CO2 GRO provides review of first-quarter 2021 operations and business prospects for the balance of 2021

 CO2 GRO Inc. (CVE:GROW) (OTCQB:BLONF) (FRA:4021) has provided a review of its first-quarter 2021 operations and business prospects for the balance of 2021.

In the statement, John Archibald, CO2 GRO CEO, commented: ”We have begun 2021 with a strong start, directly selling our 19th and 20th CO2 Delivery Solutions systems without commercial feasibilities to a Canadian licensed micro-cultivator and our first to a Canadian Licensed Producer.

“In addition, we added a marketing partner in Malaysia with CH Green, a market with significant potential. The signing of four additional commercial feasibilities gives our team more confidence that the balance of 2021 will be productive.”

READ: CO2 GRO seeks to help greenhouses achieve up to 30% more plant yield via its advanced CO2 Delivery Solutions

Looking at the 2021 outlook, Archibald added: ”We are evaluating potential Mexico marketing partners to help us expand in the 5 billion square foot Mexican protected agriculture market. Our CTA participation introduced us to a number of potential marketing partners and growers who have expressed strong interest in our technology. We would also like to add a Spanish marketing partner later in 2021 after researching their large protected agriculture market.

“We are mindful of the ongoing COVID-19 impacts in various markets. Barring a significant increase in the number of our markets being subjected to extended lockdowns or stay-at-home orders we expect to sign significantly more commercial feasibilities with growers in North America and in countries covered by our marketing partners. Most of our existing commercial feasibility projects finishing this year should convert into sales while we also expect more direct sales, especially in the Canadian Cannabis market where we are already seeing direct sales.”

He concluded: “We believe that CO2 Delivery Solutions will become the “go-to” CO2 yield improvement technology in the global 600 billion square foot protected agriculture market. The vast majority of these protected growers cannot use CO2 gassing but can use our CO2 Delivery Solutions™ technology to capture up to 30% more plant yield and revenue, and up to double their profitability.”

First Quarter 2021 Highlights:

• Sold two CO2 Delivery Solutions commercial installations, one to a Canadian micro-cultivator and one to a Canadian Licensed Producer. Both sales did not require a commercial feasibility
• Signed an MOU with CH Green to market and sell CO2 Delivery Solutions technology to the 800 million square feet protected agriculture market in Malaysia
• Strengthened and increased its North American sales team in response to quickly growing interest and business development opportunities with the addition of Darla Lanphear as North American Sales Manager. In addition, hired Mariana Mendez as Scientific Project Manager to ensure the successful execution of commercial feasibility projects with customers
• Announced commercial feasibilities for medicinal plants (France), strawberries (Netherlands), tomato varieties (Leamington, Ontario and Redcliff, Alberta), and macadamia tree seedlings (South Africa)
• Announced interim 20% pepper yield increases after ten weeks at a commercial 1-hectare pepper greenhouse in El Salvador
• Raised a further $700,000 on the exercise of warrants and options by long-term shareholders and management adding to its $1.38million non-brokered private placement completed last August 2020
• Participated in Canada’s Trade Commissioner to Mexico CTA Accelerator Program, introducing GROW to Mexican protected agriculture growers, associations and potential marketing partners

The company noted that 2021 commercial feasibilities due to start will be in Canada, the US, Israel, Malaysia, Colombia, France, South Africa and the Netherlands. The duration of these commercial feasibilities generally ranges from six months up to a year from installation and a number of commercial feasibilities from 2020 remain ongoing, it added.

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