ANAHEIM, Calif., June 08, 2017 (GLOBE NEWSWIRE) — 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.
“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 [email protected].
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.
The company’s website: www.greengrotech.com offers regular updates including educational videos, projects updates, recipes and nutritional information, and where to find the company’s products.
Disclaimer: The Company relies upon the Safe Harbor Laws of 1933, 1934 and 1995 for all public news releases. Statements, which are not historical facts, are forward-looking statements. The company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the company’s best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors. Factors which could cause actual results to differ materially from those estimated by the company include, but are not limited to, government regulation; managing and maintaining growth; the effect of adverse publicity; litigation; competition; and other factors which may be identified from time to time in the company’s public announcements.
CONTACT: Investor/Media Contact: Bill Miller Investor Relations Partners Phone: 844-565-5665 [email protected] At the Company: James Haas Chief Executive Officer Phone: 844-565-5665 [email protected]