Ancillary agency GreenGro Technologies introduced on Thursday that it has acquired 4 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 stated he believes there may be “tremendous growth potential” within the hemp CBD market, and stated this challenge ought to be operational by the third quarter and revenues being generated by the fourth quarter.

Burden estimated that the 4 acres might contribute as a lot as $2 million to its 2019 fiscal yr backside line, with seeds bringing in $15,000 to $30,000 per pound wholesale.


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