GreenGro Technologies Recognizes Revenue from Initial Contract Just Weeks after Launching in Current Second Fiscal Quarter
ANAHEIM, Calif., June 26, 2019 (GLOBE NEWSWIRE) — GreenGro Technologies, Inc. (OTC:GRNH), a provider of eco-friendly green technologies for the cannabis industry, announced today that in less than 30 days since the launch of the Company’s hemp seed farm in Southern California, CBD Ventures Inc.— a CBD and hemp focused division of GreenGro Technologies which oversees the hemp seed farm — has already signed its first contract and completed its first sale. This near-immediate success is in direct correlation to the growing demand for high quality CBD hemp seeds which GreenGro Technologies is perfectly situated to develop and distribute, particularly with the science contributed by its Genobreeding Division. 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.
Company Adds Eight Sales Executives to Develop and Support the Hemp and Seed Business
As the Company builds its footprint across the nation, GreenGro Technologies is focused on ensuring it will have the capacity to meet the market’s growing demand and expects to further strengthen its position through a combination of joint ventures and strategic alliances in key geographic regions outside of California. As part of this effort, the Company has already added eight outside sales executives to its management team as it ramps-up its hemp seed business to meet anticipated growing demand. The new sales team will report directly to Chairman, James Haas, who has been focused almost exclusively on spearheading the Company’s business development efforts since relinquishing his prior role as CEO to Matthew Burden, an accomplished senior executive whose qualifications have been instrumental in placing the Company on track towards expansion and profitability since his recent appointment.
“Due to the market’s instant demand for our feminized low-THC, high-CBD hemp seeds, the Company feels this is a clear testament of our efforts to grow the reputation as a company who is able to develop and distribute large quantities of CBD hemp seeds with the highest quality standards across each and every single seed,” said Matthew Burden, Chief Executive Officer of GreenGro Technologies, Inc. “This is a direct result of our strategic initiatives playing out as planned beginning with our restructuring and cost savings plan followed by the creation of our three key revenue centers, CBD Ventures, Cannabis Ventures and Genobreeding, which is able to leverage the strengths of the other to maximize our true potential. As we continue to emerge as a truly vertically integrated company in the cannabis space, we are confident that our CBD hemp seed farm will prove both profitable and a key to solidifying our footprint across the nation as we continue implementing our growth strategy,” concluded Mr. Burden.
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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.