Grow Condos Inc (OTCMKTS:GRWC) has been fluctuating in the stock market, over the last month. The stock recorded a massive spike in early November, but has now reversed most of its gains. The spike was most probably due to an announcement made by the company, which stated that GRWC would add a new division to its business, which would focus on Oregon’s recreational market.
The company stated that the new division would offer real-estate solutions, to marijuana friendly campgrounds and resorts. In addition to this, the management plans to develop the new division, Smoke on The Water, as a standalone company, which would eventually develop into a separate entity. GRWC further revealed that it plans to start by acquiring properties and re-branding the RV business. As such, it is now looking for RV parks for sale, from where it can launch its operations.
Furthermore, a Smoke on The Water Club is also in the works, where like minded consumers can meet and socialize. The club would serve as a center for information, as well as rewards, for the travelers. Wayne Zallen, the CEO of Grow Condos, claimed that there was a rise in the demand for marijuana friendly vacationing. He further stated that Smoke on The Water would be a win-win situation for the company, as well as campground owners. This would be made possible through a revenue sharing program, between the two parties.
GRWC also revealed that it plans to provide complete vacationing solutions to the campground owners, looking to cater to a growing market. In its press release, the company also cited a report from the Denver Post, which claimed that for the last 5-years Colorado has been hosting a record number of tourists. As per the Colorado Tourism Office, in 2015 alone, tourists spent over $19.1 billion on their vacations, generating $1.13 billion in state taxes. The report claimed that recreational marijuana being legalized in the state was one of the driving factors.
Grow Condos Inc (OTCMKTS:GRWC) lost 21.68% of its share value, during the November 10 trading session, over a trade volume of 130,357 shares, to close at a share price of $1.12.