SOURCE: CannaGrow Holdings, Inc.

February 23, 2017 06:30 ET

CannaGrow Holdings Announces the Reduction of Outstanding Common Shares of its Capital Stock

GREENWOOD VILLAGE, CO--(Marketwired - Feb 23, 2017) - CannaGrow Holdings, Inc. (OTC PINK: CGRW) -- a Liaison and Consultant providing turnkey solutions to licensed growers, announces the cancellation of 799,861 shares of common stock reducing the Issued and Outstanding Share Count to 101,273,573. The Float has remained unchanged at 25,762,901 since August of 2014.

Delmar Janovec, CEO, states, "We are very proud of the success the company has achieved in adhering to our commitment of maintaining shareholder value through zero dilution. The stock certificate being returned to the Company has been part of an ongoing litigation which was successfully resolved to the benefit of the Company. The current market value of the shares to be cancelled is approximately $1.7 million.

Janovec went on to say, "CannaGrow Holdings' entry into the Colorado Cannabis Industry has been a remarkable process. We are now poised to bring even greater shareholder value through our experience in the industry and our contacts in the local area. I look forward to completing the current construction of the three additional IGC-Ranger Series Climate Controlled Greenhouses, http://www.igcusa.com/, and the upcoming Spring Season, at the Colorado Buffalo Ranch Facility I."

Shareholders and interested parties are encouraged to visit the CannaGrow Holdings Blog for more information and updates from Colorado Buffalo Ranch Facility I at (http://www.cannagrowholdings.com).

CannaGrow Holdings, Inc., the Liaison and Representative for NuGro Industries, will continue in its capacity of providing oversight as the Facilities Manager, working with the State/County Agencies and Category One Botanicals, LLC, the Licensed Grower for the facilities. The completion of this project will now provide the company the basis to begin generating revenues from Licensed Growers subleasing the Turnkey facilities being built to the specifications of CannaGrow COO, Dr. John P. Janovec, and Consultant, Jason Wells.

About CannaGrow Holdings, Inc.:

CannaGrow Holdings, Inc. has entered the Medical/Recreational Cannabis Industry as a Lessor, Liaison, and Consultant to licensed Growers providing them with turnkey Growing Facilities in the State of Colorado. The Company intends to expand this business model within this industry as business opportunities evolve whereby providing for the highest return to its shareholders.

CannaGrow Holdings, Inc. does not and will not, until such time as Federal law allows, grow, harvest, distribute or sell marijuana or any substance that violate the laws of the United States of America.

CannaGrow Holdings, Inc. encourages the public to read the above information in conjunction with its year-end statement for December 31, 2015, and the quarterly statements filed in calendar year 2016, at: www.otcmarkets.com.

The information contained in this press release may include forward-looking statements. Forward-looking statements usually contain the words "may," "could," "possibly," "feel," "estimate," "anticipate," "believe," "expect," or similar expressions that involve risks and uncertainties. These risks and uncertainties include the Company's uncertain profitability, need for significant capital, uncertainty concerning market acceptance of its services, competition, limited service facilities, dependence on technological developments and protection of its intellectual property. The Company's actual results could differ materially from those discussed herein.

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