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Company to Also Launch Genebreeding Division, with New Intellectual Property Rights Covering Plant Genetics
Anaheim, California--(Newsfile Corp. - June 14, 2021) - GreenGro Technologies, Inc. (OTC Pink: GRNH), an established provider of eco-friendly green technologies for the industrial hemp and cannabis industries, today announced it will resume the build-out of its cannabis dispensary located in Cathedral City, California, following the City's recent approval of Conditional Use Permits (CUP) for its manufacturing, distribution and delivery licenses. Strategically located near Palm Springs in Riverside County, the new Cathedral City facility will be a part of the Company's efficient and regional expansion strategy across Southern California.
The Cathedral City dispensary will also be home to the Company's Genobreeding Division, an advanced GreenGro initiative designed to commercialize an evolution of refined cannabis varieties through the incorporation of modern plant breeding technologies. This process should enable Genobreeding to produce some of the highest quality and highest yielding cannabis strains. Genobreeding will also support the recently-announced Neurofarms partnership by developing strains with specific metabolites that may be beneficial for treating ailments such as Alzheimer's disease, anxiety, appetite control, cancer, Crohn's disease, epilepsy, glaucoma, insomnia, mental health, migraine headaches, multiple sclerosis, nausea, pain management, rheumatoid arthritis, seizures and Tourette's syndrome.
"The expected grand opening of our Cathedral City project in the first quarter of next year will officially represent the last and final key of our strategic restructuring plan, which is already contributing to our improving financial results," said Robert Martinez, Chief Executive Officer of Cannabis Ventures, a wholly owned division of GreenGro Technologies, Inc.
The Company noted that the construction timeline for this dispensary was severely impacted by a number of unforeseen factors ranging from contractor changes to the Coronavirus (COVID-19) pandemic. However, with construction expected to be completed by the end of this fiscal year, the Company expects to begin realizing its return on its nearly $4.3 million investment into this project beginning in the first quarter of 2022.
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About GreenGro Technologies, Inc.
GreenGro Technologies, Inc. (OTC Pink: GRNH) is a vertically integrated provider of eco-friendly state-of-the-art technological solutions to the green industries. The Company is a trusted partner to the cultivation, extraction, production and retail aspects of the green market through a combination of three operating divisions: 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.
(Safe Harbor Act: 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 several 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.)
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GreenGro Public Relations
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/87488