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ANAHEIM, Calif., June 06, 2019 (GLOBE NEWSWIRE) -- GreenGro Technologies, Inc. (OTC: GRNH), a leading provider of eco-friendly green technologies for the cannabis industry, announced today that its CBD Division has secured a four-acre parcel of real estate in Southern California to propagate feminized low-THC, high-CBD hemp seeds, forming an entire new revenue channel that could represent nearly a large portion of the Company’s revenues for the current Fiscal 2019 ending December 31, 2019.
“The revenues that will be generated by our launch into the sale of hemp seeds should enable us to continue to improve all of the other divisions that today form GreenGro Technologies,” said Matthew Burden, Chief Executive Officer of GreenGro Technologies, Inc. “We expect the sale of those seeds during to have a significant positive impact on both our revenue and bottom line since the costs associated with producing hemp seeds are expected to be significantly less than the revenue that the sale of the seeds will generate. This latest initiative is just one of many examples of why and how GreenGro is positioned to accelerate its revenue and earnings growth at the fastest pace in its history going forward,” concluded Mr. Burden.
The CBD hemp seed market is a large and rapidly growing segment of the cannabis industry which is being driven by consumer demand for healthier and more nutritious ingredients, which can be found in plentiful amounts in CBD hemp seeds. The Company’s hemp seeds are expected to have a number of significant competitive advantages since its Genobreeding Division will provide the key stable genetics for the seeds which will also be grown in the Company’s unique and proprietary greenhouses. In doing so, the Company will ensure its vertically integrated process will yield the most amount of hemp seeds while maintaining one of the leanest cost structures possible to ensure immediate profitability.
GreenGro’s management team believes the recent passage of the 2018 US Farm Bill, which removed federal prohibitions on the cultivation and sale of industrial hemp in the US, subject to compliance with applicable regulations, is a very positive development for the market and its shareholders. Industry research organizations have been projecting substantial growth in the hemp-derived cannabinoid market over the next several years. One such organization, the Brightfield Group, published an article in September 2018 projecting the industrial hemp-derived CBD market could increase to over $22 billion in less than three years.
“Our CBD Ventures and Genobreeding Divisions are launching into the cannabinoid-rich industrial hemp space in its infancy, with tremendous growth potential lying ahead as well as an opportunity to capture first mover advantage,” said Matthew Burden, Chief Executive Officer of GreenGro Technologies, Inc. “Our expertise in the cannabis industry, access to superior genetics together with the strength of our history as one of the premier manufacturers of legendary greenhouses well-positions us to rapidly establish and grow our presence across the CBD-hemp seed sector of the cannabis industry.
Based on the Company’s extensive experience in developing greenhouses, the Company estimates the its four-acre operation could contribute at least $2 million to its current Fiscal 2019 bottom line in its first full year of operation. The seed is empirically proven to produce low-THC (< 0.003% concentration) and high-CBD (12% - 22% concentration) flower biomass. The current wholesale value for such seed is estimated to range from $15,000 to $30,000 per pound. The Company expects its hemp seed project to be fully operational by the end of the third quarter with expectations of initial revenues to be generated as early as the fourth quarter of this fiscal year.
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For additional information regarding GreenGro Technologies please visit GreenGro Technologies, Inc. at www.greengrotech.com.
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 Ventures, Cannabis Ventures, and Genobreeding. 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.
Disclaimer: 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.