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Sunday, May 29, 2022

The Rise and Fall of GreenGro Technologies, Inc. (OTCMKTS: GRNH)

GreenGro Technologies, Inc. (OTCMKTS: GRNH) has seen an explosive move up in recent days off its base under $0.03 level as cannabis stocks continue to heat up across the board. The run on GRNH was sparked after the Company announced they entered into a Advisory Agreement with D5 Partners, Inc. a California-based hydroponics grow systems retailer, supplier, and consulting company and Tim Sykes sent it out to his subscribers.

GRNH operates in the red hot cannabis market responsible for many of the hottest stocks on the OTCBB. The sector continues to be red hot as legal marijuana sales are expected to grow to more than $20 billion by 2022, from approximately $10 billion in 2018, according to Marijuana Business Daily.

Greengro Technologies (OTC: GRNH) 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.

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.

In July GRNH said it is in the process of improving its internal financial and accounting systems through the appointment of a new and significantly more experienced accounting team, which will spearhead the Company’s accounting functions going forward.  As a result, the Company is one step closer with its intention of becoming a fully-reporting SEC public entity.

“We are very pleased with our ongoing progress in capturing a larger market share of the nation’s largest cannabis market following California’s latest reforms in its recreational cannabis laws,” said Jim Haas, Chairman and CEO of GreenGro Technologies, Inc.  “We look forward to the many opportunities that the State’s recreational market will present to us in 2018 and beyond and, as one of the first movers in the State, believe we are well-positioned to expand faster than ever in a market that is expected to grow to over $7 billion over the next few years.”

On August 22 GRNH announced D5 Partners, Inc. CYLC’s wholly-owned operating subsidiary, has entered into an Advisory Agreement with GreenGro Technologies, Inc. subsidiary, Vertical Hydrogarden, a California-based hydroponics grow systems retailer, supplier, and consulting company. Under terms of the Advisory Agreement, GreenGro Technologies and Vertical Hydrogarden will provide testing and quality control services related to the ongoing development of the Grow Box 5000 family of products.  The Agreement also outlined terms for Vertical Hydrogarden to acquire future distribution rights to Grow Box 5000 products.

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Currently trading at a $15 million market valuation GRNH has $381k in the treasury, manageable debt and reported $126,262 in sales for the 3 months ended March 31, 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.

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