CENTENNIAL, CO--(Marketwired - Dec 1, 2015) - CannaGrow Holdings, Inc., (
Delmar Janovec, CEO, stated, "On Wednesday, November 25, 2015, the new deepened well at NuGro Industries Colorado Buffalo Ranch Filing No. 5-Lot 61 was approved by the Colorado Division of Water Resources for Commercial Use. This Commercial Well Approval is of key importance to the success of the project at Colorado Buffalo Ranch Filing No. 5-Lot 61 and to date is the only water well in Huerfano County to be approved for Commercial Use for a Cannabis Grow Facility."
Shareholders will recall that in August the Company made an announcement in regards to a well drilled on the Colorado Buffalo Ranch Filing No. 5-Lot 61 and recorded with the Colorado Division of Water Resources. That well, recorded at a depth of 300 ft., perforated the Peerless Shale and produced 2 gallons of water per minute (gpm). After discussions between NuGro Industries and CannaGrow Holdings, it was agreed that in order to meet the full potential of the Five-Phase build-out, a well with a greater capacity would be required and extremely beneficial to the overall plans of the project. That existing well was then deepened to a depth of 1910 ft., perforating the Dakota Aquifer and producing a water flow rate of 12 gpm. That well, now deemed worthy of commercial use, is more than adequate for the full project build-out while providing for potential future expansions beyond the planned Five-Phase Facility now currently under construction."
Dr. John P. Janovec, Ph.D., added, "Once again NuGro has demonstrated a complete commitment to the project by providing CannaGrow Holdings with the infrastructure required to become an Industry Leader in Colorado. The water from the Dakota Aquifer is of a higher quality and with a well producing 12 gpm the question of having an adequate water supply has been answered. Now that the Phase I & II construction has commenced all of the planning and hard work will soon start to payoff for CannaGrow and Shareholders alike."
Janovec continues on, "Phase I & II consists of site grading for the ingress & egress roadways, a 3,200 sq. ft. head-works building, six 2,300 sq. ft. hoop-houses for outdoor grows, and a 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 premier work and growing facilities for an approved Licensed Grower's operations optimized from seed to sale."
CannaGrow Holdings, Inc. is the Liaison and Representative for NuGro Industries and 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 Turn-key Growing Facilities being built to the specifications of Dr. John Janovec, COO, and CannaGrow consultant, Jason Wells. CannaGrow has already received numerous inquiries from prospective tenants and they are also exploring additional business ventures within this industry that could further enhance shareholder value."
Please review the Company Time Line Progress video at the following link:
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.