SOURCE: Grow Condos, Inc.

Grow Condos, Inc.

May 23, 2016 06:00 ET

Grow Condos Update on Nuggetville

EAGLE POINT, OR--(Marketwired - May 23, 2016) - Grow Condos, Inc., a fully reporting publicly traded company under the trading symbol (OTC PINK: GRWC), which is a real estate purchaser, developer & manager of specific use industrial properties providing "condo" style turn-key grow facilities to support the cannabis industry, is pleased to announce the following updates on its next targeted development which goes before the city of Eugene, Oregon for approval. The slated project, Nuggetville, will be constructed on 2.65 acres in the Pioneer Business Park in Eugene, Oregon. Grow Condos plans to construct thirty three warehouse units of 1,500 square feet each, totaling approximately 50,000 square feet of warehouse condominiums. "Oregon recently approved the first round of recreational marijuana licenses and Grow Condos feels that this project will be very well received -- it's an excellent opportunity for us," stated CEO Wayne Zallen.

The general plans as well as the property can be viewed on the Grow Condos website at the following link: http://growcondos.com/locations

The Company has retained a leading engineering and surveying firm that is familiar with developers in the Ergene area, Geomax, Inc. of Cottage Grove, Oregon. Nering Construction, LLC of Eagle Point, Oregon will be in charge of the construction of the project. Nering is an approved dealer of high quality steel buildings from General Steel from Littleton, CO.

"We're hoping for a quick approval from the city of Eugene and once we have approval we can begin with the project, start to take deposits on scheduled unit sales and begin to fulfill the anticipated large demand for this type of product," Zallen continued.

About Grow Condos, Inc.

Grow Condos is a fully reporting publicly traded company listed under the symbol GRWC: Pink Sheets. It is a real estate purchaser, developer & manager of specific use industrial properties providing "condo" style turn-key grow facilities to support the cannabis industry. We own, lease, sell and manage multi-tenant properties.

Like during the Gold Rush days in California, Grow Condos is focused on a pick-and-shovel approach to participating in the exploding marijuana industry. We finance the purchase and/or development of properties by offering to investors private placement sponsorships, debt instruments, or limited partnerships. We believe there is a significant investor demand for such opportunities. Currently we own and manage a 15,000 square foot warehouse in Eagle Point, Oregon, own and developing a property in Eugene Oregon and are currently looking into other acquisitions in Oregon, Colorado, Washington, California and Nevada with like-minded investors who want to share in the growth of this dynamic new industry.

Additionally the company is currently an additional line of products and services to offer our partners, customers and tenants.

Safe Harbor: This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Grow Condos, Inc, its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Grow Condos, Inc. ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Grow Condos, Inc. filings with the OTC Markets, Securities and Exchange Commission and/or the company's website.

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