Cadiz Signs Agreement With San Bernardino County And Water Project Agencies To Reserve Water Supply For Desert Communities
Portfolio Pulse from Benzinga Newsdesk
Cadiz, Inc. (NASDAQ: CDZI/CDZIP) has entered into a binding agreement with San Bernardino County, Santa Margarita Water District (SMWD) and Fenner Gap Mutual Water Company to provide priority rights to water supply from the Cadiz Water Conservation and Storage Project (Cadiz Project) to public water systems serving San Bernardino County communities. The agreement amends a 2012 MOU and requires Cadiz to offer binding agreements for water supply from the Cadiz Project to public water systems serving San Bernardino County residents prior to exporting water for beneficial use outside of San Bernardino County.
November 02, 2023 | 3:10 pm
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The agreement could potentially increase Cadiz's revenue as it secures a priority customer base in San Bernardino County. However, it also limits the company's ability to export water outside the county until local needs are met.
The agreement ensures a steady demand for Cadiz's water supply from public water systems in San Bernardino County, which could lead to increased revenue. However, the requirement to prioritize local supply before exporting could limit potential revenue from other regions.
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