SOURCE: CannaGrow Holdings, Inc.

June 19, 2015 06:30 ET

CannaGrow Holdings Announces State Licensed General Contractor Retained to Oversee Construction on Colorado Buffalo Ranch Filing No. 5-Lot 61 Project

CENTENNIAL, CO--(Marketwired - Jun 19, 2015) - CannaGrow Holdings, Inc., (OTC PINK: CGRW), A Liaison and Consultant providing Turn-Key solutions to licensed Growers, announces an update on the Colorado project.

Mr. Janovec, CannaGrow Holdings CEO, comments, "We have made significant progress since the issuance of NuGro Industries' Conditional Use Permit received on May 20, 2015. Acting as Manager/Liaison on all aspects of the Colorado Buffalo Ranch Filing No. 5 Project, CannaGrow has engaged Latcon Corp., a licensed general contractor, for the day-to-day oversight of the various trade subcontractors, i.e., HVAC, Mechanical, Electrical, Plumbing, Security Systems, Site Grading, and Concrete Foundations. Latcon Corp. holds the Colorado State Licenses required by Huerfano County Codes & Enforcement for the submission of the construction drawings / architectural plans. Once these documents have been submitted to the County and the contingent requirements have been satisfactorily completed, Latcon can then apply for the various construction-building permits to be issued which will allow construction activities to begin on Lot 61.

"One of the contingent requirements for the issuance of the Conditional Use Permit was the Bennett Roadway improvements. The required improvements consisted of grading of approximately 2.4 miles of gravel roadway, cutting in ditches to improve the drainage, the placement of approximately 2,000 tons of base rock on Bennett Roadway, and building the three (3) low-water crossings. This work has gone smoothly due to the excellent work of the grading contractor, Butte Valley Construction, LLC and is scheduled to be completed by June 26, 2015, barring any inclement weather.

"Phase I & II consists of site grading for the ingress & egress roadways, a 3200 sq. ft. head-works building, six 2300 sq. ft. hoop-houses for outdoor grows, and a 3,300 sq. ft. state-of-the-art Nexus Greenhouse that utilizes the most up to date technology for the growing of cannabis. The Nexus Greenhouse and the Olympia Head-house building will provide a premier work and growing facilities for an approved Licensed Grower's operations that will optimize all operations, from seed to sale.

"CannaGrow Holdings, Inc., the Liaison and Representative for NuGro Industries, will continue in that capacity, working with the various Contractors and State/County Agencies, to see the Multi-Phased project through to an operational status. The completion of this Project will provide CannaGrow the basis to begin generating revenues from the licensed Growers sub-leasing the Turnkey Growing Facilities being built to the specifications of CannaGrow consultants, Dr. John P. Janovec and Jason Wells. CannaGrow has already received numerous inquiries from perspective tenants and we are also exploring additional business ventures in the area that could further enhance shareholder value."

The revised 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. is currently working with a website designer to update its website to reflect the new business model that will be forthcoming in the very near future.

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, 2014, and the quarterly statements filed in calendar year 2015, 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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