GreenGro Technologies, Inc. (OTCMKTS:GRNH) recently announced the opening of new hydroponic grow facility in Orange Country, California. The development is expected to enable the company to take greater advantage of the rapidly growing legal marijuana and green agriculture industries. The company also announced a partnership with Veridian Laboratories to provide advanced marijuana testing solutions.
GreenGro Technologies, Inc. (OTCMKTS:GRNH) will formally open its all new Vertical Hydrogarden superstore on April 20, 2015. However, the company promised to release further details about the planned grand opening of the facility in the due course.
The opening of the new Vertical Hydrogarden superstore comes nearly a year after GRNH acquired Vertical Hydrogarden. According to CEO, James Haas, the expansion of the location was supported by the desire to create more room for revenue gain.
GreenGro Technologies, Inc. (OTCMKTS:GRNH) sees greater growth opportunities in the hydroponic industry, primarily because of the growing demand for organic foods and the rapidly expanding medical marijuana industry. People are focusing more on healthy eating, and this has generated interest in growing own organic food. Using hydroponic grow equipment that guarantee pesticide-free produce is gaining traction, thereby creating a market opportunity for GRNH.
Medical marijuana industry has also added to the demand for green agriculture equipment that GreenGro Technologies, Inc. (OTCMKTS:GRNH) supplies. More states are working to legalize medical and recreational marijuana, a move that is expected to lead to the purchase of more grower equipment by patients and entrepreneurs to meet their demand.
The overall size of GRNH’s core business of supplying green agriculture solutions is currently estimated at more than $685 million. The market is projected to grow at the rate of 20% annually, mostly driven by legal cannabis.
Advanced marijuana testing
To tap more opportunities in the legal marijuana market, GreenGro Technologies, Inc. (OTCMKTS:GRNH) teamed up with Veridian Laboratories to develop and promote advanced tests products for the cannabis industry. The companies have realized that testing of cannabis is an area of vast growth because of the stringent measures in the market. Proper labeling of cannabis products is critical to avoid dangers of inefficient treatments and adverse effects in the users.s
With over 400 unique compounds and varied plant strains, documenting the quality of cannabis and providing standard labeling of the drug is important. By combing their expertise, GreenGro Technologies, Inc. (OTCMKTS:GRNH) and Veridian expect to capitalize on the need for better testing in the legal marijuana market to boost their performance.