PUEBLO, CO, Jan. 16, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – CannaGrow Holdings, Inc. (OTC PINK: CGRW), a Liaison and Consultant providing turnkey solutions to licensed growers, announces Category One Botanicals, LLC (C1B), the licensed grower at the Colorado Buffalo Ranch Grow Facility, has undergone a change of ownership. Dr. John P. Janovec, Ph.D., has acquired 100% ownership of C1B. This acquisition by Dr. Janovec includes the State Cultivation License, the current sub-lease agreement with CannaGrow Holdings Inc., and all equipment owned by C1B.
Delmar Janovec, CEO, stated, “This change of ownership with our tenant, Category One Botanicals, is another step in a carefully thought out master plan. Dr. Janovec’s production, processing, and team leadership expertise has placed him at what many view as the top of the Cannabis Industry in the State of Colorado. Under his direction of operations rooted in a scientific outlook, the production, yield, and quality of C1B product at the Colorado Buffalo Ranch Facility have reached the top tier.”
Janovec went on to say, “With the recent passage of Colorado HB-1090 allowing Public Companies to assume a more active role in all aspects of the industry, CannaGrow fully intends to explore and pursue all of the options and opportunities this change in regulations brings.”
Dr. John P Janovec, C1B Managing Principal, added, “During 2019, the entire industry went through a consolidation period as smaller, inadequately funded growers were forced to close their doors. While that is unfortunate, I can safely say that Category One Botanicals is ready to fill the void. Since assuming full control of operations at the Colorado Buffalo Ranch Facility, we have implemented several production and processing techniques that will bring even greater results in the quality and yield of C1B product.”
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, 2018, and the quarterly statements filed in calendar year 2019, 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.