SOURCE: CannaGrow Holdings, Inc.

April 15, 2015 06:30 ET

CannaGrow Holdings Announces Update on the Colorado Buffalo Ranch Filing No. 5-Lot 61 Development

CENTENNIAL, CO--(Marketwired - Apr 15, 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, "On Monday, April 13, 2015 a presentation was made by NuGro Industries and their entitlement company, StackLot, LLC, (www.stacklot.com), to the Huerfano County Planning Commission. The presentation was in regard to the recently filed Amended Land Use Application No. 15-001 (LUA) and addressed all questions previously raised by the Planning Commission. With a vote of approval from the Planning Commission, NuGro Industries is now scheduled for a joint County Commissioners and Planning Commissioners meeting to be held in conjunction with a Public Forum for NuGro's amended LUA, on April 30, 2015.

"After making a full PowerPoint presentation at the Public Forum NuGro should then proceed to a meeting with the County Commissioners on Tuesday, May 5, 2015, to request a review and final approval of their Land Use Application (LUA). Based upon a final approval by the County Commissioners, Huerfano County would then issue a Conditional Use Permit (CUP) which would allow NuGro Industries to begin construction of Phase I & II of the Colorado Buffalo Ranch Filing No. 5-Lot 61."

Mr. Janovec goes on to say, "The process of obtaining a CUP has been quite an eventful endeavor and I feel confident that final approval will be granted. The build-out team has been assembled and is ready to hit the ground running as quickly as the CUP can be issued. Due to NuGro's complete confidence in the ability of CannaGrow to successfully manage the project, several steps in the process have already been scheduled. This pre-approval scheduling will help facilitate the speedy completion of both Phase I & II of the multi-phase project.

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 an approximate 3,000 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 2014, 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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