- Company’s successful restructuring plan – – responsible for the quick but temporary exit from the cannabis markets and redeployment of management’s time and resources on the buildout of three different yet synergistic wholly owned subsidiaries – – streamlined operations and fueled the stellar financial performance thus far this fiscal year
- Revenues in first half of current fiscal year increased over 800% from last year and enabled the Company to achieve a significant swing from a six-figure loss to a positive gross profit in both the first quarter and first half periods of the current fiscal year
- Board decision to pursue three-pronged growth initiatives targeting AgTech industry based on confidence in our strengthened management team and the industry’s broad-based acceptance and adoption of our proprietary state-of-the-art technologies that could address the much larger AgTech markets, domestically and internationally
Anaheim, California–(Newsfile Corp. – September 21, 2022) – GreenGro Technologies, Inc. (OTC Pink: GRNH), an established provider of proven eco-friendly green technologies for the global agricultural industry, today announced it will be pursuing a new three-pronged strategic growth initiative designed to establish first-mover advantage and dominant market share of the booming global AgTech markets.
“We wanted to take an opportunity to provide our investors with a brief glimpse of the return on investment (ROI) we are experiencing as a result of our strategic restructuring plan and millions of dollars of investments in research and development. From a pure financial perspective, the ROI can be easily measured by the dramatic turnaround in our business units with revenue gains of 200% and 800%, respectively, for our second quarter and first half of the current fiscal year.”
Revenues Increase by 200% and 800%, Respectively, for its First Quarter and First Half of Current Fiscal Year
“The significant year-over-year gains in revenue coupled with a huge swing towards a positive gross profit for the same periods far exceeded even our wildest internal growth expectations,” said James Haas, Chairman and COO of GreenGro Technologies, Inc. “The quick and broad-based slowdown across the cannabis market had us convinced that revenue gains of this magnitude would not be possible let alone sustainable. And it did not help any after learning how many thousands of “Ganjapreneurs” were being forced to exit the once booming cannabis industry due to saturated market conditions which resulted in a surplus of supply and no demand. Basic laws of economics dictates that an increase in supply and not demand will drive prices down which it obviously did resulting in near all-time low prices for every product from the plant itself to its hundreds of related accessories.
“Fortunately, over 15 years of senior management experience across our three business subsidiaries prewarned us about this impending slowdown. Further, although these market conditions might shutdown most operations they could also emerge as opportunities to those best capitalized, organized and motivated. These wins were small, inconsistent but nonetheless a clear representation of human nature’s determination to not only survive but thrive in spite of the adverse health and economic conditions. It also helped open the hearts and minds of a number of us who could not fathom the sheer number and ongoing difficulties that the majority of the world face everyday when it comes to having to locate enough food for their families.”
Adoption of our Proprietary Technologies Results in Growth in Revenues and Highest Yield Production
“Agriculture technology or AgTech is the use of technology in agriculture, horticulture, and aquaculture with the aim of improving yield, efficiency and profitability for farm managers and growers. GreenGro’s business was founded and built around our core competency of designing innovative technologies designed to maximize crop yields without the need for additional land or water resources. This background is why many refer to us as the 30-year-old AgTech start-up that already has proven technologies that have been accepted and adopted by the market when most are still investing capital and management’s time in developing high-risk products and services that will most likely fail to meet lofty expectations. From innovations in indoor farming systems, state-of-the-art greenhouses, seed and plant breeding, to name but a few, we believe GreenGro Technologies is better positioned to excel than nearly all of the other participants,” concluded Mr. Haas.
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About GreenGro Technologies, Inc.
GreenGro Technologies, Inc. (OTC Pink: 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) 570-1130.
(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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