9814 portable meter is at the heart of the GroLine series and is designed specifically for hydroponic growers. The specialized electrode combines three sensors in a single rugged probe featuring a polypropylene body, integrated temperature sensor, and cloth junction. It’s waterproof and features one combined, pre-amplified pH, EC, and TDS (ppm) probe for hassle-free measurements. — hannacan.com
Micron Bags
Hydrofarm’s new Extract!t micron bags are perfect for the separation and concentration of plant oils and compounds without using solvents. Constructed with canvas material and high-quality nylon mesh, these bags come color coded with micron size. They come in eight sizes ranging from 220μ to 25μ. All Extract!t bags fit into five-gallon buckets. Just blend plant material with ice water or dry ice to assist in the separation process. Once the waste material is removed, squeeze the desirable oils and plant compounds with a pressing screen. — hydrofarm.com
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3 | Extendo Grow
4 | Canarm Scentinel-
Expando V2
Following Extendo Grow’s success with their pioneering product the Expando, the company has now teamed up with Black Orchid to bring out the Expando V2. The Expando V2 took lessons learned from the original to create a more solid, durable grow-tent space booster. V2 has stronger aluminium poles and a new securing mechanism, ensuring it will not move once attached. It’s able to handle high levels of negative pressure, helping growers get more space from their existing grow tents. — extendogrow.com
IDB Odor Control Blower Kit
Canarm’s Scentinel-IDB odor control kit helps fight unwanted indoor odors by recirculating, redistributing, or exhausting air. It’s made of durable galvanized steel construction and these quiet, forwardcurved blowers, partnered with a carbon infused filter media kit, will neutralize odors. Additionally, the Scentinel will not surge, hunt, or stall, while boasting an optional variable pitch motor pulley which allows for field adjustment (typically +/-15 per cent) to match air delivery needs. — canarm.com
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5 | Honor the Plant
Vinyl X2 Pro Series Grow Bag
Used by some of the top growers in the world, including The Gnome and Chef Anna, the Pro Series X2 grow bag features original CannaWall technology which optimizes oxygen flow to plant roots. Each bag is made of vinyl and built to last under the intense lumination of grow lights. The bags enable roots to grow freely, while retaining water and nutrients so plants won’t stunt. Designed specifically for cannabis plants, they can be reused over and over without breaking down. — honortheplant.com
6 | Hydrofarm —
Age Old Humic
Age Old Humic is a liquid plant stimulant that increases cell division and nutrient uptake, resulting in stronger, healthier plants and higher yields. When formulated with trace elements, it works as a complexing agent, helping release phosphorus and potash and making them more readily available to the plant. Humic works by increasing beneficial microbial activity in soil and nutrient-holding capacity of soil in the root zone level. Age Old Humic can also be used as a soil conditioner. — hydrofarm.com
7 | Aromask Odor
Control Products
Aromask has been refreshing the environment since 1985. Initially, the product formulation was designed for indoor gardening and the hydroponic industry as effective solutions to eliminate unwanted odors. Over the years, Aromask expanded into other market sectors including; automotive, waste management, and general household use. Recently, due to the changes in cannabis laws, Aromask has developed unique retail packs which are readily available in cannabis dispensaries throughout Canada. Aromask is very effective in eliminating cannabis odors from clothing and your smoking space. — aromask.com
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8 | MedXtractor
CO2 Cannabis Oil Extractors
CO2 -based cannabis oil extractors are ideal for craft marijuana growers. These well-priced products allow craft growers to produce high-value, residual-free cannabis extracts from trim, flower, and rosin chips without breaking the bank. Using patentpending technology, MedXtractor oil extractors are well built and feature stainless steel construction with no mechanical pumps and don’t leave any hydrocarbon residue. MedXtractor can ship their extractors anywhere around the world. — medextractor.com
MEDXtract r
9 | Reiziger
9
10
Root Booster
Norwegian sea kelp contains many rootsustaining properties and is a proven organic booster to maximize root function and generate maximum yields. Reiziger Root Booster has been a staple of many professional gardeners and growers for more than 20 years to activate, revive, and stimulate indoor hydroponic plants, outdoor plants, seedlings, trees, flowers, bulbs, natives, and more. This nutrient-rich, organic root stimulator has the power to save, revive, or help newly-potted plants and transplants grow early white healthy roots, give more uniformity, and improve survivability. — reiziger.com
10 | Grower’s Choice
Master Pursuit 1,000W CMH Grow Light
Grower’s Choice introduces the Master Pursuit 1,000W CMH grow light system. It offers industrial-grade power with dual, ultrahigh efficiency 500W CMH lamps. The Master Pursuit delivers deep canopy penetration with broad-true full horticultural spectrum from top to the very bottom. It is focusdesigned for specialty flowering plants and bioengineered to replicate and harness the full brilliance of the sun while enabling growers to mix spectral color levels for optimal development for each stage of growth. — growersc.com
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11 | HydroLogic
Mini ARCS
Mini ARCS (Automated Reclaimed Condensate System) are the next step towards zero waste thanks to condensate reclamation. With Mini ARCS, up to 720 gallons of water per day can be reclaimed and purified from HVAC runoff. The water going back into the irrigation system is pure, free of pathogens, contaminants, and bacteria, and pH balanced. The product water flow rate is 0.5 gallons per minute and the Mini ARCS unit weighs 18 pounds. — hydrologicsystems.com
12 | Hydrofarm —
PHOTOBIO LED Grow Lights
Specifically formulated for high-power greenhouse and indoor growing, PHOTOBIO lighting solutions are developed by photobiologists for horticultural professionals and backed by Hydrofarm’s more than 40 years of experience manufacturing equipment for controlled environment agriculture. PHOTOBIO’s unique spectra improves nutritional value, extends shelf life, drives more pigmentation, increases active compound production, and shortens flowering times. Patented PHOTO•PRO photon regulating optics create unrivaled uniform light delivery to your plant canopy with higher-thanaverage PPFD. PHOTOBIO LED grow lights are distributed by Hydrofarm. — photobioled.com
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13 | CO2Meter
RAD-0501-W Wi-Fi Monitor & Controller
CO2Meter’s new Wi-Fi day/night CO2 monitor and controller (RAD-0501-W) is newly designed with realtime sensor monitoring giving you the ability to track all areas of your growroom wirelessly. Simply mount the unit, plug it into a standard wall jack, and it is ready to maximize your plant growing yields. The RAD-0501-W can be used in greenhouses, growrooms, mushroom houses, hydroponic rooms, and other places where CO2 levels are used to maximize plant growth — co2meter.com
14 | Geoflora VEG
and BLOOM
Geoflora VEG and BLOOM is a fully organic, two-part dry nutrient. Geoflora VEG and BLOOM is dustless, ensuring all 20 of the highest quality organic inputs are delivered evenly and without creating harmful, irritating dust. VEG’s (5-3-4) formula is designed for transplant, while also creating an established, well-supported microbial environment. BLOOM (3-5-5) has reduced nitrogen levels to help flowers and fruits achieve their maximum potential. Unique, organic phosphate and potassium sources kickstart flowering, leading to rich, developed floral structures. — leftcoastwholesale.com
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15 | HydroLogic
16 | Essential Earth
Hydroid Water Filter
HydroLogic’s Hydroid water filter is rated at more than 5,000 gallons per day (blended) of pure water output capacity (pure reverse osmosis capacity is 3,200 GPD). It’s a plug-n-play compact commercial filter that’s still portable and powerful. It boasts a two parts-productto-one-part waste water ratio, which is among the best in the industry. The Hydroid has onboard prefiltration (100,000-gallon capacity) and runs off standard 110V electricity. It uses reverse osmosis and is best suited for light commercial applications.
Products Tough Love
Tough Love is a natural and impressive broad-spectrum insecticide composed of premium, minimum-risk botanical oils derived from specific strains of herbs that meet the highest values of biochemical content specific to their purpose. The proprietary formulation of Tough Love yields a solution that is emulsified at a nanoparticle level and is highly effective at eliminating softbodied garden pests and their eggs, allowing the restoration of beneficial insect balance within agricultural and home garden systems. — essentialearthproducts.com
— hydrologicsystems.com
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industry BUZZ BrightFarms Plans Three-greenhouse Expansion
BrightFarms recently announced plans for national expansion as it plans on opening three new greenhouses. The facilities will be located in central New England, the Hudson Valley in New York, and North Carolina. Each facility will be 280,000 square feet and occupy 20 acres of land. BrightFarms said each greenhouse will create approximately 55 jobs. The company currently operates four greenhouses (in Illinois, Ohio, Pennsylvania, and Virginia), supplying major retailers in a dozen major metro markets. In order to more quickly meet retailer demand for locally grown produce, BrightFarms will also explore acquisitions and partnerships with existing greenhouse growers in each of the new markets. Building of the new greenhouses will start by the end of the year. “We are committed to transforming the produce category to provide the freshest, tastiest, and most responsibly grown produce,” says BrightFarms CEO Paul Lightfoot.
CO2Meter Announces New CEO
CO2Meter, a Floridabased designer and manufacturer of gas detection and monitoring devices, recently announced that Travis Lenander has become CEO and owner of the company. Lenander had been CO2Meter’s vicepresident of operations after joining the company in 2017. “Travis has made significant positive impacts in our total business that helped our overall strategy and structure; we have positioned the business for continued future growth,” says Irene Hicks, former CO2Meter CEO. Lenander’s leadership and diverse background were an early indicator of success and translated seamlessly to CO2Meter. He helped grow the company’s customer base substantially while the firm doubled its revenue. Lenander has held roles in sales management, business development, operations and management consulting with GE and Price Waterhouse Coopers. CO2Meter also announced former president Ray Hicks will stay on as manager of engineering to lead that department, R&D, and provide support in advancing CO2Meter’s gas detection technologies and product innovation.
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AIPH Demonstrate Green City Principles
The International Association of Horticultural Producers (AIPH) will be demonstrating and promoting Green City principles through the AIPH garden at Expo 2019 in Beijing. The Expo runs from April 29-Oct. 7, 2019. AIPH’s garden, called “The Rewilding Garden,” was designed by UK- and Singapore-based landscape architects Grant Associates. AIPH wants to promote the urgent need for urban greening and sees the expo as a prime opportunity. “’The Rewilding Garden’ will show that nature can flourish in cities, providing a multitude of benefits including improved water management, cleaner air, habitats for pollinators, and better health and well-being of citizens,” says Peter Chmiel, Director at Grant Associates. The exposition will be one of the largest horticultural trade events in the world, attracting members of the horticulture industry and public alike. The expo received official approval by AIPH as an A1 category event in 2012 and subsequently gained the recognition of the Bureau of International Expositions.
Aurora Cannabis Appoints New Exec. Chairman
Michael Singer is Aurora Cannabis’s new executive chairman of the board of directors. The Canadian licensed producer also recently announced Ronald Funk takes over as lead independent director, while Margaret (Shan) Atkins became the new independent director and chair of Aurora’s audit committee. Regarding his new role, Singer says he will continue to work closely with CEO Terry Booth and the rest of the company’s senior executive team on the firm’s strategic direction, execution, and finance. Singer noted the speed of Aurora’s growth warranted more independent board roles, as well as measures to improve its corporate governance practices. “We want to show leadership on many fronts and we’ve done so by virtue of the recent guidance that we’ve put out in our calendar that this company will move to profitability,” says Singer. Aurora’s goal is to become profitable by the middle of this year.
Oregon Senator Submits Federal Cannabis Bill for Legalization
Oregon Senator Ron Wyden (D) has introduced a bill, aptly titled S.420, that, if passed, would deschedule marijuana by removing it from the Controlled Substances Act, establish a federal excise tax on legal cannabis sales, and create a system of permits for businesses to engage in cannabis commerce. Currently (and somewhat befuddling) in the US, marijuana is classified as a Schedule 1 drug, along with heroin, LSD, and magic mushrooms, while Schedule 2 drugs include cocaine and methamphetamines. The new senate bill was filed in February and has a long way to go before it becomes law. Wyden’s bill is not the first to have 420 attached to the name. In January, another federal lawmaker from Oregon, Representative Earl Blumenauer (D), filed a congressional bill to regulate marijuana like alcohol, numbered H.R. 420. Also in January, Minnesota state lawmakers introduced a cannabis legalization bill designated as HF 420.
CEA Advisors Forms New Cannabis Division
After helping clients grow plants and produce using controlled environment agriculture, CEA AdvisorsGreen Agro Tech (the maker of Growtainer) is entering the cannabis space. The company has recently completed the design process for a competitively priced shipping container farm that’s specifically for cloning and young cannabis plant production. “Although I grew indoors many years ago, I spent more than a year discussing today’s technology and the specific requirements of this crop with industry experts and component manufacturers, and when I was sure we could execute, we began the design and manufacturing process,” said Glenn Behrman, founder of Greentech Agro and CEA Advisors. The company created a fully equipped, plug-and-play fully insulated container-based Clone Facility that offers a separate utility area with climate-controlled vertical production space for cloning and mother plant storage. Based on the current configuration, each unit is capable of producing 1080 four-inch pots per cycle.
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industry BUZZ Industry Pioneer Brite-Lite Celebrates 50th Anniversary
The maker of Optimum Hydroponix is celebrating half a century of successful operations. The Brite-Lite Group turns 50 this year and has come a long way since the early days in 1969 when a group of young Montreal entrepreneurs created an environmentally friendly business to recycle, recondition, and resell used fluorescent light fixtures. From those humble beginnings, Brite-Lite has grown to become an industry leader in specialty horticulture and urban gardening. Based in Laval, Que., the company services a network of its own retail stores, while the wholesale arm also distributes products across Canada and the US including Optimum Hydroponix nutrients, one of the best-selling Canadian brands. These products, along with Mo’Koko coco substrate, were developed by Brite-Lite Group through its ongoing commitment to research and development. In celebrating 50 years, the company attributes its longevity to its ability to change with the times.
GrowGeneration Continues Rapid Expansion with Reno Hydroponics Purchase
Hydroponic retailer GrowGeneration continues its growthby-acquisition strategy by buying the assets of Reno Hydroponics. This comes after they bought Palm Springs Hydroponics in February. GrowGen currently has 23 stores in eight states. “As a recreational legal market, Reno is a prime area for GrowGen, with an increasing number of dispensaries and cultivators,” says GrowGen CEO Darren Lampert. “We continue to enter markets where the cultivation laws are conducive to growing and where GrowGen can strategically locate its operations in areas where there is a high concentration of growers. Our growth plan is working.” In other GrowGen news, the company also purchased certain assets of BWGS. The deal includes purchasing all the inventory of BWGS, as well as all their branded products. “This transaction bolsters our ability to supply branded ‘house’ products to our customers,” Lampert says.
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Greenhouse-grown Produce Demand on the Rise
Several indicators are showing demand for produce grown in greenhouses is rising. Gary W. Hickman, a greenhouse horticulture advisor at the University of California-Davis, notes an increase in greenhouse-grown produce has come about over the last few years because of higher consumer demand amongst concerns of food safety, traceability, flavor, and quality. Also, a huge producer in the US, BrightFarms, is expanding this year with four new massive greenhouses. And, according to Cuesta Roble Greenhouse Vegetable Consulting, based in Mariposa, CA., the current estimate of greenhousegrown vegetables is 1.29 million acres. A reason for the growth is retailers are taking advantage of the ability to get produce from local greenhouses and vertical farms and quickly get it onto shelves for sale. Dino DiLaudo, vice-president of sales for Westmoreland-TopLine Farms has seen a natural shift towards more greenhouse produce at the retail level due to quality, service, and the availability of product.
Global Seaweed Fertilizer Market Expecting Future Growth
Thanks to more awareness of organic farming and products, the seaweed fertilizer industry is expected to be worth $17.1 million by 2025. The market was valued at $9.6 million in 2017. A big reason for the expected rise is higher demand for seaweed as chemical fertilizers have been banned from several countries including the US, France, Germany, and the UK. Seaweed extract is a major source of nutrients that are essential for plant growth. Seaweed fertilizer comes in both powder and liquid forms. Over the past 10 years, Europe has implemented regulations related to organic labeling and has witnessed an increase in organic food consumption. Organic food growth has pushed demand for organic fertilizers as well. Seaweed is a costeffective alternative to chemical fertilizers and enhances fertilizer effectiveness when applied with NPK (nitrogen, phosphorus, and potassium) fertilizers. Seaweed fertilizer is also effective against pests including aphids, red spider, and slugs.
BrightFarms Appoints New Chief Financial Officer
Steve Campione is the new CFO of BrightFarms, one of American’s largest greenhouse suppliers of local supermarket produce. Campione brings more than 20 years experience in operations, finance, and investment banking to the New York-based company. “Steve is a world-class business leader,” says Paul Lightfoot, BrightFarms’ CEO. “We look forward to benefitting from his expertise in creating the tools, systems and culture to enable the company to smoothly scale nationally.” Campione was CFO and COO at Rural Media Group, where he led the company through several capital raises, while helping quadruple operating profits. “I’m thrilled to join the BrightFarms team and to continue the company’s terrific momentum,” says Campione, who joins the firm Campione after its successful Series D funding round in 2018, where it raised $55 million. The financing has enabled continued national expansion of BrightFarms’ network of local and sustainable farms.
Philips Lighting Addresses Australian Demand with Key Hire
Looks like Philips Lighting found the right person to help with surging demand for horticultural LED lighting in Australia and New Zealand. The international lighting company hired Aart Slobbe as its key account manager for the region. Slobbe holds a B.S. degree in horticulture and has been working in the vegetable seed industry since 1989 in various roles. He has been involved with the Australian and New Zealand vegetable industry since 1992. Slobbe has held various positions at De Ruiter Seeds as part of Monsanto. Slobbe will be attending the PCA Conference from July 9-12 in Adelaide, Australia, to demonstrate Philips Horticulture LED products. In a press release, Philips stated: “We are happy to welcome Aart to our team in the rapidly growing APAC region. He will help build our business in the high-wire vegetable segment, since this segment continues to expand (rapidly).”
Lumileds Appoints New Chief Executive Officer
Dr. Jonathan Rich has taken over the reins as Lumileds’ new CEO, the company recently announced. He succeeds Mark Adams, who stepped down but will stay on working in an advisory role with the international lighting manufacturer. “I am very pleased to be joining Lumileds and am looking forward to building on the company’s differentiated lighting technology foundation to increase the value we can deliver to customers across a broad set of industries,” says Rich. “The opportunity for lighting innovation to make a positive impact on safety and sustainability is tremendous.” Rich most recently served as chairman and CEO of Berry Global, Inc., a Fortune 500 specialty materials and consumer packaging company, from 2010 to 2018. Rich has also worked for Goodyear and General Electric. Among other lighting products, Lumileds produces a series of horticultural lights and employs 9,000 people in 30 countries.
Tilray Enters Hemp Market with Manitoba Harvest Acquisition
Canadian cannabis producer Tilray recently made a big purchase in acquiring Hemp Heartsmaker Manitoba Harvest. Tilray will pay up to $419 million in cash and stock as it gets a foot into the US hemp market thanks to Manitoba Harvest’s products being on shelves in both Canada and the US (roughly 16,000 retail stores total). “They’re going to want to go with suppliers that they know and trust,” says Tilray CEO Brendan Kennedy. “And so, we think that gives us an advantage in pursuing that opportunity in the US.” Manitoba Harvest plans on launching a branded line of tinctures, sprays, and soft-gels containing broadspectrum hemp extracts with CBD in America this summer, says its CEO Bill Chiasson. Manitoba Harvest — whose portfolio of products include Hemp Hearts, Hemp Oil, and granola — hopes the transaction will fuel expansion of its existing business.
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REMARKABLY RESPONSIVE Temperature Control Solutions®
In business for more than 50 years, PolyScience has been an integral part of innovation in the cannabis vertical for more than a decade. Philip Preston, president of PolyScience, has approached the cannabis industry as he has with many of his pursuits — to make the world a better place through innovation, create opportunities for people, and respect for the environment. He takes us on a journey through PolyScience’s past and where it is going.
PolyScience was in business way before the cannabis industry became so in vogue, wasn’t it? 6600 W. Touhy Ave., Niles, Illinois 60714-4516 800-229-7569 • 50+ years in business • polyscience.com
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Well, my father started PolyScience in 1963 and obviously I was still pretty busy with grade school at the time. As I got older, I spent some time working on racing cars with a pit crew. Some of my best mechanical engineering knowledge came from those years. I’ve worked in every position at PolyScience from assembly to shipping to sales and marketing, and I took over PolyScience operations in 1982.
In the cannabis industry there’s a lot of Johnny-come-latelys, but PolyScience isn’t one of those, right? What does that mean as far as quality when you’re talking about the cannabis industry?
Well, with more than 50 years of experience in manufacturing precise temperature control equipment, certainly we have not only tremendous experience, but we also have developed a great deal of structure to how we do things here. In that we have a very mature ISO-9001 certified quality system that really is something that everyone in this business lives by, because in that spirit you will continuously improve the product and the process. Additionally, we have a structured ISO-14001 environmental system in place because I believe that we should not only provide the highest quality products, but we should leave a minimal footprint in doing so.
Did cannabis find PolyScience or did PolyScience find cannabis?
Getting into the cannabis market is something that happened a little by chance. There was a customer that contacted us and because we’ve got an excellent sales and customer service team, they looked into the application and what products we offer that will fulfill our customer’s needs. And then as that evolved, we really started to dedicate more resources to that and better tailor products to the specific needs of the cannabis market.
When and where did PolyScience begin?
PolyScience began in our garage, a two-car garage, in Evanston, Illinois, and then shortly after that we built our first building in Evanston. We were there until about 1972 when we moved to Niles, Illinois, and we have been in several different facilities here in Niles. Today, we have more than 70,000 square feet of manufacturing space and also a fulfillment center just down the road for all of our outgoing shipments. We also have a fulfillment center just outside of Amsterdam, so we’ve come a long way from that two-car garage.
What did PolyScience first produce?
Our very first product we manufactured was a flow-through chiller. At that time, though, there was a lot more diversity to PolyScience and a sister company that was called Preston Publications. We published The Journal of Chromatographic Science, The Journal of Analytical Toxicology, and The Photo Techniques Magazine. There was also a chemical division of PolyScience where we produced and purified more than a thousand different chemicals as reference standards for chromatography analysis. And then as we expanded, we acquired a manufacturing facility company that was making electronic test equipment, and there was even a short period of time in the early 1970s where PolyScience built oscilloscopes, capacitance testers, and even Geiger counters. Making the Geiger counters was one of my jobs in high school.
“OUR COMPANY PHILOSOPHY IS VERY DRIVEN THROUGH CUSTOMER SATISFACTION
and designing the right products for that need.” How does PolyScience’s philosophy translate to opportunities?
Our company philosophy is very driven through customer satisfaction and designing the right products for that need. I think, though, that this question also ties in to creating opportunities for growth with people that work for PolyScience. We want to take a fresh look at how customers are using our products and using our statistical data. That’s part of our quality system, to show where there are shortcomings in the product and then always drive the combination of those two things together to create the new products, new features, and opportunities to prevent any future failures.
The reaction from the cannabis industry has been incredibly positive, hasn’t it?
It has. People have really embraced what we are doing because while there are lower-cost solutions in the market, our high level of commitment to quality product and having it made in the USA allows immediate access. Whether it’s a customer service person to help with an application or if you really need to speak with the engineer, the people that actually designed that product are available. And given we are manufacturing them just outside of Chicago, should there ever be a need for sending a product in for service or getting replacement parts, those are immediately available. Maximum Yield
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What were some of the struggles PolyScience had to overcome that stand out?
I think as a small business, you are always faced with that struggle of operating within the constraints of cash flow. Because you always have more ideas than you have money, I think it came down to saying “let’s do the best we can” in promoting the product and really make sure you funnel most of the money back to the R&D and the production side. And I think a lot of people that are developing a small business can really appreciate how many hats you have to wear and that there will be a very long time before you’re well compensated for wearing all those hats.
How does PolyScience gain market share and recognition?
We’ve always relied very heavily on gaining market share through successful implementations of the product because I think that is what the customer will believe rather than looking at some huge ad campaign or just throwing dollars around telling the world how great we are. Growing market share comes through finding someone that you can work with and doing a really great job for them and then everyone that has a similar need will see that success. It’s truly demonstrating rather than just talking about it. As I always say, words are cheap.
What is your current product line for cannabis products?
What is your proudest moment at PolyScience?
I’ve been extremely fortunate to have the experiences in the temperature-control world cross paths with really game-changing technologies. And I’ve been very proud to be involved with many of these, whether it was sous-vide cooking or ways that we have helped emerging technologies. I think the absolute proudest moment was when I worked very closely with Sedus on a temperature cycling unit. At the time, I didn’t know what the technology was, but I knew how to solve the temperature part of that application and it turned out to be a technology called polymerase chain reaction, which is known as DNA amplification. I actually built the large part of the unit that tested OJ’s glove and all of the equipment that we manufactured then was subsequently used in mapping the human genome.
We absolutely love that story. What significant things have you learned about the cannabis industry so far and how has it affected development of what you make?
Yeah, I think what I’ve learned from the cannabis industry is that it’s an industry faced with the challenges of rapid growth and a lot of people with an entrepreneurial spirit having to face the challenges of running a successful business. I think that the combination of skills is probably much harder than most people in this industry realize. I’ve also seen that challenges from a product perspective and in that this industry moving as rapidly as it, they always
Well, PolyScience offers a full range of liquid temperature control solutions. Heating circulators, refrigerated circulators, recirculating chillers, and probe-type coolers that are used quite often in cold traps of vacuum systems. This gives a wide range of capacity, of heat removal and pumping, and fulfills a large percentage of the needs found in the cannabis industry.
Where do you distribute?
Our distribution is really handled in two different and distinct ways. A large percentage of our business is working very closely with partners who manufacture the solution and require the temperature control devices that we build as part of their entire package. Then, in some ways, we also will work with distribution companies that are offering a very wide range of products to service a market.
How many people work for PolyScience?
PolyScience currently has just under 200 people working with us.
What are the strengths of PolyScience?
Our greatest strength at PolyScience is the team of people that work here because there is tremendous dedication to the core values that we have of that strong commitment to the customer, the strong commitment to quality, and a strong commitment to the environment while offering a product with an excellent overall value.
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“
EVEN THOUGH LIQUID TEMPERATURE CONTROL MAY NOT SOUND THAT EXCITING, it continues to be a really fun challenge every day to figure out how to do it better."
“PEOPLE HAVE REALLY
EMBRACED WHAT WE ARE DOING because while
there are lower-cost solutions in the market, our high level of commitment to quality product and having it made in the USA allows immediate access." want more. And whether it’s more in terms of cooling capacities, temperature ranges, or reliability, that is what I see as the growing demand in this market. And we’re very excited about some of the things that we have done in terms of launching cold trap minus-80 chillers that are better suited to the specific needs of this market. And we are about to launch a new line of chillers that will give much more information to the user. They will give a lot more flexibility of how they can be used, the types of applications, and, most importantly, I think is that they are designed with a tremendous level of inherent reliability.
You’ve grown up in this company, what have you learned?
Well, you know, when I look back to 1982, I actually used to print three business cards — sales manager, general manager, and president because it depended on which hat I would be wearing at that moment. The things I’ve learned are that it is a really fun ride, but it is a far more complex world today. When I look back to 1982, I would be answering the phone — no one owned a cell phone — we ran the company without a computer, I would type all of the orders that we would receive on an IBM Selectric typewriter, and I thought that was really a cool piece of equipment. All of our marketing efforts were space advertising in trade publications or direct mail which is basically put the catalog in the mailbox and hope for the best. Today it’s much more complicated. You know, we didn’t have structured quality systems in place back then — documented training, work instructions, and prints and procedures. Today’s world of marketing has changed radically, there are always more places to promote a product, whether it’s the old-school direct mail or Google, who would love to sell you solutions. There are lots of good publications out there that are targeting both through space advertising and web-based advertising. I think it comes down to it’s just a much more complex world today and it really is much more of a challenge for that entrepreneur starting a new business.
What advice do you have for these entrepreneurs?
A true entrepreneur always has a very clear vision and they know what their product will look like this year, next year, five years from now, they know the direction things are going. I think one of the most important things is to make sure that you are always
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driving that agenda and creating a sense of urgency and communicating to the team of people you work with what your vision is. Also, being prepared to work very long hours, wear lots of hats, be grossly underpaid, knowing that there are tremendous rewards for it because it offers some unique rewards when you can control your destiny and also feel as though you are having a very positive impact on, to some level, the world and certainly on the people that you work with.
What makes your employees so awesome?
I think that one of the things that really makes the team at PolyScience extraordinary is that everyone is pulling for a common goal and it’s very clear to people what we are trying to do, and everyone is showing that dedication to that goal every day here. It is a lot of fun because even though liquid temperature control may not sound that exciting, it continues to be a really fun challenge every day to figure out how to do it better, how to make sure it’s done on time, and how to communicate that to our potential customers.
You’re not just a guy in a corner office. You have a garden that you’ve designed, you work on motorcycles, science and engineering, and this company is your passion. You really live this don’t you?
Yeah, I love when I have the opportunity to turn wrenches on an old car or work on new designs for new products. I love thinking of ideas that could solve some of the world’s problems whether I have the power within me to do that or not. This is something that is very much a part of my life, I love what we’re doing at PolyScience. It comes home with me — like taking our temperature control technologies then incorporating geothermal heating and cooling into my home. And when I developed a culinary division of the business that led to building a small farm at my house that now I’m able to donate a significant amount of food to the food bank every year from that. Of course, the natural evolution there would be then becoming a beekeeper and raising chickens and growing fruit trees, so it’s a very strange combination of things. I’m a farmer, auto mechanic, and engineer with a specialty in temperature control. I think it’s just a matter of being engaged and it doesn’t matter what it is as long as you really take a deep dive into everything that catches your interest.
With the emerging cannabis industry, CanGenX CEO and founder Geoff White knew advanced lab services would be important for developing the technologies needed for the legal cannabis industry in Canada. Geoff tells INews how CanGenX got started, what it’s accomplished, and where it’s going.
Inspire to grow
300 Okanagan Ave. E, Penticton, BC Canada 1-250-487-8229 4 years in business
cangenx.com
™
What were you up to before founding CanGenX?
Prior to starting CanGenX BioTech Inc, I was solely operating ProgenyBio Agricultural Services Inc, providing consulting, virus testing, and tissue culture services to the agriculture sector of British Columbia. Before that, I worked for a private agriculture research firm, converting a 25-acre mixed orchard farm into a new research station, conducting trials on over a dozen crops. Preceding that, I gained more than 13 years of plant biology education, resulting in a number of degrees and a vast range of knowledge and expertise.
How did you get into the cannabis industry?
Interest in the cannabis industry started for me around 2001, when legal hemp production was popping up in areas of Nova Scotia, my home province. Spurred by curiosity in the resurgence of this crop, I focused my second degree on agronomy and plant molecular biology, developing an honors project where I worked on genetically transforming hemp. This research served as the foundation for the cannabis tissue culture micropropagation technology behind many of the products created by CanGenX. The legal cannabis industry was yet to really develop in Canada at this time, so I continued my education with over six years of PhD research in plant molecular virology. 28
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In 2012, I created ProgenyBio Agricultural Services to serve as a means for providing advanced lab services and later became licensed under the Narcotics Control Regulations (NCR) to perform research and testing on cannabis. ProgenyBio has since migrated its license to the new Cannabis Regulations (CR) and currently holds a Research License and an Analytical License through Health Canada. Today, most of the work at ProgenyBio is now focused around research and operations for CanGenX.
What were some of your struggles as you started the business?
Traditional cannabis nutrient programs tend to require numerous products applied at various concentrations at different timings of the crop cycle. This process was taking several hours a day when managing all the different strains and stages of cannabis plants in the ongoing research of CanGenX. It became obvious that since a product like this didn’t exist, CanGenX needed to develop it. After three years of testing
When and where did CanGenX BioTech begin?
CanGenX BioTech was formed due to the continued interest in ProgenyBio to work in cannabis and serves as a directed means of commercializing technologies that they develop and apply to legal cannabis production. CanGenX was incorporated in June 2014 and continues to operate out of the state-of-the-art ProgenyBio facility in Penticton, British Columbia. CanGenX maintains exclusive access to ProgenyBio’s Health Canada licenses for research and services within the legal cannabis industry. The staff of CanGenX and ProgenyBio continue to work hand-in-hand to bring new and exciting technologies to the legal cannabis industry in Canada.
What were the start-up years like?
The early years of ProgenyBio were humble to say the least. It was just Kristen Planidin (lab manager) and I operating out of a one-room shack, performing tissue culture by a flame and sterilizing media and utensils using a pressure cooker and hot plate.
How did a successful micropropagation project result in your first product?
The first project with ProgenyBio was developing organic tissue culture formulations and procedures for cucumbers. Similarly, under CanGenX, it was tissue culture micropropagation formulations and procedures for cannabis. To this day, CanGenX continues to remain as one of the premier global experts in cannabis tissue culture. The first commercial product from CanGenX came as a result of the successes in micropropagation. CanGenX needed a nutrient product that could be easily used with all stages of cannabis development.
“
CanGenX performed gene activation studies to ensure the final blend resulted in the “full genetic potential” for cannabis production.”
and analysis, MANTIS Buffered Nutrients is now available for commercial sale across Canada. Now, with no need to check pH, follow a schedule, or flush pre-harvest, feeding cannabis plants of all strains and stages takes only minutes.
How did you gain market share and recognition?
Hard work and focus on what we do best has been key to gaining market recognition for CanGenX. To build the brand, CanGenX has been focusing on social media platforms such as Pinterest and Instagram (follow @cangenx).
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What products and services do you offer?
CanGenX is currently offering MANTIS Buffered Nutrients to cannabis growers of all shapes and sizes across Canada. CanGenX also offers Cannabis Virus Testing to licensed producers under the Cannabis Regulations. (Contact info@cangenx.com for more information).
“
CanGenX sees the future of cannabis in the home producer.”
Where do you distribute?
MANTIS Buffered Nutrients can be purchased online at mantisbufferednutrients.com and through various garden centers and hydroponic shops across Canada.
What are your company’s strengths?
Scientific expertise and amazing personnel with a focus on quality is what sets CanGenX BioTech apart.
What are some of your proudest moments?
A recent proud moment is CanGenX being invited to be showcased at the 2019 #BCTECH Summit through Innovate BC. This opens CanGenX up to a whole new platform being recognized as a biotech company and not only a cannabis company. A less obvious proud moment is when I went up against the Dragons of CBC’s Dragons’ Den and withstood their fury. With that said, we are most proud of changing peoples’ lives for the better with our work. Expertise in cannabis tissue culture micropropagation and molecular biology has allowed for the constant development of new strains and technologies while awaiting further licensing from Health Canada. In developing MANTIS Buffered Nutrients, CanGenX performed gene activation studies to ensure the final blend resulted in the “full genetic potential” for cannabis production. Studying plants at a molecular level gives CanGenX BioTech absolute confidence in the products we develop.
Has CanGenX moved or expanded since the beginning?
CanGenX has been growing at a modest pace as many of the coming product offerings are awaiting the appropriate licensing from Health Canada before the sale of cannabis can begin. The ProgenyBio facility has nearly doubled in size since opening in preparation for additional licensing and operations for CanGenX. 30
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What significant things have you learned so far about the cannabis industry?
The main lesson learned from the early days of the cannabis industry is that things are not necessarily as they seem.
What have you learned about starting and growing a company? Patience and focus are crucial to building and growing a successful company.
What words of wisdom can you share about the business, the industry, or future or the industry? CanGenX sees the future of cannabis in the home producer. Growing your own and sharing with friends and family will likely not be much different than sharing a crop of tomatoes in the future.
THEN
NOW
SIMPLICITY REALIZED
VISIT MANTISBUFFEREDNUTRIENTS.COM FOLLOW US ON INSTAGRAM @CANGENX
THE NO ODOR DOOR ADDRESS: HARROW WEALD, HARROW, GREATER LONDON, ENGLAND, UNITED KINGDOM PHONE: 0203-701-6677 | WEB: odooronline.com | YEARS IN BUSINESS: THREE
A
significant issue for many indoor O:door manufactures odorcultivators is unwanted odor. prevention doors to help Certainly, cannabis growers are often in a position where they don’t want the keep unwanted odors within pungent smell wafting from a growroom to other areas of a greenhouse or home. a specific growroom area. Hydroponics The company enthusiast John Bees, the founder “I TOOK AN IDEA uses the and managing AND MOVED ONE philosophy that director of O:door, has come up with odor control is STEP AT A TIME a solution to the odor problem and better prevented WHILE LEARNING created an easy-tothan cured. EVERY SINGLE DAY.” use door that will seal smells within Founder John a specific room. Bees tells us about his UKTurns out Bees was hit with a “eureka” moment that led to the O:door invention. based company, how it got “It was 2016 — I was working all hours. Three jobs, day and night, seven days started, and what’s coming a week, traveling up and down the UK in the near future. to pay my mortgage, feed my family,
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but ultimately realized a higher ambition,” says Bees, who has been a hobby grower for the past 15 years. “How did it come about? This can be summed up in one word — alchemy. One miserable rainy day after a frustrating journey back from Manchester, I stopped at a shop and an epiphany hit me. I saw a roll of a material hanging on a hook and months of searching for that final link I needed to break my big idea into reality was there right in front me. With that material firmly in my hands I could not get home quick enough to create the masterpiece which was going to change my life.” Perfecting the O:door became Bees’s passion as he toiled with protypes while learning as much as he could from online resources. “I took an idea and moved one step at a time while learning every single day (I actually wore out two pairs of Dre Beats headphones listening to countless online seminars and podcasts),” Bees says, adding the hardest part was putting bread on the table for his family while working on the O:door concept. “The biggest struggle for me personally was providing for my family while following my dreams and investing all my money into the venture which I have embarked upon. When I started this journey, I had no idea of how I was going to get here — I just knew I would.” Bees is taking a slow, organic approach to running his company, while building his team under the philosophy of creating a workforce family that together will build O:door up to achieve ultimate success and share in the company’s fortunes. Bees says his company’s strength is in creating its own sector in the market with extensive market research.
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“We gained market share by creating our own sector in the industry and because of that we have already gained worldwide recognition, with many retailers interested in stocking our first product,” says Bees, adding O:door is available around the world selling directly to retailers. “Once gaining product acceptance, data on sales, and further market research, etc., we will be looking to partner with our preferred wholesalers outside of the UK.” Naturally, creating an all-new product doesn’t come without some frustrations and Bees is proud of all the obstacles he’s had to clear in the process of forming O:door. “My proudest moments, I have to say, are overcoming every obstacle and challenge along the way.
“IT’S BEST TO HAVE A PLAN AND STICK WITH IT.”
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Above all, though, I have learned so much and derived so much satisfaction and pleasure through every single step,” he says. “All this has improved my character and made me an infinitely better person, family man, and businessman — some say I am unrecognizable from the man I was two years ago!” As for words of wisdom for other entrepreneurs, Bees says it’s best to have a plan and stick with it. “My advice to other keen would-be entrepreneurs is your ‘why’ must be your driving force: stay persistent and consistent enough to get where you need to be and have a burning passion for what you’re doing,” he says. “I have learned that there is a lot of love in the hydroponics industry and everyone wants to support everyone — I love that!! I have learned that when starting a company you do not need to worry about how you’re going to get there, just know you will — break it down in small steps and take one step at a time and believe me, you will achieve anything you want to as long as your ‘why’ is strong enough and your belief is unbreakable. To date my favorite thing about a day on the job is seeing things unfold and happen, every day I am learning while being increasing my competent in what I do!” With a strong team working at O:door, Bees will continue forging ahead and creating new products for the hydroponics industry. “Our first product is O:door but that’s just the launchpad,” Bees says. “Already in the works are other innovative products particularly one which without a doubt is a gamechanger in its sector.”
IT'S ALL ABOUT SERVICE
157 Parkdale Ave., Brockville, Ont 1-613-342-5424 • 29 Years in Business CANARM.COM
About Canarm
One of Canada’s Best Managed Companies, Canarm HVAC’s corporate vision has always been to provide its customers with value, knowledge, and quality products. Canarm focuses on HVAC products and is a one-stop-shop for all of your commercial and industrial HVAC needs.
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Customer service and a dedication to quality are important values for any manufacturer, but in serving a global customer base, we have found that we must also maintain other standards to drive our operation forward. Canarm is a global marketer and manufacturer of lighting, air moving, and related environmental products, and we consistently build our reputation for excellence with our focus on continuous improvement for the benefit of our customers. Canarm has built around the philosophy of supporting our quality products with outstanding customer service. We work tirelessly to earn and then maintain our position as supplier of choice for our customers.
Based in Brockville, Ont., Canarm serves residential, HVAC, commercial, and agricultural markets, and sells to wholesalers, retailers, and distributors. Canarm meets its customers’ expectations and provides them with the best service by: • Striving for continuous improvement and cost leadership. • Treating employees, suppliers and other stakeholders equitably. • Maintaining integrity throughout all of its relationships. • Aspiring for controlled growth and achieving a strong position in selected markets; • Expecting a reasonable return on investment. • Contributing back to the communities in which it lives and works. In recent years, we have seen the addition of many new customers, new products, and new market delivery channels, and our growing workforce is working hard to ensure our customers continue to enjoy exceptional service and product quality.
Building Relationships
Canarm Ltd. was created in 1980 by the merger of Danor Manufacturing Co. Ltd. and Canadian Armature Works. Danor was established in the early 1960s as a small sheet metal shop and over the years expanded into agricultural products and fans. Canadian Armature was established
in 1934 and was known as a producer of electrical products. In 1986, Canarm purchased a Montreal ceiling fan company and that fan facility became Canarm’s main distribution center for imported products. It also provided the company with a local Quebec sales office and showroom. In 1990, Canarm entered the retail lighting market, and now has one of the most extensive lighting lines in North America. Canarm has had a long relationship with Asia, developing our contacts in the mid-1970s, well before most North American manufacturers. Several plants in China produce only Canarm products, thus tightly aligning the interests of the factory and Canarm. Canarm has built its business relationships in China over the past 25 years. All operations are centralized in Zhongshan, China. Our team of professionals manages our engineering, quality, and logistics. The infrastructure in China ensures outstanding, consistent quality with on-time delivery, whether it be single or multiple SKUs per container.
Canarm Growth Strategy
The company formulated a growth strategy in 2003, which led to a series of mergers and acquisitions over the next several years.
Some of these other mergers and acquisitions include: • Florida Lighting Inc. — A Torontobased manufacturer of decorative and functional fluorescent lighting products. This acquisition launched what is now a fully developed line of fluorescent products that are sold into the consumer and industrial markets. • BSM Agri Ltd. — In January 2005, Canarm merged with BSM Agri, a manufacturer of livestock confinement equipment. • Leader Fan Industries — In May 2005, Canarm acquired the shares of Leader Fan Industries, a manufacturer of commercial and industrial ventilation products. • Farmweld Inc. — In January 2006, Canarm acquired the shares of Farmweld Inc., a swine livestock confinement equipment manufacturer based in Teutopolis, IL. • Titus Lighting — In 2008, Canarm acquired Titus Lighting, which offered contemporary crystal fixtures. • Delhi Industries — In 2010, Canarm merged with Delhi Industries, a leading provider of axial fans, blowers, heat exchangers, roof exhausters, and other equipment for the HVAC marketplace.
This 100,000 square foot facility “ features state-of-the-art manufacturing technology and robotics. ”
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During these years of mergers, Canarm also focused on its own operations. In 2008, we built a new 110,000-square-foot distribution center in Laval, Que. We then installed an Epicor system in the Brockville facility in 2009 and rolled out over the next few years to our other locations.
and capacity capabilities. While we have released a cross section of our standard lines in galvanized housings with aluminum wheels to provide an economical alternative to our time-tested quality units, we are proud to be one of the few remaining manufacturers that fully welds our
are also proud to have “ We been recognized as one of
Canada's 50 Best Managed Companies.
The merger with Delhi Industries — a leading manufacturer of axial fans, blowers, roof exhausters and other equipment servicing the HVAC marketplace — greatly strengthened Canarm's position in the commercial/ industrial market sector. In 2011, a 40,000 square foot expansion was made to our Brockville facility and now all axial fans and blowers are manufactured and distributed from a single, modern facility. This 100,000 square foot facility features state-of-the-art manufacturing technology and robotics to provide the speed, accuracy, and quality required for today’s energy efficient ventilation products. Further investment in lasers, spinning equipment, and CNC punch centers as well as a robotic wheel line have led to the elimination of bottlenecks in our production lines and a 400 per cent efficiency gain, all the while improving product quality 38
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”
frames. We have invested heavily in our paint oven to ensure the baked enamel and heresite coating for corrosive environments is a standard of longevity in the industry. Along the way we have invested considerable time in developing and maintaining our flagship fan selection software — Delair. Currently, the system allows an engineer or end user to input the design details required of our blowers, axial fans, or rooftop exhausters. Design submittals can be output to be included with drawings for approval. In the coming months we will integrate Delair into our ERP system so that customers will have an online portal to check the status of their orders, print confirmations and download shipping documents, and ETA updates 24/7. It is certainly an exciting time to be a Canadian manufacturer. The majority of our customer base is benefiting
from the fact our HVAC products are manufactured at our Brockville, Ont., Centre of Excellence. This means a local source of product, warehoused for quick turnaround, all the while paying in Canadian dollars to ensure our customers are competitive in their bids where US-sourced product may be the competition. In 2019, the Brockville operation will expand again. Canarm manufactures as well as imports, offering the best of both opportunities to ensure value. Canarm also provides world-class customer service and with more than 250 SKUs in stock and offers the best delivery in the industry. So, whether you are an OEM, distributor or engineer looking to provide quality products for your customers, Canarm is the “one stop shop” for all of your commercial and industrial HVAC needs. We are also proud to have been recognized as one of Canada's 50 Best Managed Companies in 2002, an award given to companies who have demonstrated excellence in customer service, employee relations, supplier relations, growth, and other criteria established by an independent adjudication body. Canarm has successfully re-qualified in 2003, 2004, & 2012-2017. With the legalization of cannabis in Canada, Canarm has been working hard to add products required to maintain and/or improve our grower’s yields. Be sure to visit canarm.com/hvac to see our new LED grow lights, odor control fans, duct fans, circulating fans, exhaust fans, and much more.
“ tomatoes� still helping you grow
your #1 cannabis resource. Reach your growing goals with educational articles, the latest products and technologies, how-tos, tips and tricks, and more from our team of cannabis pros.
growing with you since 1998
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CHANGING YOUR VIEW OF MONEY by Wayne Elsey
Finding the right balance between work (making money) and life outside of your job is essential to your happiness. Wayne Elsey tells the story of a worker whose life was thrown off kilter because of his fear of losing money and how he changed that.
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N
ot too long ago I spoke to someone whom I shall call Steve, who quit his job working for a company that treated him poorly. The business service was web design and search engine optimization (SEO), and fewer than five people were working on the team. However, the owner of the business was relentless in making his company succeed. Although the business entrepreneur paid everyone a salary that was above what would be considered a competitive rate, the team members were expected to be working long 12-hour days, seven days a week. There was always a job to be done and a deadline to meet. Even though the owner was careful not to ask anyone to work extra hours, there was always a deadline, so team members felt there was no alternative but to basically work around the clock.
BALANCING CAREER AND LIFE OUTSIDE OF WORK
“
THERE IS A THEORY IN ECONOMICS THAT PEOPLE FEEL THE PAIN OF LOSING MONEY MORE ACUTELY THAN THE PLEASURE OF MAKING IT.”
Steve stayed with the job long past the point where he thought he was treated as nothing more than a machine or body. There was little, if any, respect or appreciation for the work, but Steve told himself that the money was outstanding, so he could just suck it up. Eventually, it came at a cost as he picked up bugs and illnesses because his immune system was compromised due to exhaustion. He lost weight. His personal life took a hit as his girlfriend walked out on him because he just was not available to anything or anyone else but work. His apartment was a mess and he had even given his dog to his brother for care. It wasn’t a good situation. In time, Steve took account of his situation and realized his relationship with money was considerably warped. For several years, he was willing to give up his life for lots of money. Finally, it came to the point where he wondered if he was even living. His health was a mess, as was his home. A woman he loved was with someone else because he didn’t pay attention. Even his dog was not around to keep him company loyally, since he found it was “better for the dog” to have him board with his brother. So, Steve quit his job.
FEAR OF MONEY Upon reflection, Steve realized that it was his fear of losing money that compelled him to keep working in what he considered to be an unfortunate and disrespectful situation. Ultimately, Steve went and started his own business, but first, he had to rethink his relationship with money and deal with the fear of not having it. What he eventually realized is that by becoming an entrepreneur, he would be placing the investment money he put into the business at risk. That caused him stress, but he would have to figure out a way to deal with it and push past the fear. Indeed, during the first year, there were very lean months and Steve had to come to peace with that reality. Ultimately, he was able to overcome his fear of money and the loss of it, which he credits to helping him build a successful business. Why? The answer is because he had conditioned himself with time, discipline, and a change of perspective, to not be afraid of the “loss” of money or lean months. He was able to keep his eye on the ball, which was perfecting his business strategy and ultimately building a successful business.
In other words, had he been focused on the money and always making sure he had more than enough, he would continually be chasing the money, which is not what a successful business owner is supposed to do. Instead, by having a positive relationship with money and not being afraid of it or seeing it as lacking, he was able to focus on where he was supposed to be looking: business creation and development. I asked Steve for a few of his tips about how he got into a comfortable place with money. Here’s what he had to say. • Don’t look at money as a set pie — Train yourself to think that so long as you work and are creative, you can increase the size of the pie, meaning more money. Steve makes more money now as a business owner than what he made as a well-paid employee working for someone else’s business. • Understand loss aversion — There is a theory in economics that people feel the pain of losing money more acutely than the pleasure of making it. Steve learned this and decided to do something about it. He stopped reviewing his investments and bank increases and losses on a daily basis. Instead, he focused on future wealth building (his business, long-term investments, etc.). • Spending priorities — Finally, Steve realized that how he spent his money was crucially important. He realized that he spent a lot of money dining out because it was easy to do, but he didn’t spend any money for what he loved to do, which was travel. He cut down on the expensive dinners and started paying into his passions and priorities, beginning with long weekends and travel. There are so many people out there who don’t realize that they have a relationship with money, for better or worse. Hopefully, if Steve’s story sounds all too familiar to you, you’ll understand that it doesn’t have to be a bad relationship with money. I think Steve’s suggestions of where to begin the process of creating a healthy relationship with money are the right place to start. Wayne Elsey, CEO of Wayne Elsey Enterprises, Funds2Orgs, str@tegic, and 501C3U, has successful led organizations in the for-profit, social enterprise, and non-profit sectors. In addition to growing his companies, today he is a highly sought-after public speaker and authority on topics related to leadership, branding, social activism, motivation, and community engagement. His network appearances include NBC Nightly News, Good Morning America, Today Show, & Fox News.
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