SOURCE: CannaGrow Holdings, Inc.

April 22, 2015 06:30 ET

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

CENTENNIAL, CO--(Marketwired - Apr 22, 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, "As we indicated in our February 3, 2015 Press Release, NuGro Industries entered into an agreement with San Isabel Electric, (http://www.siea.com/), for the installation of a three (3) phase 277/480 volt electric service. This three phase service will provide the necessary electrical voltage for the full build-out of the Cultivation-Center/Grow Facilities. The new three phase electrical service has been delivered to lot 61 and San Isabel Electric will now complete the project with the installation of an onsite concrete pad and transformer. NuGro's electrical subcontractor will be responsible for the electrical hook-up from the buildings to the transformer.

"NuGro's geotechnical engineers, Terracon Consultants, (http://www.terracon.com/offices/colorado-springs/), will be performing the required subsoil exploration with a tentative date of Friday, April 24, 2015. The exploration will consist of drilling of approximately 15 test holes to determine the characteristics of the soil conditions where onsite construction activities will take place. Test holes will also be drilled to determine the soil conditions under the low-water crossings along Bennett Roadway where the Texas Low Water crossings will be constructed, as required by the Huerfano County Planning Commission.

"We have made significant progress with the entitlement requirements process required by Huerfano County since the submission of the Amended Land Use Application. CannaGrow is currently working on proposals from local contractors and we are anxious to get started with construction activities. We are confident the Conditional Use Permit (CUP) will be issued and because of that confidence much of the preliminary pre-construction planning/studies have already been initiated with several already completed. This preliminary work will enable construction of Phase I & II to begin almost immediately once the CUP is issued. 

"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, 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 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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