SOURCE: CannaGrow Holdings, Inc.

CannaGrow Holdings, Inc.

April 27, 2016 06:30 ET

CannaGrow Holdings Signs Sublease With State-Licensed Grower in Colorado

CENTENNIAL, CO--(Marketwired - Apr 27, 2016) - CannaGrow Holdings, Inc. (OTC PINK: CGRW), a Liaison and Consultant providing turnkey solutions to licensed growers in the legal Cannabis industry, today announced an update on the Colorado Buffalo Ranch Project located in Huerfano County, Colorado.

CannaGrow Holdings has negotiated and signed a long-term sublease agreement with state- licensed grower Category One Botanicals, LLC, for the five-phase Cannabis cultivation facility on property located at the Colorado Buffalo Ranch Filing No. 5-Lot 61. The five-phase build out encompasses the entire facility now being constructed on five (5) of the twenty (20) acres currently controlled by Cannagrow Holdings under a five-year master lease agreement with three (3) multi-year options for renewal.

Delmar Janovec, CEO, stated, "With a target of early June for the completion of the 3200-sq. ft. Head House, the 3300-sq. ft. Nexus Greenhouse, and three (3) of the six (6) planned 2880-sq. ft. Hoop Houses, we are prepared to accommodate our new tenant." Janovec went on to say, "With the entire 5-acre facility now under a sublease contract, the company can now focus on one or more of the recent inquiries about the development of an additional facility on an adjacent footprint."

CannaGrow Holdings COO, Dr. John P. Janovec, Ph.D., added, "With initial construction headed toward completion in the coming weeks and the facility now under a sublease, I will be able to direct my attention to working with the Licensed Grower to implement operations. These are exciting times for the company, as my long-term associate Jason Wells and I will now be able to carry through with what we have been working on for almost two years now toward the planning, planting, and management of one of the most large-scale, state-of-the-art Cannabis cultivation facilities in the State of Colorado."

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 the company the basis to begin generating revenues from the Licensed Growers subleasing the turnkey facilities being built to the specifications of CannaGrow's COO, Dr. John P. Janovec, and Consultant, Jason Wells. CannaGrow has already received numerous inquiries from additional perspective tenants and is 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. 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, 2015, 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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