Yeah pretty much... The green lasers that are coming out for laser pointers and such are typically Diode Pumped Solid State lasers (DPSS). They use a 1064 nm (wavelength = infrared) diode that pumps a frequency double crystal (which halves the wavelength to 532 nm = green). It is the frequency double crystal that is costly, which is why anything other than a red diode laser is expensive.
A 150 mW laser (any color) will not have a problem popping a balloon by burning a hole through it, or a piece of paper, or skin... I used my hand as a shutter for a 90 mW green laser once, and it worked for about 5 seconds before I started to get burned