Greengro Technologies Inc (OTCMKTS:GRNH) investors have reason to be excited with the recent developments and announcements. The stock has almost doubled since bouncing off its 52-week low. The stock surged on Thursday locking in gains of almost 30% on impressive volume. Volume hit over 12 million shares trading hands compared to its daily average volume. Over the last few weeks volume has expanded significantly.
In recent developments, Greengro Technologies Inc (OTCMKTS:GRNH) announced a record breaking quarter with sales increasing 242% to $0.522 million for the first quarter 2016 compared to $0.152 million for the first quarter 2015. The exponential and explosive growth in sales is due to new customers, expansion of product lines, and renewals. GRNH has been benefiting from the rapidly growing industry of legalized marijuana. The industry is expected to reach $44 billion by 2020.
The CEO of the company made a statement saying, “”Greengro’s record revenues demonstrate firsthand the increased demand for our product lines centered around Cannabis. We are strategically positioned to capitalize on the opportunity presented by this brand new market and anticipate that the Legal Cannabis industry will continue to give a financial boost to Greengro’s bottom line.”
In addition to the explosive growth, the CEO pointed out that the exponential growth is not an anomaly but a trend. From the fourth quarter 2015 to the first quarter 2016 revenues soared 209%. The CEO of GRNH hinted that the sales increase may be even more impressive with a good close out for March.
In other developments, GRNH announced that it had launched a medical marijuana dispansery website to help customers find dispensaries in the area. No app is required for the innovative technology that GRNH developed. The website is 420scan.com. There is no app or sign up needed. Users of 420Scan can receive notifications when their favorite dispensaries update their menu or add new deals.
Greengro Technologies Inc (OTCMKTS:GRNH) is into both indoor and outdoor aquaponics and hydroponic systems and grow rooms. The company’s customers include restaurants, community gardens, and small and large-scale commercial clients. It also provides design, construction and maintenance services to grow and cultivation operations and collectives in the medical and recreational marijuana sectors.
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GRNH is currently trading at a $3.6 million market valuation. The company had a record breaking quarter and is in the early stages of turning around. Revenues will likely continue to expand and year over year comparable will likely be impressive. This is an exciting story that is about to take off. Stay tuned for more details.
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Disclosure: we hold no position in GRNH either long or short at the publication of this article and we have not been compensated for this article.