Greengro Technologies Inc (OTCMKTS:GRNH) shares were down 2.33% to $0.0469 on Friday and flat in after-hours trading. The company has a market cap of $16.47 million at 307.34 million shares outstanding. Share prices have been trading in a 52-week range of $0.02 to $0.12.
Greengro Technologies Inc is a company that provides green technologies focusing on indoor and outdoor agricultural science systems serving both the consumer and commercial farming markets. In particular, it provides manufacturing and sale of vertical cultivation systems and facilities design.
Greengro Technologies Inc has several operating divisions namely GRNH, Vertical Hydrogarden, Inc. and BP Gardens. GRNH provides design and consulting services to all agricultural divisions, including legalized Cannabis operations, and provides knowledge on designs and systems to maximize production for every crop cycle. VHI is a supplier of green agriculture products, including hydroponics, advanced nutrients, and vertical cultivation technology systems design and sales, in addition to offering leasing and finance solutions, operational and maintenance consulting, and planning services. Lastly, BP Gardens uses methods to protect crops from detrimental environmental elements while generating market ready leafy green produce year-round in any climate.
In a recent press release, Greengro Technologies announced an impressive 242.94% increase in sales growth on a year-over-year basis. For the first quarter of 2016, the company saw $522,00 in sales compared to the $152,215 in sales for the same period in 2015.
This jump is attributed to new customers along with renewals and the ongoing expansion of the company’s product lines, spurred partly by the growth in recently legalized cannabis products. Apart from that, the company announced the formation of CBDVentures, which is a new business division created to enter the retail sector with innovative CBD consumable merchandise, which include hemp-infused German beer, a full select line of Cannabidiol (CBD) energy nectar drinks, and oral thin-strips.
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