Ancillary firm GreenGro Technologies acquired 4 acres in Southern California for propagating low-THC, high-CBD hempseeds.
“We expect the sale of those seeds to have a significant positive impact on both our revenue and bottom line since the costs associated with producing hempseeds are expected to be significantly less than the revenue that the sale of the seeds will generate,” CEO Matthew Burden said in a news release.
Burden, who said there is “tremendous growth potential” in the hemp CBD market, expects this project to be operational by the third quarter, with revenues being generated by the fourth quarter.
Burden estimated that the 4 acres could contribute as much as $2 million to its 2019 fiscal year bottom line, with seeds bringing in $15,000 to $30,000 per pound wholesale.
GreenGro is based in Anaheim, California, and trades on over-the-counter markets as GRNH.
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