SOURCE: CannaGrow Holdings, Inc.

CannaGrow Holdings, Inc.

October 06, 2016 06:30 ET

CannaGrow Holdings Announces a Second Acre Foot of Water Has Been Secured for Future Expansion of 20 Acre Lease

GREENWOOD VILLAGE, CO--(Marketwired - Oct 6, 2016) - CannaGrow Holdings, Inc. (OTC PINK: CGRW), a Liaison and Consultant providing turnkey solutions to licensed growers in the legal Cannabis industry, today announced that on September 26, 2016, Delmar Janovec attended the monthly meeting of the Huerfano County Water Conservatory District. He appeared on behalf of NuGro Industry, Landowner and developer of the Colorado Buffalo Ranch Facilities I, to request an additional one (1) acre foot of water for the 2017 Substitute Water Supply Plan (SWSP). After minimal discussion and board approval, the request was granted and the (SWSP) will be submitted by HCWCD to the State of Colorado, Division of Water Resources for approval.

Delmar Janovec, CEO, comments, "Individuals involved in the Cannabis Industry in Southern Colorado understand the importance of a sufficient water supply in operating a successful Grow Facility. Now that the first five (5) acre facility is occupied and in production, I will be redirecting my attention toward expansion and development of the unoccupied fifteen (15) acres of the existing CannaGrow twenty (20) acre lease. Once the 2017 SWSP is approved by the State, future Sub-Lessees can be confident of a clean and sufficient water supply for future developments."

Janovec went on to say, "CannaGrow Holdings, will continue as Liaison and Representative for NuGro Industries in Huerfano County, Colorado. The Company will also continue to assist Category One Botanicals, LLC, as Facilities Manager, at the Colorado Buffalo Ranch Facility I. Our Staffing Program will remain the primary provider of employees and consultants for the Licensed Grower, Category One Botanicals. CannaGrow has already received numerous inquiries from additional perspective tenants and is also exploring ancillary business ventures within this industry that could further enhance shareholder value. I would encourage interested parties to contact us in regard to potential Cannabis projects in Southern Colorado. Our Team of Consultants has a proven track record in the planning, permitting, construction, and licensing of commercial recreational grow facilities."

The Colorado Buffalo Ranch Facility I site plan, grading plan, and phasing plan that was submitted by NuGro Industries, the landowner and developer, can be viewed on our website at: http://cannagrowholdings.com.

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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