CannaGrow Holdings Secures Optional Contract on Additional 15 Acres at Colorado Buffalo Ranch Filing No. 5-Lot 61

CENTENNIAL, CO--(Marketwired - Jan 27, 2016) - CannaGrow Holdings, Inc., (OTC PINK: CGRW) -- A Liaison and Consultant providing Turn-Key solutions to licensed Growers announces an update on the Colorado project.

Delmar Janovec, CEO, states, "Due to the number of inquiries and ongoing discussions with parties interested in leasing, building, or entering into Joint-Ventures with CannaGrow Holdings on the Colorado Buffalo Ranch Filing No. 5-Lot 61 Property, the Company has secured an option to lease the remaining 15 acres on Lot 61 from NuGro Industries, Inc. The current Five (5) Phase Build Out is already spoken for and leasing details are being negotiated with the future tenants. We are of the opinion the reason for the growing number of inquiries is because of the underlying issue of sufficient access to a water source.

"Shareholders will recall that on December 1, 2015 CannaGrow Holdings, Inc. announced the Colorado Division of Water Resources approved the NuGro Industries Water Well on the Colorado Buffalo Ranch Filing No. 5-Lot 61 for Commercial Use. To date, this is the only water well in unincorporated Huerfano County to be approved for Commercial Use for a Cannabis Grow Facility.

"Construction on Phase I & II continues and progress is accelerating. The foundations (footings and stem walls) have been completed for both the Nexus Greenhouse and Olympia Head-house. The Greenhouse construction subcontractors moved onto the project site on Monday, January 25, 2016, to begin erecting the facilities."

Janovec continues on, "Phase I & II consists of site grading for the ingress & egress roadways, a 3,200 sq. ft. head-works building, six (6) 2300 sq. ft. hoop-houses for outdoor grows, an approximate 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 buildings will provide a premier work and growing facilities for an approved Licensed Grower's operations which 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 Dr. John P. Janovec, COO of CannaGrow and consultant, Jason Wells. CannaGrow has received numerous inquiries from perspective tenants and are also exploring additional business ventures within this industry 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 better reflect the business model the Company is engaged in within the Cannabis Industry.

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.