DENVER, CO--(NewMediaWire - May 6, 2015) - GrowCo, Inc., a
Colorado corporation ("GrowCo") and majority owned subsidiary of
Two Rivers Water & Farming Company ("Two Rivers")
(OTCQB: TURV) announced today that GrowCo expects to
receive a certificate of occupancy for its first greenhouse
facility within 45 days. The facility has a 91,000 sq. ft.
greenhouse and 15,000 sq. ft. processing warehouse.
Upon completion, the project will be the largest modern cannabis
greenhouse growing facility in Colorado. The greenhouse has
been leased to Suncanna, LLC, a newly formed Colorado limited
liability company, whose principals have over twenty years'
experience in modern commercial greenhouse growing.
GrowCo greenhouses provide licensed growers with an
environmentally friendly computer controlled natural growing
system. The greenhouses feature a specialized poly cover,
which allows a maximum throughput of diffused natural UV-B sunlight
for optimal plant growth, automated opening roofs to control
humidity and automated water-based evaporative cooling and floor
heating systems to control temperature. Computer sensors also
automatically control amounts dispersed of irrigation water and
natural plant nutrients. GrowCo greenhouses fully capture and
recycle their water in a self-contained, self-cleaning system. The
processing warehouse contains a state-of-the-art environmental
control chamber for curing and a tissue culture lab that allows
harvesting and storing of the DNA and cells of plants, thus
providing optimal strain development, preservation and control,
which is an additional technological growing advantage.
Through modern technology, GrowCo greenhouses are able to
maintain ambient air temperatures at 70° to 80° year round and
relative humidity below 25%, thereby promoting maximum growth with
increased and consistent levels of THC and CBD, while diminishing
the need for harsh chemical fungicides. This represents a
significant advantage over the majority of grow operations serving
the $700 million per year marijuana market in Colorado.
GrowCo expects to begin building its second greenhouse in July
of this year and to construct a total of four greenhouses on its
160-acre tract of land in Pueblo County, Colorado within the next
18 months. When completed, GrowCo will lease to growers a total of
360,000 sq. ft. of greenhouse space and 60,000 sq. ft. of
processing facilities. GrowCo builds its greenhouses for $45
sq. ft. and leases its greenhouse systems for $20 sq. ft.
annually. When compared to converted warehouses, initial
trials indicate growers will have the ability to grow up to 200%
more product per square foot at half the cost. The value
proposition for licensed growers is a much lower cost per pound,
for Two Rivers' shareholders a significantly higher return on
investment and for cannabis consumers a substantially lower cost,
higher quality, naturally grown product.
Two Rivers founded GrowCo in May 2014 and has provided GrowCo
with early stage management and start up capital. Two Rivers
announced it has closed $3,000,000, as the first phase of a
$5,000,000 capital raise, for GrowCo to launch a wholly owned
grower services subsidiary. The subsidiary will provide
licensed growers who lease GrowCo greenhouses with business
development services such as financing, accounting, security and
transportation services. GrowCo is now receiving unsolicited
inquiries from parties in other states regarding GrowCo turnkey
cannabis greenhouse solutions.
Two Rivers has arranged over $7,500,000 in development capital
for GrowCo since January this year. Two Rivers will continue
to provide management services and arrange capital investment for
GrowCo. In exchange for its management services and sale of
land and water to GrowCo, Two Rivers receives a 50% equity
ownership in each greenhouse, in addition to owning the majority of
GrowCo shares.
John McKowen, CEO of Two Rivers and interim CEO of GrowCo,
stated, "In 2015, we will expand our irrigated fruit &
vegetable farming operations by 100%. Even with that
expansion, we expect 80% of our revenues and earnings will come
from GrowCo operations over the next several years. Two Rivers
will remain the majority owner of GrowCo common stock even if we
take the company public, which expect to do some time in late 2016
or early 2017. In addition, with the expected change in the
hemp laws in Colorado, we will begin growing hemp as a rotation
crop."
About GrowCo
GrowCo is a majority owned subsidiary of Two Rivers Water &
Farming Company, (OTCQB: TURV). GrowCo provides state-of-the-art
computer-controlled greenhouses for licensed marijuana growers
throughout the United States. GrowCo also provides advisory,
financing, development and operational services for its licensed
marijuana greenhouse tenants. GrowCo is not a licensed
marijuana grower or retailer. GrowCo does not "touch the
plant" and only provides greenhouses and business development
services for licensed marijuana tenants. Progress on GrowCo
greenhouse construction projects can be viewed at trgrowco.com.
About Two Rivers
Two Rivers Water & Farming Company, (OTCQB: TURV) is building a new water paradigm for the
arid regions of the southwestern United States. Two Rivers
acquires water assets by acquiring irrigated farmland with senior
water rights. Two Rivers transforms the value of water rights
and farmland by converting grain operations to fruit and vegetable
operations, which generate higher revenues and better profit
margins. Two Rivers also looks for other economic uses that
generate higher revenues and earning such as the GrowCo greenhouses
and Metropolitan Districts, which serve communities in rural areas
where Two Rivers' farmland and water rights are
located. Progress on Two Rivers farming operations can be
viewed at http://www.2riverswater.com/.
This news release contain "forward-looking statements," as
that term is defined in Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of
1934. Statements that are not purely historical are
forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the
future. Actual results could differ from those projected in
any forward-looking statements due to numerous factors. Such
factors include, among others, the inherent uncertainties
associated with developing and acquiring land and water
resources. There can be no assurance GrowCo will be able to
initiate and operate its grow facilities in accordance with its
business plans or will be able to register its securities for
public resale in the time frame currently targeted or at
all. These forward-looking statements are made as of the date
of this news release, and neither Two Rivers nor GrowCo assumes any
obligation to update the forward-looking statements, or to update
the reasons why actual results could differ from those projected in
the forward-looking statements.
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