Ancillary firm GreenGro Technologies announced on Thursday that it has acquired four acres of real estate in southern California for propagating low-THC, high-CBD hemp seeds.
“We expect the sale of those seeds during to have a significant positive impact on both our revenue and bottom line since the costs associated with producing hemp seeds are expected to be significantly less than the revenue that the sale of the seeds will generate,” CEO Matthew Burden said in a press release.
Burden said he believes there is “tremendous growth potential” in the hemp CBD market, and said this project should be operational by the third quarter and revenues being generated by the fourth quarter.
Burden estimated that the four 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.
