GreenGro Technologies, Inc. (OTC Pink: GRNH) is in the business of developing, designing, manufacturing, and marketing of vertical cultivation systems and controlled environment systems in the United States. Shares of GreenGro Technologies, Inc. are rallying 13% through afternoon trading on Thursday, October 20, 2016. Over the past three months, GreenGro Technologies, Inc. has seen average daily volume of nearly 5.4 million shares. However, nearly 6.4 million shares or dollar volume of $768,000, has already exchanged hands through afternoon trading on Thursday.
Shares of GreenGro Technologies, Inc. are rallying Thursday after management announced they have sold their BP Gardens Glass Greenhouse Franchise to FoodRaiser Corporation. The sale of the BP Gardens asset will bring in $7.5 million for GreenGro Technologies, Inc., as proceeds from the sale. Here is the complete press release of the BP Gardens asset sale:
GreenGro Technologies, Inc. Press Release:
ANAHEIM, CA–(Marketwired – Oct 20, 2016) – GreenGro Technologies, Inc. ( OTC PINK : GRNH ), a world-class provider of eco-friendly green technologies, today announced the sale of a $7.5 million BP Gardens Glass Greenhouse Franchise to FoodRaiser Corporation, Dublin, Ohio, a noted trailblazer in health conscious fundraising. FoodRaiser provides schools, clubs, teams, bands, nonprofits, churches and numerous other organizations with organic product based fundraising opportunities. Visit BP Gardens: www.bpgardens.com
GreenGro Technologies, Inc. and FoodRaiser have entered into an agreement for FoodRaiser to purchase a Glass Greenhouse Franchise marketed by GreenGro Technologies’ subsidiary BP Gardens, Inc., a controlled environment agriculture (CEA) company that specializes in the use of leading-edge technologies and production methods. The Glass Greenhouse Franchise offering includes a turnkey, two-acre greenhouse facility designed to produce up to nine million heads of lettuce per year.
Through the BP Gardens franchise agreement, FoodRaiser has committed to raising the capital to fund the $7.5 million purchase over the next six months. The companies expect to be breaking ground on the Ohio-based facility between the second and third quarters of 2017. To learn more about FoodRaiser, visit: http://www.foodraiser.com/
This lucrative franchise partnership enables FoodRaiser to establish and operate a state-of-the-art BP Gardens Glass Greenhouse Franchise and incorporate the produce generated into its organic foods fundraising business, according to GreenGro Technologies’ CEO James Haas, who said FoodRaiser will grow produce in the greenhouse utilizing proprietary BP Gardens CEA growing systems and techniques.
“This is the first of our independent U.S. franchise locations that we’re establishing nationwide and we plan to invest in ensuring the facility’s prosperity,” said Haas. “We are very confident that the resources going into this relationship will result in great success for all involved in this business relationship.”
According to their franchise agreement, GreenGro Technologies, Inc. will be providing FoodRaiser with a BP Gardens signature two-acre turnkey off-grid PV-glass greenhouse facility with technology capable of producing a robust crop of nine million crisp heads of lettuce per year, with an immediate take-off purchase order at market rates from BP Gardens. With an estimated value of $.75 per head of lettuce, potential revenues from the facility’s production of lettuce alone could be significant.
CEA involves the production of plants and produce inside structures such as greenhouses. By mobilizing CEA franchises, the Company seeks to empower its partners with the ability to produce high-value crops at maximum productivity in an efficient and environmentally friendly way.
About GreenGro Technologies, Inc.:
GreenGro Technologies, Inc. ( OTC PINK : 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. GreenGro Technologies, Inc. also provides design, construction and maintenance services to large grow and cultivation operations and collectives in the medical and recreational marijuana sectors.