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Thursday, October 22, 2020

New Signs of Life at Greengro Technologies Inc (OTCMKTS:GRNH)

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Greengro Technologies Inc (OTCMKTS:GRNH) just popped back to the upside. GRNH can really move at times, and we thought it was a good idea to review the current trading scenario and take a look at the recent shift in mode of behavior for shares on the market. The company’s most recent key catalyst was its announcement that its majority-owned subsidiary Biodynamics, LLC, Akron, Ohio, has been awarded a contract to sell a branded photovoltaic (PV) solar glass hydroponic vegetable greenhouse as part of a $17 million purchase agreement with GH Farms Group, LLC, an Ohio-based greenhouse company.

According the release, under terms of the agreement, Biodynamics will construct a 254,528 sq. ft. PV solar glass hydroponic vegetable greenhouse for GH Farms Group, with construction expected to start in the third quarter of 2018. “The project, incorporating Biodynamics’ industry-leading fully automated off-grid greenhouse technology, will cultivate vegetables hydroponically using Biodynamics’ proprietary controlled environment agriculture (CEA) growing systems and techniques.”

Greengro Technologies Inc (OTCMKTS:GRNH) casts itself as a company that designs, manufactures, and markets green eco-friendly vertical cultivation systems in the United States. It offers flux lighting products, table stands, nutrient mixers, home units, cloning systems, and tea brewers, as well as provides consulting and management services to its clients.

The company also markets lights, fans, hoods, automatic watering systems, and nutrients under the GreenGro brand.

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GRNH offers its products to consumers and industrial cultivators through its Website. It has a strategic alliance with Solaris Power Cells. The company, formerly known as Authoriszor, Inc., was founded in the 1996 and is based in Westminster, California.

According to company materials, “GRNH is a world class provider of eco-friendly green technologies with specific domain expertise in indoor and outdoor agricultural science systems serving both the consumer and commercial farming markets. It brings together community and commerce through the growth and distribution of healthy, nutritious foods and vital medicines backed by science and technology. Customers include restaurants, community gardens, small and large scale commercial clients. GRNH also provides design, construction and maintenance services to large grow and cultivation operations and collectives in the medical and recreational marijuana sectors.”

As noted above, shares of GRNH started this week off with a dramatic rally that cannot easily be explained by virtue of a new headline or company filing. However, we wanted to draw attention to the company’s latest press release for some possible clarity on the shift in tone for the GRNH chart.

In this case, the company just got word that its majority-owned subsidiary, Biodynamics, LLC, has been awarded a contract to sell a branded photovoltaic (PV) solar glass hydroponic vegetable greenhouse as part of a $17 million purchase agreement with GH Farms Group, LLC, an Ohio-based greenhouse company.

“We welcome this opportunity to show that our greenhouses are the market’s best – climate-controlled by a positive pressure HVAC system with water and nutrients managed by an IBM Watson AI computer-automated irrigation system,” noted Trisha Madden, CEO of Biodynamics.

“We are very pleased to be moving forward with the vegetable-growing sector of our operations,” said CEO James Haas. “Our indoor growing technologies have enormous potential across many types of agriculture applications and we expect to become a major competitor in the space.”

We’ve witnessed 27% during the past week in terms of shareholder gains in the company, a bounce that has taken root amid largely bearish action over the larger time frame. Market participants may want to pay attention to this stock. GRNH has evidenced sudden upward volatility on many prior occasions. What’s more, the stock has seen an influx in interest of late, with the stock’s recent average trading volume running 65% above its longer run average levels.

Now commanding a market cap of $27.19M, GRNH has a chunk ($1.6M) of cash on the books, which is balanced by about $1.1M in total current liabilities. One should also note that debt has been growing over recent quarters. GRNH is pulling in trailing 12-month revenues of $897K. However, the company is seeing declines on the top line on a quarterly y/y basis, with revenues falling at -11.2%. This may be a very interesting story and we will look forward to updating it again soon. For continuing coverage on shares of $GRNH stock, as well as our other breakout picks, sign up for our free newsletter today and get our next hot stock pick!

Disclosure: we hold no position in $GRNH, either long or short, and we have not been compensated for this article.

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