Real-Time Best Bid & Ask

CENTENNIAL, CO--(Marketwired - May 21, 2015) - CannaGrow Holdings, Inc., (OTC PINK: CGRW), -- A Liaison and Consultant providing Turn-Key solutions to licensed Growers announces an update on the Colorado project.

Mr. Janovec, CannaGrow Holdings, CEO, comments, "On May 12, 2015 the Huerfano County Board of County Commissioners unanimously approved NuGro Industries' amended Land Use Application (LUA) No. 15-001. On May 20, 2015 a Conditional Use Permit (CUP) was signed and issued to NuGro Industries. This CUP allows for the commercial cultivation of Marijuana on Colorado Buffalo Ranch Filing No. 5-Lot 61, by a licensed Grower that is certified by the State.

"CannaGrow Holdings, Inc. has signed a 5 year lease agreement with options for multiple year extensions on 20 acres encompassed under this Conditional Use Permit. In the lease contract, NuGro has agreed to build a State of the Art Cultivation Facility that will include a Five Phase build out while providing all of the developmental costs for the site plans, site work, utilities, and structures."

Delmar Janovec, then added, "The team of experts and consultants assembled and managed by CannaGrow Holdings has worked tirelessly on this project. Our efforts have not only paid off for the Buffalo Ranch Filing No. 5-Project, we have now attracted the attention of others in the industry as to the ability of CannaGrow Holdings to bring together a team that can plan, manage, and complete the processing of Land Use Applications.

"Now that the CUP has been issued, it is time to start with the Bennett Road improvements, the site grading, and preparation work for the building foundations. The time-line to finish the preparatory work should coincide with the approval of the Supplemental Substitute Water Supply Plan (SSWSP) now under review by the State. Once Bennett Road improvements are completed and the SSWSP is in hand, NuGro can then submit the shop drawings for the Nexus Greenhouse and the Olympia Steel Building structures for the issuance of the Building Permits for Phase I & II.

"Phase I & II consists of site grading for the ingress & egress roadways, a 3200 sq. ft. head-works building, six 2300 sq. ft. hoop-houses for outdoor grows, an approximate 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 building will provide a premier work and growing facilities for an approved Licensed Grower's operations that will optimize all operations, from seed to sale.

"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 CannaGrow the basis to begin generating revenues from the licensed Growers sub-leasing the Turnkey Growing Facilities being built to the specifications of CannaGrow consultants, Dr. John P. Janovec and Jason Wells. CannaGrow has already received numerous inquiries from perspective tenants and we are also exploring additional business ventures in the area that could further enhance shareholder value."

The revised 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 reflect the new business model that will be forthcoming in the very near future.

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.

CONTACT:
CannaGrow Holdings, Inc.
Delmar Janovec
Investor Relations
info@cannagrowholdings.com