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Two Rivers Water and Farming Company (OTCMKTS:TURV) Subsidiary GrowCo Hit With $2 Million Collection Suit

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Two Rivers Water and Farming Company (OTCMKTS:TURV) subsidiary GrowCo has been hit with $2 million collection suit. According to a recently filed lawsuit, the Denver-based firm using a massive greenhouse to grow cannabis has failed to pay the loan amount.

Founded in 2014, the subsidiary was set up by Two Rivers Water and Farming Company to develop industrial greenhouses near Pueblo. Its office at 2000 S. Colorado Blvd., was sued recently by Blue & Green LLC for failing to pay the loan amount of $2.1 million. The legal company sent written notice on the default to GrowCo, says the lawsuit.

The suit says that despite sending such written demand GrowCo failed to clear off its dues under the notes and failed to make the due payments. According to reports, Grow Co was building two 40-acre sites in Avondale, Colorado with each site having 91,000 square foot greenhouse, processing facility, and 15,000 square foot warehouse.

GrowCo paid nearly $45 per square foot for building the space and decided to lease the greenhouse to Suncanna for $20 per square foot on a triple net basis. The company has reported over $15 million in capital raises including a raise of $5 million from 36 investors. According to the filings list of SEC, the company’s revenue is between $1 million and $5 million.

Two Rivers Water & Farming Company & CFSG1 Join Hands

Two Rivers Water & Farming Company along with its subsidiaries including Water Redevelopment Company have announced that it has engaged Consulting for Strategic Growth 1, Ltd. (CFSG1) to further expand its investor relations efforts.

CFSG1 has offices in Atlanta and New York and is a leader in investor and media relations as well as corporate development consulting. The company specializes in the development of access to capital for early-stage growth companies and has decades of experience. Two Rivers Water & Farming Company is engaged in assembling water assets by acquiring land with senior water rights.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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