Health
GreenGro Technologies, Inc. (OTCMKTS:GRNH) Is Driven By Vertical Cultivation Systems
Boston, MA, 03/31/2014 (medicalmarijuanareporter.com) – GreenGro Technologies, Inc. (OTCPK:GRNH) saw a rise in its share price from $0.04 to $1.20 in the space of a few days before falling back to its present level of $0.50. Please remember that though the company is classified as a marijuana stock, it does not grow or sell marijuana. It is focused on the manufacture and marketing of vertical cultivation systems. It has weak financials with the cumulative deficit of over $3 million and less than $5000 in cash. Losses for the nine months ended September 30, 2013 came to almost $1 million and revenues of around $65,000 were miniscule.
Some revenues are generated from a 51% stake in BP Gardens, which is located on 4 1/2 acres in Buena Park, Calif. and builds greenhouses. In March, 2014, GreenGro Technologies, Inc. (OTCPK:GRNH) announced that it had completed the acquisition of Vertical Hydrogarden and this retail location will be the first brick and mortar store for franchises due to open in various places. The second location will open soon under the Vertical Hydrogarden name through an purchase agreement with Anaheim based Greenleaf Hydroponics and the assets will come under Greengro control with effect from April 1, 2014. The second store will serve as the integration point for different products such as Vertical Gro Systems and Modular Gro Systems.
The company also announced that it had strengthened its financial position with the closing of a non-brokered private placement which raised gross proceeds of $875,000. The funds will be used for the continued growth of Vertical Hydrogarden stores and the further development of BP Gardens. Some of the proceeds will be used to support Greensticks, Inc, the patent-pending vape technology company recently acquired by GreenGro Technologies, Inc. (OTCPK:GRNH) for its sales and marketing initiatives. Greengro does not derive any revenues from marijuana or marijuana related products and you should not make an investment in the expectation of making money on the boom in the marijuana market.
