GreenGro Technologies, Inc. (OTCMKTS: GRNH) continues to trade at its base just under the $0.02 mark. The stock saw a decent pop in August but came back down with the rest of the sector. GRNH skyrocketed to over $1 in 2014 back when there was a much smaller share structure.
Greengro Technologies 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 anticipated opening will occur, 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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The 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.
In early 2017 GRNH 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 December 18 GRNH announced it has begun the process to change the company name. The change comes to reflect the new product lines the Company will be providing in the New Year. Upon completion of the application process, the company will be known as GreenGro Holdings, Inc.
GRNH CEO James Haas said “We have already reserved the new name and look forward to stepping into the scope of goods and services we have been planning to provide. Our expanded operations is anticipated to include manufacturing and related product lines, cultivation, and dispensary operations. We intend to meet this thriving market head-on and provide a significant foundation for the company’s growth in all areas. Fulfilling the needs of these market sectors means partnering with more of the high quality types of people we already work with. 2019 holds great things for GreenGro and it starts at the core of who we are. We got this far with intensive research and development, tenacity to succeed and a loyal consumer base,” Haas said, “and our anticipated expansion means being able to take our operations to higher levels.”
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Currently trading at a $8.7 million market valuation GRNH has $124k 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 says they have some huge things in the works; the 5-acre canna-business park, the 2 dispensaries in North Hollywood and Cathedral City however there are serious questions if these projects will ever come to fruition. 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.