GreenGro Technologies Inc (OTCMKTS:GRNH) About To Breakout

GreenGro Technologies Inc (OTCMKTS:GRNH) is a name that we at Insider Financial have been following since the first of the year. Shares went on quite a run from the March lows to the April highs as pot stock investors came back into the sector and started banking on a new Green Rush. While shares have pulled off the April highs, the trend is indeed still upwards and GRNH has consolidated nicely. We're just waiting for the next catalyst to take shares of GRNH higher.GreenGro Technologies describes itself as “a world class provider of eco-friendly green technologies with specific domain expertise in indoor and outdoor agricultural science systems serving both the consumer and commercial farming markets. It brings together community and commerce through the growth and distribution of healthy, nutritious foods and vital medicines backed by science and technology. Customers include restaurants, community gardens, small and large scale commercial clients. Greengro Technologies also provides design, construction and maintenance services to large grow and cultivation operations and collectives in the medical and recreational marijuana sectors.”Last month, GRNH reported 242.94% year-over-year sales growth through the first quarter of 2016 ($522,000 for the 1st quarter of 2016 compared to $152,215 for 2015). The major increase in sales was attributed to new customers along with renewals and the ongoing expansion of the company’s product lines. In addition, the company’s sales are indirectly benefiting from the growth of the recently legalized Cannabis industry.To help drive revenues, GRNH has acquired growcameras.com, a new way to monitor crop health. The Grow Camera is a self-contained, WiFi enabled, five megapixel NDVI camera and temp/humidity sensor. It can be used with most modern DVR equipment that support networked cameras while also featuring monitoring capabilities through Android, iOS, or Windows devices using the mobile application. The Grow Camera NDVI technology is traditionally used in space imaging and weather satellites, and can be used to quantify vegetation health and provide an early indicator to problems in the grow room.As part of the acquisition, GRNH also acquired technology to integrate temperature, humidity, CO2, pH, TDS, DO, and light sensors with a database for M&C (Monitor and Control) capability which will be integrated into the company's existing horticultural offerings of modular gro rooms and light dep greenhouses. CEO James Haas said:

"We are bringing IoT (Internet of Things) technology to our product line, so that we can leverage the enormous amount of agricultural data being generated everyday by our products. By measuring and quantifying the data collected, we can integrate automated control systems into our products. This will reduce labor costs while improving consistency and sustainability for our customers."

In early March, GreenGro launched 420Scan.com, one of the fastest ways to find a medical marijuana dispensary in one’s area. 420Scan’s mission is to be the industry’s most comprehensive service on information concerning medical marijuana dispensaries coast to coast. Unlike other competitors, there is no app required or sign-up needed, interested users only need to text “420” to (805)-420-SCAN (7226) for fresh results which are instantly updated. Users of 420Scan can receive notifications when their favorite dispensaries update their menu or add new deals. They can also request an SMS text message as an alert if a new dispensary or delivery service opens in their area, making 420Scan a must-have for anyone in the medical marijuana community. 420Scan’s initial launch targeted California, the largest producer of Medical Marijuana with other states soon to follow.Currently trading with a market cap of $15 million, GRNH is an exciting story among cannabis stocks. The company has been quiet on the news front over the past month, which is unusual for GRNH. We're expecting news from the company any day now. We will be updating Insider Financial as soon as we know more. For continuing coverage on GRNH, sign up for our free newsletter today and get our next hot stock pick!Disclosure: We have no position in GRNH and have not been compensated for this article.