SOURCE: CannaGrow Holdings, Inc.

February 03, 2015 06:30 ET

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

CENTENNIAL, CO--(Marketwired - Feb 3, 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, "NuGro Industries has entered into an agreement to purchase the first of two 3,300 sq. ft. greenhouses manufactured by Nexus Greenhouse Systems."

The Purchase Order from Nexus Greenhouse Systems was submitted on February 2nd, 2015 along with an upfront fee to begin the processing of shop drawings. Nexus has agreed to a material delivery date within a 90-day timeframe upon approval of shop drawings and has provided a list of qualified contractors for the construction of the greenhouse. The Nexus Greenhouse Systems are state-of-the-art facilities that will provide the most efficient controlled environment by utilizing specialized equipment, monitoring systems, while capturing the benefits of natural sunlight each day. The Nexus facility will provide CannaGrow with an optimal production center for their Licensed Growers sub-leasing turnkey grow space. For additional information on the Nexus Greenhouse facilities, please visit their website at: www.nexuscorp.com."

Mr. Janovec went on to say, "The full build-out of the Grow Facility will encompass multiple phases and upon completion will include a 6,600 sq. ft. Nexus Greenhouse, the 3,200 sq. ft. Olympia Steel Head-Works building, and sixteen (16) Hoop-houses. NuGro Industries executed a service/construction agreement and has already paid a fee in the amount of $35,360 to the area utility provider. San Isabel Electric Association, http://www.siea.com/, has accepted payment in full and has agreed to install a three (3) phase 277/480 volt line that will deliver the electrical voltage required to operate the Cultivation Center."

Mr. Janovec also added, "NuGro Industries has met and exceeded our expectations in regard to being a "build-to-suit" developer. The team at CannaGrow Holdings is pleased to see the progress being made and will continue 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."

The actual 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, 2013, and the quarterly statements filed in calendar year 2014, at www.PinkSheets.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.

Contact Information