PUEBLO, CO, June 23, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – CannaGrow Holdings, Inc. (OTC PINK: CGRW), a Liaison and Consultant providing turnkey solutions to licensed growers, announces that Category One Botanicals, LLC (C1B), the licensed grower at the Colorado Buffalo Ranch Grow Facility, has been granted a “Tier II” plant count increase by the Colorado Marijuana Enforcement Division (MED). The “Tier II” approval enables C1B to double the number of plants in production simultaneously from 1,800 to 3,600.
Delmar Janovec, CEO, stated, “The plant count increase approved for Licensed Grower Category One Botanicals allows our tenant to maximize the use of the current production space of approximately 25,000 sq. ft. available at the Colorado Buffalo Ranch Facility. With Phases I & II of the Five-Phase Master Plan for the Facility completed, it also renews conversation with the Landowner/Developer in regard to potential future expansion.”
Dr. John P. Janovec, C1B Managing Principal & Grower, added, “Approval of the Tier II plant count increase has doubled the number of plants in production at the Colorado Buffalo Ranch Facility. The increased production enables Category One Botanicals to meet the needs of our new C1B True Organics Retail Dispensary opening in Walsenburg and continue to fulfill orders from our loyal wholesale customers throughout the State of Colorado.”
CannaGrow Holdings, Inc., the Liaison and Representative for NuGro Industries, Inc., will continue in its capacity of providing oversight as the Property Manager, working with the State/County Agencies and Category One Botanicals, LLC, Licensed Grower. The completion of this project will now provide the company with a clear demonstration of their ability to manage the planning, construction, and property management of Build-to-Suit Cultivation Facilities.
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 Federal law allows, grow, harvest, distribute, or sell marijuana or any substance that violates 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, 2019, and the quarterly statements filed in calendar year 2020, at: http://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.
CONTACT:
CannaGrow Holdings, Inc.
Delmar Janovec
Investor Relations
info@cannagrowholdings.com
http://www.cannagrowholdings.com/