Press Releases

Grow Condos, Inc. Provides “Smoke on the Water” Advancement Update

Share on FacebookTweet about this on Twitter

EAGLE POINT, OR — (Marketwired) — 05/02/17 — Grow Condos, Inc. (OTCQB: GRWC), a fully reporting publicly traded company specialized in cannabis industry related “Condo” style real estate and turn-key grow facilities, today seeks to update investors on the recent acquisition closing of Lake Selmac Resort & RV Park, and the development of its evolving strategy in Lake Selma, Oregon.

After completing the acquisition, the company believes that the Smoke on the Water business presents a unique separate business model and being entirely ripe for a “roll-up” acquisition play within the RV and Campground industry. Currently, the industry is entirely dominated by a ‘Mom and Pop’ type business with no tangible exit strategy. The company feels that these establishments can be purchased for 4 to 7 times EBITA, then converted into culturally themed Cannabis Friendly destinations, creating a greater industry presence with a growing multiple of franchise themed locations.

Plans currently underway at the Lake Selma Resort include the development of a territorial conversion to the Native American theme, enhanced with TeePee style accommodations, Yoga and other spiritually enhancing activities throughout the day, and astrology and celestial centered nightly events. Other exclusive features include “Theater Night on the Water,” an event by which visitors will be able to experience movie viewing on a floating screen while enjoying a peaceful night on the lake.

Created to capitalize on the country’s continually growing level of recreational marijuana acceptance, “Smoke on the Water” has launched its own roll up development strategy, and started on a trajectory to duplicate its success. Chief Executive Officer, Wayne Zallen stated: “We believe that we have reached a pinnacle, since the acquisition of Southern Oregon’s Lake Selmac Resort & RV Park, where this sector has established sufficient momentum to yield considerable value on its own.

“Management has concluded that this strategy will support the targeted growth of this division, advancing each sector with a singular focus on the development of a strong foothold in each niche market. Smoke on the Water is now relatively established, and prepared to capitalize on the fragmented RV industry in marijuana friendly territories.”

According to popular consensus, it has been revealed that relaxed marijuana laws are a powerful motivator for tourists, since technically it’s not yet permissible to recreationally smoke in National and State Parks. This has opened a very lucrative niche opportunity for smaller, privately owned properties that can offer the freedom of experiencing Oregon’s strikingly beautiful landscape while also enabling its visitors to enjoy Oregon’s 420 Friendly privileges.

Grow Condos, Inc. recently announced the successful acquisition of one of the territory’s privately owned nature rich vacation spots, Lake Selmac Resort & RV Park, situated in the picturesque heart of Southern Oregon. Located just 20 miles south of Grants Pass, Oregon and 2.5 miles east of the Redwood Highway (Hwy. 199) in Selma, Oregon, Lake Selmac Resort. The peaceful exclusive property currently facilitates fishing, swimming, boating, and in addition to RV parking, has tent camping & cabin locations established for accommodation. To view more regarding the property, visit: http://www.lakeselmac.com. Shareholders will be kept updated as events continue to unfold.

About Smoke on the Water Inc: Smoke on the Water, Inc. is Grow Condo’s wholly owned subsidiary, designed to capitalize on the country’s growing level of recreational marijuana acceptance. The company plans to engage in a roll up strategy for this highly-fragmented industry and provide turn-key solutions for Marijuana-friendly campgrounds and resorts. The company has strategized to initially develop the property through acquisition, subsequently rebranding the existing RV business to represent the Smoke on The Water brand. Upon project launch, the Company plans to provide fully functional vacationing solutions to campground operators and owners seeking to fill the growing demand for stress free and acceptable vacationing for the pro-personal choice and marijuana smoking community. For more information, visit: www.smokeonthewater.club

About: Grow Condos, Inc.: Grow Condos is a fully reporting publicly traded company listed under the symbol GRWC: Pink Sheets. It is a real estate purchaser, developer & manager of specific use industrial properties providing “condo” style turn-key grow facilities to support the cannabis industry. We own, lease, sell and manage multi-tenant properties.

Like during the Gold Rush days in California, Grow Condos is focused on a pick-and-shovel approach to participating in the exploding marijuana industry. We finance the purchase and/or development of properties by offering to investors private placement sponsorships, debt instruments, or limited partnerships. We believe there is a significant investor demand for such opportunities. Currently we own and manage a 15,000-square foot warehouse in Eagle Point, Oregon, own and are developing a property in Eugene Oregon and are currently looking into other acquisitions in Oregon, Colorado, Washington, California and Nevada with like-minded investors who want to share in the growth of this dynamic new industry.

Safe Harbor: This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Grow Condos, Inc, its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Grow Condos, Inc. ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Grow Condos, Inc. filings with the OTC Markets, Securities and Exchange Commission and/or the company’s website.

CONTACT:
Grow Condos, Inc.
Corporate: www.growcondos.com
Facebook: https://www.facebook.com/GrowCondosInc
Twitter: https://twitter.com/GrowCondosInc
Investor Relations: ir@growcondos.com

Source: Grow Condos, Inc.


What's New

Discover our new line of
Cannabis friendly RV and
Campgrounds