Greengro Technologies a provider of eco-friendly green technologies, announced its joint venture agreement with Cannabrands, an Austrian-based private equity company specializing in cannabis industry investments.
The joint venture is based on the franchising of GreenGro subsidiary Vertical HydroGarden, a U.S. retailer of year-round hydroponic supplies. Vertical HydroGarden, which supports businesses in the field of controlled environment agriculture (CEA), provides modular automated hydroponic grow-rooms, portable grow-containers, greenhouses, hydroponic and aquaponics supplies and cultivation consulting services.
In preparation for a worldwide surge in demand for improved automated indoor crop growing capabilities, this mutually advantageous partnership enables Cannabrands to establish a working model for franchising Greengro’s Vertical Hydrogarden Stores throughout the European region, attracting international exposure through the use of state-of-the-art grow facilities.
“Together with our storefront Vertical Hydrogarden franchises appearing throughout Europe, this joint venture initiates a project offering ‘student immersion’ courses for Europeans to take advantage of a campus-like course of study in the U.S. focusing on CEA growing systems and techniques in anticipation of expected worldwide growth of the legalized cannabis market,” said James Haas, CEO of Greengro Technologies, Inc.
Haas stated that his company’s franchise program benefits facility owners by ensuring consistent production and profitability.
The two companies will first initiate their European Franchising Model in Germany. As stated in a recent Huffington Post article – “Germany will legalize medical marijuana next year, the country’s health minister said.” The article continued: “The German cabinet decided Monday to approve the measure for seriously ill patients who have consulted with a doctor and ‘have no therapeutic alternative,’ according to a press release from the German Health Ministry.”
According to the agreement, Cannabrands will facilitate the marketing efforts needed to engage qualified students for the USA Cannabis Student Immersion “study-abroad” program. Cannabrands will also be responsible for selecting the appropriate European locations for opening Vertical Hydrogarden storefront franchises.
Greengro Technologies will be providing educational handbooks, tutorials, instructional manuals, and business practices guidelines for Cannabrands AG’s exclusive use in the operation of its European Vertical Hydrogarden franchise stores as well as for the USA CEA Cannabis Student Immersion Program. The Parties will be 50/50 equal partners in the Joint Venture and entitled to the benefits thereof on a pro-rata basis.
