SOURCE: Two Rivers Water & Farming Company

Two Rivers Water & Farming Company

April 21, 2016 07:00 ET

Suncanna Receives Summary Notice of Suspension

DENVER, CO--(Marketwired - Apr 21, 2016) - GrowCo, Inc. ("GrowCo"), a wholly owned subsidiary of Two Rivers Water and Farming Company (OTCQB: TURV), announced today that on April 19, 2016 GrowCo's subsidiary, GrowCo Partners 1, LLC ("GCP1") issued a Notice of Default to Suncanna, LLC ("Suncanna"), which leases GCP1's greenhouse for licensed marijuana cultivation in Pueblo, Colorado.

On April 14, 2016, GrowCo was notified by Suncanna that Suncanna and Aaron Van Wingerden had received an Order of Summary Suspension, Order to Show Cause, Notice of Hearing, and Duty to Answer from the Colorado Marijuana Enforcement Division.

GCP1 issued a Notice of Default to Suncanna based on the Order of Summary Suspension issued to Suncanna and Suncanna's failure to pay rent in accordance with the term of the existing lease agreement. GrowCo intends to continue with its development plans in Pueblo County, which may include the identification of a new grower for the Pueblo greenhouse.

About GrowCo
GrowCo was formed for the purpose of constructing state-of-the-art computer-controlled greenhouses for licensed marijuana growers. GrowCo is not a licensed marijuana grower or retailer. GrowCo does not "touch the plant" and only provides growing infrastructure, growing materials and administrative services for licensed marijuana tenants.

About Two Rivers
Two Rivers assembles its water assets by acquiring irrigated farmland with senior water rights. Two Rivers current farm operations convert feed crop farmland into fruit and vegetable crop production in Pueblo County Colorado. In December 2012, Colorado legalized the personal use and cultivation of marijuana. As a result, Two Rivers is providing greenhouses and processing facilities for licensed marijuana growers in Colorado on land with water rights not used for fruit and vegetable crop production.

Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors, including the inherent uncertainties associated with developing and acquiring land and water resources. There can be no assurance GrowCo will be able to initiate and operate its grow facilities in accordance with its business plans. These forward-looking statements are made as of the date of this news release, and neither Two Rivers nor GrowCo assumes any obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.

Contact Information

  • Contact:
    John McKowen
    Wayne Harding
    Two Rivers Water & Farming Company
    or
    GrowCo, Inc.
    (303) 222-1000
    mail to: info@trgrowco.com
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