CENTENNIAL, CO, United States, via ETELIGIS INC., 11/11/2014 – – CannaGrow Holdings, Inc., (OTC Pink: CGRW) (PINKSHEETS: CGRW), — The Company has rescinded a Licensing Agreement and reduced the issued and outstanding stock by approximately Twenty, (20%), percent.
Delmar Janovec, CannaGrow Holdings, CEO, comments, "On November 5th, 2014, the Company filed an amendment to its articles of incorporation with the State of Delaware to reduce its authorized common stock to Five Hundred Million, (500,000,000), shares. During that same timeframe, the Company has been working diligently to rescind a previous Licensing Agreement with Mark One Foods/Mark Kirkland for the rights to utilize its vending technology and products for several Midwestern states. The completion of that action resulted in CannaGrow Holdings cancelling the Twenty Five Million, (25,000,000), shares of restricted common stock and returning the stock to the Company treasury.
This move is part of an ongoing effort by the Company to increase and maintain shareholder value. The cancellation of a significant amount of the issued and outstanding, along with the reduction of the authorized shares, will certainly enhance CannaGrow Holdings good standing as we stake our claim in the Medical-Recreational Marijuana industry in Colorado.”
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, 2013, and the quarterly statements filed in calendar year 2014, at www.PinkSheets.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.
CannaGrow Holdings, Inc.
SOURCE: CannaGrow Holdings, Inc.