GreenGro Technologies Prepares For Federal Cannabis Legalization
GreenGro Technologies, Inc., a provider of eco-friendly green technologies for the industrial hemp industry, has officially begun to position itself for the eventual federal legalization of cannabis in the U.S. The company’s initial steps include acquiring intellectual property rights such as the trademarks IGot420, 420 Rescue, and Reefer Throwdown. The intellectual property will be held in the company’s Cannabis Ventures Division, which is expected to eventually do for legal cannabis what the company’s CBD Ventures Division is currently doing for industrial hemp.
GreenGro’s COO James Haas believes that acquiring and securing intellectual property rights is the first step in positioning the company for a lucrative future in the cannabis market.
“Our experience with industrial hemp will be easily transitioned into the cannabis market,” said Haas. “What should be understood is that we already have the platform established. Our recent partnerships with organic certification experts Organna LLC & Southern Grown LLC go far beyond the industrial hemp space. We purposely arranged those strategic alliances so they could be instantly repurposed for the cannabis space. So, it is paramount that we begin our venture into Cannabis by securing our branding rights first. We want to be able to ‘hit the ground running’ as soon as the federal legal landscape for cannabis in the U.S. changes. That would mean an immediate deployment of our current Industrial Hemp based services into cannabis-based branded products when the time is right.”
“The company is strategically poised to simultaneously capitalize on the cannabis and hemp markets, according to GreenGro’s CEO Darrel Courtney.
“It will have two branches operating in cannabis and industrial hemp respectively,” Courtney said. “This diversification of company resources not only expands our total market reach, but it also allows for each segment to complement the other. The markets, although intertwined to some extent, follow wholly different trajectories and are aimed at different end-user bases. This should not only increase our bottom-line income but also level out our volatility as performance in one market will support the other. Additionally, our international footprint in Industrial Hemp will serve as a springboard to international cannabis transactions that we expect to open up upon federal legalization here in the U.S.”
According to two recent polls, one from Gallup and the other from Pew Research Center, about two-thirds of people in the U.S. support legalizing cannabis sales. And the results of last November’s general election proved that sentiment as initiatives in four states to legalize or decriminalize some form of cannabis all passed. Additionally, several Washington lawmakers have already signaled they’ll soon introduce legislation to start reversing the federal ban on cannabis not just for social justice reasons but on economic grounds as well. Strategic consultancy Emerton reports that legalized recreational cannabis in the U.S. is already at a market value of nearly $8 billion and is expected to grow at an impressive 14% every year in the lead up to 2025, landing anywhere between $15 billion and $20 billion. Globally, a report from Arcview has predicted that legal cannabis sales will hit $42.7 billion by 2024, while a report from Grand View Research has said that the global legal marijuana market size is expected to reach $73.6 billion by 2027.
GreenGro Technologies, Inc. is a vertically-integrated provider of eco-friendly technological solutions to the green industries. The company is a trusted partner to the cultivation, extraction, production and retail aspects of the green market through a combination of three operating divisions: CBD Ventures, Cannabis Ventures and GenoBreeding. Each division is able to leverage the strengths of the other, creating a synergistic, efficient and highly profitable business model.
For additional information about GreenGro Technologies and its solutions, please visit www.greengrotech.com.