Timothy J. Madden Named CEO of Gala Global, Inc.
ANAHEIM, Calif., Feb. 14, 2017 (GLOBE NEWSWIRE) -- Greengro Technologies, Inc. (OTC:GRNH), a world-class provider of eco-friendly green technologies, announced today that it has acquired the intellectual property (IP) rights for Controlled Environment Genomics (CEG) technologies from Gala Global, Inc. (OTCQB:GLAG), Las Vegas, Nev., is entering into equity investments, debt financing, mergers and acquisitions in the cannabis industry.
In addition, Greengro CEO James Haas announced that industry veteran and Greengro COO Timothy J. Madden has been named as Gala Global’s new CEO.
The deal between the two companies calls for Greengro to exchange debt owed to it by Gala Global for a 30 percent equity position in Gala Global in the form of non-dilutive common and preferred stock.
The CEG IP is Gala Global’s based genomics technologies developed as part of a program to incorporate genetics – heredity and the variation of inherited characteristic in plants – to help cannabis industry growers create better, more powerful and sometimes personalized commercial cannabis strains that share inherited characteristics, e.g., higher average concentrations of THC, considered desirable to growers and the commercial and consumer markets.
Genomics is an interdisciplinary field of science focusing on genomes. A genome is a complete set of DNA within a single cell of an organism, and as such genomics is a branch of molecular biology concerned with the structure, function, evolution and mapping of genomes.
The process used involves the cannabis genome (the complete set of genes and genetic material present in the plant), genotype (the plant's complete heritable genetic identity), and phenotype (the set of a strain’s expressed, observable characteristics resulting from the interaction of its genotype with the environment).
Greengro company division GenoBreeding will direct Greengro’s initiative to bring to the market cutting edge cannabis varieties through the application of plant genomics and modern plant breeding technologies.
“First, we’d like to congratulate Greengro COO Tim Madden on his increased responsibilities as Gala Global CEO,” said Haas. “He is a knowledgeable and exemplary leader in his field and we are pleased to have him apply his unique set skills to this job.”
Haas said that Greengro’s collaboration with leading plant scientists skilled in genetics enables the company to utilize proven crop breeding techniques in the indoor production of cannabis, while at the same time modernizing Greengro’s existing efforts to produce original products for California’s cannabis market.
“Using applied genomics to grow ideal cannabis strains in controlled greenhouse environments is a breakthrough application in the fairly new field of controlled environment genomics,” said Madden. “We are probably the first in the cannabis industry to utilize market leading CEG techniques, elite cannabis genetics and innovative breeding solutions in our grow operation offerings. Our customers will have the benefit of using superior breeding technologies far ahead of their competitors.”
Greengro Technologies is a national leader in both indoor and outdoor aquaponic and hydroponic systems and grow rooms, with specific domain expertise in agricultural science systems serving both the consumer and commercial farming markets. The company’s customers include restaurants, community gardens, and small- and large-scale commercial clients. For more up to date info like our Facebook page at https://www.facebook.com/GreengroTechnologiesInc?ref=hl
About Gala Global
Gala Global, Inc. is a publicly-traded company focused on equity investments, debt financing and mergers and acquisitions (M&A) in the cannabis industry. The company is developing relationships with numerous groups within the cannabis and hemp industries as well as with Native American tribes looking to take advantage of new opportunities stemming from recent U.S. federal government rulings regarding cannabis on tribal lands.
Gala Global is still in the process of developing a hemp fiber clothing line and a therapy line of nutraceutical CBD products.
Gala Global’s professional services group provides operational services and technologies that drive efficiencies in the medical and recreational cannabis market.
Gala Global website: www.galaglobalinc.com. https://www.facebook.com/galaglobalinc/
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