Greengro Technologies Inc. (OTCMKTS:GRNH)
Greengro Technologies Inc. (OTCMKTS:GRNH) has signed an agreement for the formation of a joint venture with Maqsood Rehman, a renowned plant geneticist. The joint venture is for the development, patenting, and licensing of various cannabis strains.
Joint Venture Formation
Greengro Technologies Inc. (OTCMKTS:GRNH)’s subsidiary, GenoBreeding will own 60% of the Joint Venture with the remaining 40% going to Mr. Rehman. The signing of the agreement comes on the heels of GenoBreeding signing an agreement for its first customer, igot420.
The Joint Venture’s business plan will rely on advanced technologies including breeding methods and genome sequencing to come up with cannabis strains.
“The Company is confident its proprietary combination and utilization of these tools, under the painstaking direction of one of the nation’s best-qualified plant geneticists, will yield valuable new strains of cannabis and push the edge of the technology to new levels of science. His team includes two master cannabis growers and a molecular genetics and data development scientist,” said Greengro Technologies Inc. (OTCMKTS:GRNH) in a statement.
GenoBreeding will patent any strains that are created as a result of the partnership. In addition to selling cannabis strains, the company also plans to license them to other companies such as igot420.
The company’s commercialization plan will target growers, producers, and dispensaries looking to develop marijuana strains. Greengro Technologies Inc. (OTCMKTS:GRNH) also plans to target biotech firms planning to conduct cannabis-related clinical research trials.
In addition to forming a joint venture, GreenGro Technologies has appointed Dr. Rehman as the Chief Operating Officer. He joins the company with vast experience and a diverse background in working with large public and private companies in the field of genetics.
Dr. Rehman will lead Greengro Technologies Inc. (OTCMKTS:GRNH) Gala Global development team. The team is currently commercializing digital plant cloning incubators from Controlled Environment Genomics.
“We welcome Dr. Rehman as he brings with him a diverse background of working with large public and private companies in the field of genetics and the commercialization of genetically modified crops for a wide variety of uses,” said Gala Global CEO, Timothy Madden.
$4 Million Financing
Separately, the provider of eco-friendly green horticulture technologies has secured $4 million in financing. The money is to be used to build a second igot420 dispensary in Cathedral City. Greengro Technologies Inc. (OTCMKTS:GRNH) has already received $2 million of the financing with the remaining $2 million set to be drawn pending project advancement.
Greengro Technologies Inc. (OTCMKTS:GRNH) stock was up by 0.51% in Friday’s trading session to end the week at $0.0495 a share.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.