ProGreen US
ProGreen US is a US public company (OTCQB: PGUS) that invests in agricultural and real estate projects in Baja California, Mexico through a joint venture with Inmobiliaria Contel, operating ProGreen Farms (chili pepper and crop exports to US buyers) and developing Cielo Mar, a 5,100-acre green oceanfront resort community.
- Company typePublic
- Founded2016
- HeadquartersSan Diego, United States
- Headcount1–10
- GTM typeB2B and B2C
- OfferingServices
What ProGreen US does
ProGreen US, Inc. (OTCQB: PGUS) is a US-domiciled, publicly-traded holding company that invests in agricultural and real estate projects in Baja California, Mexico, primarily through a joint venture with Inmobiliaria Contel S.R.L.C.V. and its majority-owned (51%) Mexican subsidiary Procon Baja JV. Originally incorporated as ProGreen Properties, Inc. in 1982 and renamed in July 2016, the company shifted from Michigan-based property refurbishment to its current Baja California focus after relocating corporate headquarters to San Diego in July 2017.
The company operates two distinct business lines. First, ProGreen Farms grows chili peppers, onions, and other produce on roughly 2,200 acres (with a 3-year option on 11,500 additional acres) for export to US food processors under supply agreements — most notably Huy Fong Foods, Inc. for red chili peppers (900 tons delivered in 2018 across 47 truckloads to Irwindale, CA), with distribution handled through wholly-owned subsidiary ProGreen Farms US, LLC. Second, the Cielo Mar project is a planned 10,000+ unit green resort-style vacation and retirement community on 5,100 acres with 4.7 miles of oceanfront on the Bay of El Rosario, where CBRE appraised the land at $42 million in March 2018 and the company estimates $2.5 billion in total residential inventory potential. The development integrates Crystal Lagoons sustainable water technology (using up to 100x fewer chemicals and 2% of the energy of conventional pool filtration) and solar roofs on every home, with Mexican government land use approval secured in April 2019.
Revenue is generated through three streams: agricultural product sales via supply agreements (~$1.1-1.3M initial produce purchase agreement, with 55-60% expected margins on first chili crop); one-time real estate lot and unit pre-sales for Cielo Mar (priced $225,000-$325,000+); and joint venture profit-sharing with Contel (priority return of financed amount, then 50/50 split of remaining profits). As of early 2020, the company was actively pursuing $10-15 million in project-level debt financing to commence Cielo Mar build-out while reporting operational challenges with bridge funding and reduced participation in 2019 crop planting.
ProGreen US firmographics
Firmographics- Name
- ProGreen US
- Legal name
- ProGreen US, Inc.
- Website
- https://progreenus.com
- Company type
- Public
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- ProGreen US is a US public company (OTCQB: PGUS) that invests in agricultural and real estate projects in Baja California, Mexico through a joint venture with Inmobiliaria Contel, operating ProGreen Farms (chili pepper and crop exports to US buyers) and developing Cielo Mar, a 5,100-acre green oceanfront resort community.
- Ownership category
- akta.pro rank
ProGreen US industry classification
Industry- Product category
- Real Estate Development
- NAICS
- Vegetable and Melon Farming (11121), Other Vegetable (except Potato) and Melon Farming (111219)
- SIC
- Agricultural Production-Crops (100)
- akta.pro primary industry
- Ethnic Produce & Specialty Vegetables Wholesale (AFAIAIAD)
Keywords
Where ProGreen US is headquartered
LocationHeadquarters
- HQ city
- San Diego
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
ProGreen US business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Operations, Supply Chain, Marketing or Sales, Personnel, Infrastructure
Revenue model
- Agricultural Product Sales: Growing and selling produce (chili peppers, onions) to US markets through supply agreements. Revenue generated from crop sales with profit margins of 55-60% on first crops. Produce exported to US buyers including Huy Fong Foods for Sriracha production.
- Real Estate Development Sales: Sale of residential lots, homes, and condominiums in the Cielo Mar resort community development. Pre-sales reservations offered with pricing from $225,000-$325,000+. Estimated $2.5 billion in residential inventory over the development lifecycle.
- Joint Venture Revenue Sharing: JV agreement with Contel provides ProGreen with priority return of financed amount from all revenue, after which profits are split equally between parties (50/50 split)
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| One time/ perpetual license | Pay-as-you-go | 2 Bed/2.5 Bath townhomes - 1,350 sf |
| One time/ perpetual license | Pay-as-you-go | 3 Bed/2.5 Bath townhomes - 1,550 sf |
| One time/ perpetual license | Pay-as-you-go | Single Family Homes - 2,500 sf |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels5 records
ProGreen US product offering
Product offeringCore offering
ProGreen US operates two primary business lines through joint ventures in Baja California, Mexico: (1) ProGreen Farms, which grows red chili peppers, onions, and other produce for export to US food processors through wholly-owned distribution subsidiary ProGreen Farms US, LLC; and (2) Cielo Mar, a planned large-scale green resort-style vacation and retirement community on 5,100 acres with 4.7 miles of oceanfront on the Bay of El Rosario, with planned inventory of 10,000+ single family homes and multi-family condominiums valued at an estimated $2.5 billion.
Product overview
ProGreen US operates two main business units: (1) ProGreen Farms™, an agricultural operation growing red chili peppers and other produce in Baja California for export to the US market, and (2) Cielo Mar, a large-scale green resort-style vacation and retirement community development. The company also maintains joint venture subsidiaries (Procon Baja JV) for real estate and (ProGreen Farms US, LLC) for distribution. The agricultural and real estate operations are coordinated through partnerships with Inmobiliaria Contel S.R.L.C.V.
Differentiator
Problem solved
Functional benefit
Brands
- ProGreen Farms: Agricultural brand for the company's farming operations in Baja California, Mexico, producing red chili peppers and other produce for export to US market.
- Cielo Mar
- Procon Baja JV
Products and services
- Cielo Mar Large-scale, totally green resort-style vacation and retirement community development on 5,100 acres with 4.7 miles of oceanfront on the Bay of El Rosario in Baja California, Mexico, featuring solar roofs on every home and Crystal Lagoons water technology. Target buyers are vacation home and retirement home seekers in the US and Canada.
- Cielo Mar Multi-Family Townhomes (2 Bed/2.5 Bath, 1,350 sf) Two-bedroom, two-and-a-half bath multi-family condominiums in the Cielo Mar development, approximately 1,350 square feet, priced from $225,000 to $275,000.
- Cielo Mar Multi-Family Townhomes (3 Bed/2.5 Bath, 1,550 sf) Three-bedroom, two-and-a-half bath multi-family condominiums in the Cielo Mar development, approximately 1,550 square feet, priced from $250,000 to $300,000.
- Cielo Mar Single Family Homes (2,500 sf) Single family homes in the Cielo Mar development, approximately 2,500 square feet, starting at $325,000.
- ProGreen Farms Produce Agricultural operation growing red chili peppers, jalapeno peppers, onions, and other produce in Baja California, Mexico, for export to US food processors and distributors through wholly-owned subsidiary ProGreen Farms US, LLC. 2018 harvest exceeded 2,500 tons and delivered over 900 tons (1.8 million pounds) of red jalapeno chili peppers to Huy Fong Foods for Sriracha production.
Quantifiable outcome
- Expected 55-60% profit margin on first crop of red chile peppers
- +2 more outcomes
Companies that use ProGreen US
Customer profileNamed customers2 records
Segments2 records
Ideal customer profiles2 records
ProGreen US technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
ProGreen US partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core, major and minor.
- EXIT Realty Southeast (EXIT Corp International)coreJoint venture alliance contract with EXIT Realty's most successful regional franchise owners. EXIT Southeast coordinates US operations with 11,000+ agents across 800 offices in US and Canada to market and sell Cielo Mar properties worth an estimated $2.5 billion.
- Inmobiliaria Contel S.R.L.C.V. (Contel)coreJoint venture partnership between ProGreen and Contel for agricultural and real estate projects in Baja California, Mexico. Contel contributes land and handles planning, permits, and construction while ProGreen provides financing. ProGreen receives priority return of financed amount from all revenue, with remaining profits split 50/50.
- Procon Baja JV (Procon)coreMajority-owned Mexican subsidiary (51% ProGreen, 49% Contel) that holds the real estate land acquired for Cielo Mar development. Managed by board of Managing Directors with ProGreen having full operational control.
- ESTRADA Engineering & ConstructionmajorArchitecture and engineering firm working for Procon to complete the preliminary Master Plan of Cielo Mar development, including plan drawings, virtual reality drawings and videos. Led by Juan Esteban Estrada Aguilar and Victoria Rivera.
- BIOS ConsultantsmajorEnvironmental consulting firm performing environmental studies and impact assessments for Cielo Mar. Led by Juan Carlos Burgueno, using drones to inspect land and presenting permit applications to authorities.
- Crystal LagoonsmajorPartnership for man-made lagoon technology within Cielo Mar development. Crystal Lagoons technology uses up to 100 times less chemicals and 2% of the energy of conventional systems.
- CBREminorCBRE Group, Inc. conducted appraisal of Cielo Mar land, valued at $42 million (March 2018). Also retained for property valuation pursuant to funding plan.
Scale indicators8 records
Recent moves9 records
Expansion highlights5 records
ProGreen US competitors and assessment
Company assessmentDirect peers
- Taylor Farms: Taylor Farms is one of North America's largest producers of fresh-cut vegetables and salads, with extensive Mexican growing operations supplying US food processors and retailers. Directly comparable to ProGreen Farms as both grow vegetables in Mexico for US food manufacturer customers.
- Driscoll's: Driscoll's is the global market leader for berries with extensive Mexican growing operations and direct supply relationships with US food retailers and processors. Comparable to ProGreen Farms' model of growing specialty produce in Mexico and selling to US enterprise buyers, with similar cross-border supply chain dynamics.
- Mastronardi Produce (Sunset Produce): Mastronardi Produce is the largest greenhouse vegetable grower in North America, producing premium tomatoes, peppers, and cucumbers under the Sunset brand for US retail and foodservice. Comparable to ProGreen Farms in producing peppers and other vegetables, though with a controlled-environment vs. open-field approach.
- Pueblo Bonito Resorts: Pueblo Bonito develops and operates luxury beachfront resort communities in Cabo San Lucas and Mazatlán with vacation ownership and retirement residence components. Directly comparable to Cielo Mar's target market of US vacation and retirement buyers seeking Mexican beachfront property.
- Vidanta Group: Vidanta is Mexico's largest resort and vacation community developer, operating luxury beachfront destinations with residential real estate components in Nuevo Vallarta, Riviera Maya, Acapulco, and Puerto Peñasco. Highly comparable to Cielo Mar as both target the US vacation/retirement home buyer with Mexican beachfront resort communities.
Broad incumbents
- Dole plc: Dole is one of the world's largest producers and marketers of fresh fruits and vegetables with extensive Latin American sourcing operations. Comparable to ProGreen Farms as a broad incumbent in the produce-from-Mexico-to-US supply chain, though at vastly larger scale and broader product portfolio.
- Fresh Del Monte Produce: Fresh Del Monte Produce is a vertically integrated global producer, distributor, and marketer of fresh produce with extensive operations in Mexico and Central America supplying US markets. Comparable as a broad incumbent in the same cross-border produce supply chain that ProGreen Farms operates in.
- Bonduelle Group: Bonduelle is a global leader in packaged and processed vegetables with significant Mexican and Latin American growing operations supplying North American food manufacturers. Comparable to ProGreen Farms in growing vegetables for food processor customers across the US-Mexico supply chain.
Others
- Crystal Lagoons: Crystal Lagoons is a multinational technology company that develops and licenses sustainable man-made lagoon technology for residential, resort, and commercial developments worldwide. ProGreen is already a customer/partner; relevant as an ecosystem enabler whose technology is central to Cielo Mar's differentiation.
Regional players
- Grupo Gicsa: Grupo Gicsa is a major Mexican real estate developer focused on commercial, residential, and mixed-use developments including resort properties in Mexican beach destinations. Comparable to Cielo Mar as a Mexican real estate developer, though primarily serving domestic rather than US buyer markets.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
ProGreen US social profiles
Digital presenceProGreen US financial estimates
Financial estimateRevenue estimate
Valuation estimate
ProGreen US leadership team
Management profileNumber of profiles
Profiles2 records
ProGreen US subsidiaries and ownership
Company hierarchySubsidiaries3 records
ProGreen US funding detail
Funding detailFunding overview
Funding rounds3 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
ProGreen US M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about ProGreen US
What does ProGreen US do?
ProGreen US operates two primary business lines through joint ventures in Baja California, Mexico: (1) ProGreen Farms, which grows red chili peppers, onions, and other produce for export to US food processors through wholly-owned distribution subsidiary ProGreen Farms US, LLC; and (2) Cielo Mar, a planned large-scale green resort-style vacation and retirement community on 5,100 acres with 4.7 miles of oceanfront on the Bay of El Rosario, with planned inventory of 10,000+ single family homes and multi-family condominiums valued at an estimated $2.5 billion.
Is ProGreen US a public or private company?
ProGreen US is a public company. It is classified as public and is currently operating.
When was ProGreen US founded?
ProGreen US was founded in 2016. It employs 1 to 10 people.
Where is ProGreen US based?
ProGreen US is headquartered in San Diego, United States, in the North America region.
How does ProGreen US make money?
Three revenue lines are on record. Agricultural Product Sales are the primary driver. The others are real Estate Development Sales and joint Venture Revenue Sharing.
Who are ProGreen US's main competitors?
Direct peers on record are Taylor Farms, Driscoll's, Mastronardi Produce (Sunset Produce), Pueblo Bonito Resorts and Vidanta Group. Broad incumbents are Dole plc, Fresh Del Monte Produce and Bonduelle Group. Crystal Lagoons is listed as an others. Grupo Gicsa is listed as a regional player.
Does ProGreen US have an API?
No public API is recorded for ProGreen US.
What industry is ProGreen US in?
ProGreen US's product category is Real Estate Development. Its primary akta.pro industry code is AFAIAIAD, Ethnic Produce & Specialty Vegetables Wholesale. Its NAICS code is 11121 and its SIC code is 100.