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ANAHEIM, Calif., July 24, 2019 (GLOBE NEWSWIRE) -- GreenGro Technologies, Inc. (OTC:GRNH), an established provider of eco-friendly green technologies for the cannabis industry, announced today that the Company has been awarded its Hemp Cultivation and Storage License required for full scale CBD production at the newest four-acre parcel of real estate in Southern California.
With sights set on the solid growth of its newest division, the CBD Ventures and Genobreeding Divisions are moving forward on the propagation of feminized low-THC, high-CBD hemp seeds. In anticipation of a full-scale launch, genetic structuring and the build out of facilities are well underway. Management expects its hemp seed farming venture to be fully operational and producing upon conclusion of fourth quarter.
Moreover, exceeding expectation, within just 60 days since the commencement of operations at the CBD Ventures hemp seed farm, orders representing another collective 87,500 Premium Grade CBD Hemp Seeds has been sold; evidence that Genobreeding’s foundational commitment to quality has positioned this sector to thrive substantially, as the growing demand for Premium CBD hemp seeds continues to heighten with the industry.
CBD Ventures is being prepared the production of over 10,000,000 seeds annually. Recently, it was stated: “The worldwide market for Hemp Seeds is expected to grow at a CAGR of roughly 6.5% over the next five years, will reach 480 million US$ in 2024, from 350 million US$ in 2019, according to a new Research Report.
In a study by Wall Street research firm Cowen and Company, 2018 retail sales of CBD consumer products in the U.S. were estimated to total between $600 million and $2 billion. Conservative estimates forecast sales to reach $16 billion by 2025, which includes health and wellness products, food & beverage, beauty, and vapor items.
“We are very pleased with the way momentum is picking up. We believe we are very well positioned to create a leading footprint in this industry. I’ve heard it said that success takes place when timing and opportunity meet. Although we have experienced success in our other sectors, we believe that this division and the niche serves will prove to be a the most exciting venture we have embarked upon thus far,” said Matthew Burden, Chief Executive Officer of GreenGro Technologies, Inc.
About GreenGro Technologies, Inc. GreenGro Technologies, Inc. (OTC:GRNH) is a vertically-integrated provider of eco-friendly state-of-the-art technological solutions to the cannabis industry. The Company is a trusted partner to the cultivation, extraction, production and retail aspects of the cannabis market through a combination of three operating divisions that encompass extraction, CBD production and Genobreeding development. Each division is able to leverage the strengths of the other, creating a synergistic, efficient and highly profitable business model. Additional details can be found by visiting the Company's website at www.greengrotech.com.
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For additional information about GreenGro Technologies and its solutions, please visit www.greengrotech.com.
Safe Harbor Act: The Company relies upon the Safe Harbor Laws of 1933, 1934 and 1995 for all public news releases. Statements, which are not historical facts, are forward-looking statements. The company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the company's best judgment based upon current information and involve several risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors. Factors which could cause actual results to differ materially from those estimated by the company include, but are not limited to, government regulation; managing and maintaining growth; the effect of adverse publicity; litigation; competition; and other factors which may be identified from time to time in the company's public announcements.)
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Matthew Burden CEO (714)367-6538