One cannabis patch player that has been lagging the group but just exploded higher this week and may be worth checking out is Greengro Technologies Inc (OTCMKTS:GRNH). Shares of the stock just broke above both the 50-day and 200-day simple moving average on a massive jump in volume. Driving the action, The company just announced that its subsidiary, Vertical Hydrogarden, a California-based hydroponics grow systems retailer, supplier, and consulting company has entered into an Advisory Agreement with D5 Partners, Inc.
According to the release, “Under terms of the Advisory Agreement, GreenGro Technologies and Vertical Hydrogarden will provide testing and quality control services related to the ongoing development of the Grow Box 5000 family of products. The Agreement also outlined terms for Vertical Hydrogarden to acquire future distribution rights to Grow Box 5000 products.”
Greengro Technologies Inc (OTCMKTS:GRNH) casts itself as a publicly traded pink sheet corporation that provides manufacturing and sales of green, eco-friendly, sustainable vertical cultivation systems, and facilities design.
GreenGro’s products and services are targeted at consumers, industrial farming operations. GreenGro’s products and services are designed to provide all of these customers’ solutions to achieve maximum efficiency, whether that be a balcony garden or industrial cultivator.
GreenGro’s Vertical Cultivation and Gardening Systems are based upon patent-pending designs and manufacturing facilities recently acquired by purchasing the company Vertical Hydrogarden. This system is a revolutionary technology system that reduces the physical footprint of cultivating, while reducing energy costs and improving crop yields.
Operating Divisions: GRNH provides design and consulting services to all agricultural divisions including legalized Cannabis operations. It provides the expert knowledge in advanced designs and systems to maximize production for every crop cycle. Vertical Hydrogarden, Inc. (VHI) a leading supplier of green agriculture products including hydroponics, advanced nutrients, and vertical cultivation technology systems design and sales. The new retail Hydroponics Superstore operations features new technology application for greenhouse systems. BP Gardens specializes in the use of leading-edge technologies and state-of-the-art production methods. BP Gardens uses methods to protects crops from detrimental environmental elements while generating superior, high-quality, locally grown, market-ready leafy green produce year-round in any climate.
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.”
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As noted above, the stock just blasted off on the upside as a laggard technical move amid recent strength in the cannabis space, but also in reaction to news that the company’s subsidiary just signed a key agreement.
James Haas, CEO of GreenGro Technologies, Inc, commented, “The Grow Box 5000 from D5 Partners is the most advanced self-contained fully-automatic grow system that we have ever seen. Its built-in technologies take all the guesswork out of reaching maximum cannabis growing yields at home, all contained in a compact and extremely attractive airtight case. We look forward to working with D5 Partners to test, develop, and distribute the Grow Box 5000 family of products to consumers and retailers across the country.”
Now commanding a market cap of $12.6M, GRNH has a bankroll ($819K) of cash on the books, which compares with about $908K in total current liabilities. GRNH is pulling in trailing 12-month revenues of $1.5M. However, the company is seeing declines on the top-line on a quarterly y/y basis, with revenues falling at -18.2%. We will update the story again soon as developments transpire. Sign-up for continuing coverage on shares of $GRNH stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $GRNH, either long or short, and we have not been compensated for this article.