Company has Entered into a Joint Venture with Art Cortez dba Acs American, Inc. to Convert a 160-Acre Property in Washoe County, Nevada, Into a Thriving CBD and Hemp Production Farm & Research Facility
ANAHEIM, Calif., July 02, 2019 (GLOBE NEWSWIRE) -- GreenGro Technologies, Inc. (GRNH), an enterprising provider of eco-friendly green technologies for the cannabis industry, today announced that it has entered into a joint venture with Art Cortez dba Acs American, Inc., to develop a 160-acre CBD and hemp farm in Washoe County, Nevada. With a plan to obtain a Nevada Industrial Hemp Grower, Handler and Seed Producer License by the third quarter of next year, the farm will serve multiple purposes and function as a multi-use research center.
Projects will include producing and maintaining hemp and CBD nurseries, performing geno testing, hemp extractions, developing grow seeds, the construction of site facilities for labs and testing, and more. With such a property and all its low-THC, high-CBD hemp seeds to be provided by GreenGro Technologies' recently secured Southern California farm, the breadth of possibilities in Washoe County is considerable. The joint venture’s ownership structure will be split 66% for CBD Ventures and 34% Art Cortez.
“The land is excellent for hemp cultivation and a natural next step for GreenGro’s expansion into the hemp market,” said Matthew Burden, Chief Executive Officer of GreenGro Technologies, Inc. “The climate, the lesser amount of restrictions in Nevada, plus the fact that we will have the rights to both water and power for the property, make this acreage ideal for our purposes. This new location will also allow our Genobreeding Division to expand its genetic testing operations. The more genetic testing we can do, the more genetics we can create. And the more genetics we can create, the more important we will become to the future market.”
According to a report by Grand View Research, Inc., the global industrial hemp market size is expected to reach $10.6 billion by 2025. Increasing research and development for better agronomy and new genetics for crops of high yield, high quality product are expected to have a positive impact on CBD and hemp production, with CBD Ventures' new property placing GreenGro Technologies in the heart of that curve.
“We set up GreenGro Technologies with three divisions as part of our strategic plan to get this company back to profitability,” notes CEO Burden. “And we’re happy to report that CBD Ventures has really taken off. This latest contract is yet another excellent testament to what we planned on doing from a strategic perspective, and how it’s succeeding. Combine our new farm with our increasingly positive financials, and we’re going to start seeing some real traction on the market… which is exactly what we want.”
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For additional information regarding GreenGro Technologies please visit GreenGro Technologies, Inc. at www.greengrotech.com.
About GreenGro Technologies, Inc.
GreenGro Technologies, Inc. (GRNH) is a vertically-integrated provider of eco-friendly state-of-the-art technological solutions to the cannabis industry. The Company is a trusted partner to the cultivation, extraction, production and retail aspects of the cannabis market through a combination of three operating divisions that encompass extraction, CBD Ventures, Cannabis Ventures, and Genobreeding. Each division is able to leverage the strengths of the other, creating a synergistic, efficient and highly profitable business model. Additional details can be found by visiting the Company’s website at www.greengrotech.com.
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