GreenGro Technologies, Inc. (OTCMKTS:GRNH) started its business in new Orange County ahead of schedule. The company is moving forward with its different plans including events based on different themes, educational classes and also with its focus on its new product line.
James Haas, the CEO said that the company is delighted to be moved in and recording sales. Although the work progresses, the management is looking forward for positive response. The consumers are getting an opportunity to witness the products and their use in the events. They can well understand how it works in the GreenGro Center.
The significance
At the event, the company introduced all its innovative light deprivation greenhouse offerings that provide energy efficient designs and improved yields. The systems cost less than other available products in the market. GreenGro recently got recognition on Forbes list of “hottest marijuana firms.”
GreenGro disclosed that its sales have surged more than 50% compared to the previous year and revenues are set to record growth of over 100% compared to last year. There are several pending law changes to further decriminalize cannabis. The company operates in the segment of supplies, systems and equipment for green agriculture. It has a significant number of clients from cannabis market. The firm believes that the new center will attract more consumers to the company as the cannabis market continues to mature.
The momentum
GreenGro said that the market projection for the overall size of the growing core market is over $685 million annually increasing at 20%. The new location would give the company the necessary footprint model to work on its nationwide expansion plans and achieve revenue growth.
In last trading session, the stock price of GreenGro declined more than 9% to close the trading session at $0.0630. The decline came at a share volume of 691,152 compared to average share volume of 783,212.
