CannaGrow Holdings (OTCMKTS:CGRW) informed shareholders and the public it has completed submissions to the county planning commission. The company provides turn-key solutions for growers in the marijuana industry. As the industry grows the need for more products to meet exploding demand creates a massive opportunity for Cannabiz. On top of that the company also plans to expand its current business model to meet the demand of the market. The acceptance of the documents moves the company a step closer to final approval. The paperwork was in reference to its NuGro land use application. The commission wanted to see a certain level of liability insurance, which was acquired through the company’s insurer. The next stop is a final meeting then construction can begin on the actual facility.
The company has made huge strides to revitalize itself as a profitable entity. Turn-key operations are a value for customers as they offer an easy entry into the medical and recreational industry. Already two states are facilitating the recreational marijuana business and more are expected this year. Two other states have approved the sale and possession of recreational marijuana. This is on top of the 23 states that allow the commerce of medical marijuana.
The Right Moves
The company is making all the right moves and it shows in the recent appreciation of the stock. The board of directors recently retired 1.5B shares of its common stock. This takes the outstanding float to an acceptable 500M level. The company is currently having their website re-designed to reflect the changes in focus and advancement. This coupled with the recent land use application being pushed forward makes for exciting news.
The stock is on a mission and the technical attest to this. The issue started a dramatic rise from .09c in November to its current level around $1. With the reduction of the float any positive volume will be a springboard to further appreciation.