Company to Leverage Proprietary Agricultural Technology to Begin Selling Mushroom Grow Kits
New Sales Channel to Significantly Accelerate Company’s Revenue and Earnings Growth Rate
ANAHEIM, CALIFORNIA – – April 16, 2023 – – GreenGro Technologies, Inc. (OTC: GRNH), an established provider of proven eco-friendly green technologies for the global agricultural industry, today announced it has entered the multibillion dollar and growing mycology industry beginning with the sale and distribution of culinary and medicinal mushroom grow kits at www.greengrotech.com/shop. The mushroom grow kits will initially consist of gourmet mushroom spores, bulk substrate, sterilized spawn bags, sterilization chambers and workstations at prices ranging from $19.99 – $299.99. This move follows the Company’s previously announced strategy to leverage its proprietary technologies to pursue emerging sectors of the global agtech industry.
Based on the Company’s recently announced fiscal 2022 annual results, last year’s strategic restructuring initiatives fueled a 300% increase in year-over-year revenues, reduced general and administrative expenses by approximately $2 million and, most importantly, better positioned the Company to achieve profitability and grow both revenues and earnings faster than almost any time in its history. The Company believes next quarter’s financials will include a full three-month period of new sales contributions from its newly created mycology business at which point it will issue a press release and hold an investor conference call to provide greater details of its latest initiative to its shareholders.
“Based on preliminary website traffic, consumer and sales data, we expect our entry into mycology will rapidly result in a new and growing sales channel that will accelerate our revenue and earnings growth rate while once again validating the breakthrough potential of our core competencies in agricultural technology,” said James Haas, Chairman and COO of GreenGro Technologies, Inc. “Our recently completed restructuring plan created a leaner and stronger company with the balance sheet flexibility to pursue growth opportunities such as today’s announcement with our entry into the exciting and booming mycology industry. GreenGro Technologies already has an established legacy of discovery, innovation and commercial success and we look forward to building on that rich history with the expansion into the emerging mycology market,” concluded Mr. Haas.
GreenGro Technologies to Use AI to Maximize Crop Yield Production
The Company today also announced it has expanded its research and development initiatives to include the use of artificial intelligence (AI) to further enhance its proprietary agriculture technology and will be announcing additional details of its AI initiatives in a follow-up announcement.
The global agtech industry has already successfully implemented the use of artificial intelligence (AI) for methods such as precision agriculture, whereby a farmer can monitor crop moisture, soil composition, and temperature in growing areas, enabling them to increase their yields by learning how best to take care of their crops and determine the ideal amount of water or fertilizer to use. Unsurprisingly, it is one of the fastest growing areas of the agtech industry, expected to generate over a billion dollars in revenue in 2023 with an expected compound annual growth rate of over 38% in the coming years.
Global Market for Culinary Mushrooms Exceeds $60 Billion in 2022
The global mushroom market size reached $63 billion in 2022 and is expected to grow at a compounded annual growth rate (CAGR) of nearly 6% to over $90 billion by 2028, according to the IMARC Group, a global provider of market strategy and research. Today’s announcement of the Company’s entry into the culinary and medicinal mushrooms market is a clear testament of the rapidly growing demand for these specialized fungi. Culinary mushrooms are a type of edible fungi used in various dishes as an ingredient for their unique taste and nutritional value. Different types of mushrooms have different textures, flavors, and nutritional benefits. Mushrooms are a low-calorie food that is high in fiber, vitamins, and minerals, such as potassium and Vitamin D. With their ability to add flavor and depth to dishes, culinary mushrooms are often used in soups, sauces, stir-fries, pasta, pizza, and many more recipes. Some popular culinary mushroom varieties include white button, portobello, shiitake, and oyster mushrooms.
Capitalizing on Emerging Market for Medicinal Mushrooms
The Company’s entry into the medicinal mushroom market is a natural fit given its history as one of the pioneers of grow technology for crops ranging from cannabis to hemp. Psychedelics enthusiasts now can grow their own medicinal magic mushrooms at home with the help of a magic mushroom grow kit. These kits typically contain a substrate, which is a nutrient-rich material that supports the growth of mycelium, the root system of the mushroom. The grain is inoculated with spores or mycelium of a specific strain of magic mushroom, such as Psilocybe cubensis. Future kits will include instructions on how to grow mushrooms and may come with additional equipment like a humidity dome or grow bag.
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About GreenGro Technologies, Inc.
GreenGro Technologies, Inc. (OTC: GRNH) is an established provider of proven eco-friendly green technologies for the global agricultural industry. 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. Additional details can be found by visiting the Company’s website at www.greengrotech.com or calling investor relations at (818) 926-5441.
(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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