Greengro Technologies Plans to Begin Growing in Q3 2014
July 3rd, 2014
News, Top Story
Greengro Technologies Inc. [stockquote symbol=GRNH], a provider of eco-friendly green technologies with expertise in indoor and outdoor agricultural systems, recently announced that its BP Gardens Buena Park and BP Gardens Lincoln will both begin full production over the near-term. While the company is still awaiting regulatory approvals, management anticipates begin cash flow by Q3 2014.
“We are excited and encouraged by our progress on both project sites,” said Greengro Technologies Inc. CEO James Haas in a press release announcing updates on the two projects on Thursday, July 3, 2014. “Even though we still await regulatory approvals, we are now in a position to move both projects into full production and both should be cash flow positive over the next quarter.”
The BP Gardens Lincoln project is expected to begin the first phase of a full grow cycle production on September 1, 2014, while BP Gardens Buena Park has secured the initial seed funding to begin production by August 1, 2014. Both of these projects could generate significant long-term revenue for the company, if management secures the necessary regulatory approvals.
Greengro Technologies is also making progress on its other initiatives. In its Vertical Hydrogarden stores, the company announced revenues that increased 367% taking the two stores in Anaheim and Roseville to $140,000 in April 2014. The retail arms of the company are designed to diversify and enhance the company’s long-term revenue, while management also revamped its online retail presence.
In addition to these efforts, the company announced that it has made initial investments in Cannabis Ventures Inc. to support its application process with Health Canada in Q2 2014. Management plans on leveraging the relationship to extend their expertise in indoor and outdoor agricultural systems and techniques.
Shares of Greengro Technologies Inc. jumped about 2% in early trading on Thursday, July 3, 2014 following the first news announcement.
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