Greengro Technologies to Break Ground on Second igot420 Facility; Company Secures $4 Million Financing for New, Cathedral City, CA Project
BUZ INVESTORS PRESS RELEASE GRNH to Break Ground Greengro Technologies, Inc.(OTC Pink:GRNH), a world-class provider of eco-friendly green horticulture technologies, today announced it has secured a $4 million funding commitment to build a second igot420 dispensary in Cathedral City, California. $2 million of that financing has already been received with the remaining $2 million to be drawn down pending advancement of the project’s construction schedule.
igot420 is a major tenant of Greengro properties. The Cathedral City dispensary follows the commencement of the Company’s construction of its North Hollywood flagship location, currently about 35% completed.
Greengro’s GenoBreeding will develop igot420’s genetic line utilizing the Company’s advanced technology to develop and market an evolution of refined cannabis varieties through the incorporation of modern plant breeding technologies.
GRNH to Break Ground
“We are currently developing a catalog of selectively bred, genetically labeled, signature cannabis strains through the Company’s GenoBreeding program,” said James Haas, Chief Executive Officer of Greengro Technologies. “Our vision is not to just bring to market another cultivation operation and dispensary, but to license and build brands such as igot420 to become the ‘Starbucks’ of the emerging marijuana industry.”
Strategically located two hours east of North Hollywood in Riverside County, the new Cathedral City facility will replicate the structure of the North Hollywood location as part of the Company’s efficient, planned regional expansion. The necessary Conditional Use Permit has been granted pending routine update. With the Company’s agreement to lease its Cathedral City facility to igot420, it plans to start construction next month and expects this turn-key operation will be set for Grand Opening by November 1, 2017.
“This important project will prove out our business model for replicating our scientifically designed, cost effective facilities and scaling them quickly, regionally,” Mr. Haas added. “With the Cathedral City project capital already secured, and the igot420 team ready to go, we are confident the exciting progress in the third quarter of 2017 will position Greengro for another breakout year.”
For more information about igot420, visit its website at https://igot420.com/.
According to a report from New Frontier Data, it’s forecasted that tax revenues in states with legalized marijuana will reach $1.8 billion, of which $1.4 billion will be from cannabis specific taxes. North American legal marijuana sales totaled $6.7 billion in 2016, and another report by cannabis market research firm New Frontier Data projects the industry will top 255,000 jobs by 2019 and reach $24.5 billion in sales by 2025.
To be added to Greengro’s investor lists, please contact Bill Miller at 844-565-5665 or via email at firstname.lastname@example.org.
About Greengro’s Proprietary GenoBreeding Program
Greengro’s GenoBreeding program is an advanced initiative in keeping with the cannabis industry’s increasing reliance on genetics. Through the articulate heightening of hereditary attributes and the variation of inherited characteristic in plants, GenoBreeding is creating more robust, healthier, stronger, proprietary commercial cannabis strains that share desirable inherited characteristics. As markets continue to open, creating evolving new industry demands, Management is keenly focused on the capitalization of congruent developing niches that seamlessly align with the Greengro’s core business model.
About Greengro Technologies
Greengro Technologies (OTC PINK:GRNH) is a world class provider of eco-friendly green technologies with specific domain expertise in indoor and outdoor agricultural science systems serving both the consumer and commercial farming markets. It brings together community and commerce through the growth and distribution of healthy, nutritious foods and vital medicines backed by science and technology. Customers include restaurants, community gardens, and small and large scale commercial clients. Greengro Technologies also provides design, construction and maintenance services to large grow and cultivation operations and collectives in the medical and recreational marijuana sectors
|Industry:||Industrial Distribution » Industrial Distribution NAICS: 423820 SIC: 5083|
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GreenGro Technologies Inc is a provider of eco-friendly green technologies with specific domain expertise in indoor and outdoor agricultural science systems serving both the consumer and commercial farming markets.
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