Two Rivers Water & Farming Company (TURV), ("Two Rivers"), (www.2riverswater.com), announced today that its wholly owned subsidiary, GrowCo, Inc ("GrowCo") has signed leases with two tenants for marijuana greenhouse growing and processing facilities being constructed in Pueblo County, Colorado. One of the tenants is a leading grower of marijuana in Colorado. The other tenant is a leading greenhouse grower, which also supplies soils, nutrients and greenhouse grow advice to the marijuana grow industry.
Under the terms of each lease, GrowCo will provide each grower with a 90,000 square foot fully equipped greenhouse and a 15,000 square foot marijuana infused products processing facility in exchange for annual lease payments of $20 a square foot for three years. Each grower will have the option to renew their lease for two additional three year terms.
In Colorado, 95+% of marijuana is grown inefficiently in converted warehouses using artificial light, HVAC systems, and dehumidifiers imitating skillsets that were developed prior to the legalization of marijuana. GrowCo greenhouses use state-of-the-art technology and skillsets used in commercial agriculture, which significantly reduces energy costs utilizing natural sunlight and natural open-air convection flows. GrowCo greenhouses grow a higher quality product in significantly higher volumes at substantially lower costs than converted warehouses. GrowCo’s greenhouses are manufactured by Van Wingerden Greenhouse Company of Mills River, North Carolina.
Tim Beall, President and COO of GrowCo stated, "The marijuana industry in Colorado is developing into a commercial agricultural industry. If a closed-in converted warehouse, utilizing artificial light and HVAC systems, were the best way to grow herbs, fruits and vegetables you would see converted warehouses growing food everywhere. You don’t see that. Instead, you see computer-controlled greenhouses capturing the natural light of the sun with open fresh air venting as the perfect growing environment. The same is true for marijuana. If you want to provide the highest quality organic product at the lowest prices for consumers, it will be grown in a greenhouse."
GrowCo provides qualified licensed growers with financing to transition from converted warehouses to greenhouses.
About Two Rivers:
Two Rivers is building a new water paradigm for the arid regions of the southwestern United States. Two Rivers assembles its water assets by acquiring irrigated farmland with senior water rights because 85% of water rights in the arid southwest are owned by agricultural interests. Two Rivers transforms the value of its water rights and farmland by continually developing operations that generate higher revenues and better profit margins. Two Rivers current farm operations convert feed crop farmland into fruit and vegetable crop production in Pueblo County Colorado, which generates six times more revenue with better profit margins. In December 2012, Colorado legalized the personal use and cultivation of marijuana. As a result, Two Rivers is providing greenhouses and processing facilities for licensed marijuana growers in Colorado on land with water rights not used for fruit and vegetable crop production. Two Rivers also develops Metropolitan Districts to serve under served communities in rural areas in which Two Rivers’ farmland and water rights are located.
The second through fifth paragraphs of 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.