GrowCo, Inc. announced that Suncanna, LLC, the tenant in its first greenhouse, has obtained its license to begin growing cannabis. GrowCo is a majority owned subsidiary of Two Rivers Water & Farming Company. GrowCo builds state-of-the-art computer-controlled greenhouses and provides administrative services to its tenants without touching the cannabis plants.
GrowCo expects to build three additional greenhouses in Pueblo, Colorado before the end of 2016. Each greenhouse has 90,000 sq ft of growing space and a 15,000 sq ft warehouse. Each greenhouse is expected to produce 15,000 pounds of naturally grown cannabis a year.
Currently, Suncanna has set the price of cannabis bud at $950 a pound, which is 50% below the current market. Suncanna expects to provide smaller to midsize licensed retailers with cannabis product enabling them to compete with the larger growers and retailers in Colorado.
Two Rivers will own 50% of each greenhouse and 50% of the administrative services division of GrowCo. Two Rivers can exchange its ownership in the GrowCo greenhouses and administrative services for shares of GrowCo at the time of an initial public offering. Two Rivers expects to continue to own a majority of GrowCo post-IPO.
For more information
2000 S. Colorado Blvd, Suite 3100
Denver, CO 80222