Grow Condos, Inc. (OTCMKTS:GRWC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
ITEM 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory

On July 1, 2018, Wayne Zallen resigned as the President and CEO of the Registrant (the “Company”) and David Tobias resigned his position as a member of the Board of Directors. On the same day, Jonathan Bonnette was elected to the Board of Directors filling the vacancy created by the resignation of David Tobias. Mr. Bonnette was also appointed the President and CEO of the Company. Wayne Zallen will remain the Chairman of the Board of Directors and will continue to serve as the CFO until such time as a replacement can be found.

Mr. Bonnette’s recent business experience is as follows:

From 2006 through 2014 he worked for United First Financial, a company which he cofounded and with regard to which he was also an owner. United First Financial was a direct sales company with a financial software product that would instruct people on how to pay off debt as quickly as possible. He served as president and was over I.T. and operations.

From 2014 through 2018 he worked for Legacy Solutions Group, a company which he also owns. Legacy Solutions Group is a company that helps people protect and build a retirement through different investment strategies, including real estate investments. He was in charge of technology and client on boarding.

Mr. Bonnette is qualified to be a director of the Company because he has owned many private companies. One of the companies he owned had over 240 employees, over 70,000 independent agents and revenues of more than $120,000,000 per year. He has also owned a software and technology company giving him experience that will broaden our solutions to the cannabis industry.

Mr. Bonnette has entered into an employment agreement with the Company having an initial term of one year. His compensation for the first year is $240,000 payable in restricted stock at the valuation rate of $0.08 per share.

Mr. Bonnette is 40 years old.

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About Grow Condos, Inc. (OTCMKTS:GRWC)

Grow Condos, Inc. is a real estate purchaser, developer and manager of specific use industrial properties. The Company, through its subsidiary, WCS Enterprises, LLC, is engaged in providing Condo style turnkey grow facilities to support cannabis growers in the United States cannabis industry. The Company owns, leases, sells and manages multi-tenant properties. The Company offers tenants the option to lease, lease to purchase or buy their condo warehouse space that is divided into comparable 1,500-2,500 square foot condominium units. It develops, leases, owns and provides investment sales opportunities for commercial industrial properties focused in the cannabis production arena. In addition to its Condo turnkey growing facilities, the Company intends to provide marijuana grow consulting services, and equipment and supplies as part of its turnkey offerings. The Company is exploring acquisition opportunities in Oregon, Colorado, Washington, California and Nevada.