SOURCE: GreenGro Technologies

April 16, 2010 09:35 ET

GreenGro Technologies Signs First Three Dispensaries to Management Cultivation Agreements

BUENA PARK, CA--(Marketwire - April 16, 2010) -  GreenGro Technologies, Inc. (PINKSHEETS: GRNH), a medical marijuana provider holding company, announced today that it has entered into agreements with 3 local dispensaries to manage the cultivation of medical cannabis on behalf of their patients. First year revenues are projected to exceed $1 million.

Under the agreements, GreenGro will staff and manage 3 separate collectives. The Company has agreed to provide equipment, funding and technical expertise in exchange for a fixed management fee. As a result of these new agreements, GreenGro will provide the California Non-Profit Collectives the opportunity to develop proprietary medical strains as well as enabling patients to purchase medical marijuana below current market pricing.

"It is the intent of the California law to provide for the cultivation and distribution of medical marijuana in our state for the benefit of patients," stated a Company spokesman. "Under current arrangements, dispensaries have been purchasing cannabis from a large number of vendors and growers throughout the state. By entering into grow agreements, we are enabling these dispensaries to not only fully comply with SB 420 (which encourages access to medical marijuana through 'collective, cooperative cultivation projects'), but more importantly, to fall within Federal guidelines and to provide patients with the highest quality medicine at substantially lower prices by growing their own products."

About GreenGro: GreenGro Technologies is a vertically integrated medical marijuana company which provides management services for the cultivation of medical marijuana to non-profit patient cooperatives in southern California. 

Disclaimer: 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 a number of 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.  

Contact Information

  • Contact:

    GreenGro Technologies, Inc.
    Michelle Hector-Batson
    (949) 891-8933