GRNH - GreenGro Tech To Open New California Dispensary On 4:20
Open for business is GreenGro Technologies, Inc. (OTCPINK:GRNH), who announced on Monday the planned opening of its Cathedral City-based dispensary on April 20, 2018. According to a statement, the company did note that delays in their application for a temporary license to sell recreational cannabis in California could push back the opening date. Other delays with the project, as noted by the company were due to compliance issues, as GreenGro attempted to have the dispensary meet California design standards for all new microbusiness models.
The dispensary, aptly called igot420, is the second under the name in California; the first one is located in North Hollywood. That store boasts over 14,000 square feet and has been in operation since October of 2017. Using proceeds from last year’s $4 million financing, GreenGro was able to build out the dispensary and hopes to move forward this year by extending the brand to a third and fourth store.
“As the burgeoning cannabis business begins to reach maturity, more and more of today’s entrepreneurs will look for new and innovative methods to maximize their earnings potential,” said James Haas, Chairman and Chief Executive Officer of GreenGro Technologies, Inc. “This change in the industry’s dynamic can potentially result in greater demand for our state-of-the-art turnkey dispensaries, which can increase profits of a dispensary by as much as 50% at the retail store level.”
Earlier this year GreenGro announced a set of initiatives designed to carry the company to prosperity throughout the year. Number one on the company’s list was to increase their market share in California through the acquisition of licensure throughout the state. GreenGro appears to be doing just that, as through the opening of the igot420 dispensary, the company can now check off at least two items from their New Year’s to-do list.
“We believe this year could be a breakthrough year for GreenGro Technologies when measured by its financial and operational achievements,” remarked Haas at the time. “We are excited about 2018’s potential for our shareholders.”
Though GreenGro is most known for their work with agricultural science systems for the consumer and commercial farming markets, they have found much success with their new ouch into California’s adult-use market. With experience in both the recreational and medical marijuana markets, the company understands the financial and political ramifications of the cannabis economy. In fact, in a forward-looking move, GreenGro expects management contracts from the new dispensary to contribute to help with this year’s second quarter revenue.
“The technological, financial and operational support we have provided our partners such as igot420, is consistent with our long-term strategy of expanding our presence initially across California, which should emerge as the single largest cannabis market across the nation. This statewide expansion strategy coupled with our industry-leading technology should support our belief that 2018 should be a breakthrough year for the company and our shareholders,” stated Haas.