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GreenGro Technologies Launches Expansion Into CBD Hemp Seed Market
GreenGro Technologies Launches Expansion Into CBD Hemp Seed Market.
About this update from Greengro Technologies, Inc.
[{"type":"text","content":"\nANAHEIM, 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. \n “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-deri...