GreenGro Technologies, Inc. (OTCMKTS: GRNH) is an exciting Company in the cannabis space currently operating 2 dispensaries in California. The Company bills itself as a world class provider, of an eco-friendly, green technology with a specific domain in expertise in an indoor and outdoor agricultural science system. Serving both the consumer and commercial farming markets. Greengro sells eco-friendly greenhouse systems as well as hydroponic supplies through their retail store in Anaheim, California. The Company was founded back in 1996 as Authoriszor, Inc.
Greengro has been making some big moves in 2018; in February the Company announced the highly anticipated grand opening of its Cathedral City-based dispensary through its tenant igot420. The opening occurred on “4:20” 2018, with a soft opening scheduled for April 1, 2018. The Company noted that the only matter that could cause a delay would be associated with its application with the State of California for a temporary license to sell recreational cannabis. The Company’s current delays were due to necessary modifications made to ensure the dispensary would meet the state of California new design standards for all new microbusiness models.
The grand opening of the Company’s igot420’s second dispensary, follows the opening of its flagship store in North Hollywood, a 14,000 square foot store which opened in October 2017. GreenGro Technologies was able to use proceeds from last year’s $4 million financing to secure the buildout of the Cathedral City dispensary and is well underway to secure igot420’s third and fourth locations in southern California. The Company noted that it expects management contracts from its igot420 dispensary to contribute to its growing revenue streams before the end of second quarter.
In March the Company said it plans to submit development plans and seek approval from the City of Adelanto, California to develop a five-acre canna-business park. This unique canna-business park will be designed to perform all cannabis or hemp related activities under one roof as it will exclusively feature Greengros 1-Acre 3-Level Vertical Farm at its epicenter.
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GRNH shell has been around for years; originally incorporated in Nevada in the 90’s GRNH used to be Authoriszor (AUTH) which was a NASDAQ listed Company until 2002. At the time they developed and supported applications and advanced software products.
The Company on February 26, 2017, had entered into a twenty-year lease agreement for over five acres of space in Adelanto, California to be used for the development of the canna-business park. In addition to the Company’s one-acre indoor greenhouse, the property is being designed to include four 12,000 square foot buildings to be used for manufacturing, cultivation, a dispensary and distribution. Permits are in the process of being applied for.
On November 29 GNRH announced the appointment of Marisela Nuno, the Commissioner of Real Estate Management for the City of Los Angeles, to its recently expanded Board of Directors. Ms. Nuno represents one of the first women of color to receive a medical and adult use cultivation, distribution and manufacturing license for cannabis in the City of Los Angeles. Ms. Nuno’s appointment follows the Company’s recent addition of Dr. Mark Wagner, founder of EMS Meds, Inc., to its Board of Directors.
GRNH CEO James Haas said “I am pleased to further strengthen our Board of Directors with one of the most highly qualified and experienced candidates from California’s emerging cannabis industry. Our executive team is looking forward to working closely together with our Board members to build shareholder value by continuing to capitalize on the growing demand from Southern California’s multi-billion dollar and growing cannabis marketplace. GreenGro has tremendous opportunities as we look ahead towards 2019 and the diverse set of skills and experience represented by our new directors will be invaluable as we work towards achieving the company’s strategic goals,” concluded Mr. Haas.
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Currently trading at a $9 million market valuation GRNH has $121k in the treasury, manageable debt and reported $83k in sales for the 3 months ended September 30, 2018. GRNH is one of the original pot stocks that has been around for years and when the sector heats up this used to be one to own; in 2014 in ran from sub pennies to $1.20. The Company looks as if they have some huge things in the works; the 5-acre canna-business park, the 2 dispensaries in North Hollywood and Cathedral City however dilution continues to hold this one back. We will be updating on GRNH when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with GRNH.
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Disclosure: we hold no position in GRNH either long or short and we have not been compensated for this article.