Data available reveals that California is the largest cannabis market in North America. This is so particularly after legalizing use of recreational cannabis. In this light, GreenGro Technologies, Inc. (OTCMKTS:GRNH) announced a solidification of the business in the State. In a press statement, the company lauded the move by the State calling it “historic.” The company expects a growth in demand for agricultural grow rooms. For that reason, the company expects growth in revenue.
In the statement, the company observes that the legislation could not have come at a better time. Per the statement, production is already underway for “sought-after strains of cannabis in the market today.” Through Genobreeding, the company will establish its name as “premier developers and distributors of cloned cannabis strains across the industry.”
Further, the statement revealed that it is overhauling its accounting team to bring its financial systems up to professional standards. This will facilitate the company’s intention to become a “fully-reporting SEC public entity.”
Commenting on the development, Chairman and CEO of GreenGro Technologies, Inc. (OTCMKTS: GRNH), Jim Haas said:
“We are very pleased with our ongoing progress in capturing a larger market share of the nation’s largest cannabis market following California’s latest reforms in its recreational cannabis laws. We look forward to the many opportunities that the State’s recreational market will present to us in 2018 and beyond and, as one of the first movers in the State, believe we are well-positioned to expand faster than ever in a market that is expected to grow to over $7 billion over the next few years.”
GreenGro Technologies, Inc. (OTCMKTS:GRNH) in strategic partnerships
To really exploit the benefits of the California market, the company announced partnerships with local companies. In a press statement, the partnership aims to provide “testing and quality control services” that will increase cash flow. The partnership includes D5 Partners, Inc., County Line Energy Corp., and Vertical Hydrogarden, a GreenGro Technologies, Inc. (OTCMKTS:GRNH) subsidiary. As per the statement, Vertical Hydrogarden will “acquire future distribution rights to Grow Box 5000 products.”
According to the GreenGro Technologies CEO, working with D5 Partners will help the partners reach maximum cannabis growing yields. According to the statement, D5 Partners will provide technology that will facilitate the growing yields in home environments.