Flower One, Owner of Nevada’s Largest Cannabis Cultivation and Production Facility, Acquires Key Retail Property
Flower One Holdings Inc. (CSE:FONE) (“Flower One” or the “Company”) is pleased to announce a property acquisition in North Las Vegas from an arm’s length third party for total cash consideration of $1.15 million to support its future retail presence. The property is a freestanding former bank building offering important security attributes beneficial to the Company’s retail strategy. The building is conveniently located within close proximity to the major retail corridor in North Las Vegas, the Cannery Hotel & Casino, the Company’s 455,000 square foot flagship cultivation and production facility, which is the largest in Nevada, and NLV Organic Inc.’s fully operational 25,000 square foot cultivation and production facility.
The Company has submitted applications for multiple Recreational Marijuana Establishment Licenses within the State of Nevada; an opportunity only available to existing operational cannabis license holders. The Nevada’s Department of Taxation anticipates awarding dispensary licenses to successful applicants in December 2018.
“Flower One’s core business in Nevada will continue to focus on cannabis cultivation, processing and high-volume packaging,” said Flower One’s President and CEO, Ken Villazor. “However, we wanted to take full advantage of the rare opportunity to apply for these dispensary licenses given our eligibility. Should our applications prove successful, we view the opportunity to operate a state-licensed dispensary as an effective way to better understand the cannabis consumers’ preferences in the highly evolving Las Vegas and Nevada market.”
The potential dispensary licenses would be in addition to the Company’s four existing licenses and the five additional licenses it expects to obtain through the acquisition of NLV Organics Inc., as announced on October 9, 2018, which is expected to close by the end of the year. This acquisition will include a fully operational 25,000 square foot cultivation and production facility with nine grow rooms capable of cultivating up to 4,500 plants per cycle. When combined with the Company’s 80,000 plants per cycle, this combined 480,000 square feet of cultivation and production will result in annual cultivation of over 148,000 pounds.
About Nevada’s Fast-Growing Cannabis Market
Medical cannabis use in Nevada was legalized on November 7, 2000 and recreational (adult) use was legalized on July 1, 2017. According to State officials, Nevada’s fast-growing marijuana industry had revenue in its first fully legalized year totaling $529.9 million, including $424.9 million for recreational use1. The Nevada cannabis market is driven largely by the tourism market which is estimated to be 55 million visitors per year2 with approximately 42 million of them visiting Las Vegas according to the Las Vegas Convention and Visitors Authority3.
The Nevada’s regulatory framework requires every 5 pounds of dry flower to be tested and approved by an independent, state-licensed laboratory before the product is cleared for retail or processing ensuring all products sold in the state provide consumers with a trusted, quality experience. This has allowed the demand for cannabis to steadily grow since being fully legalized. Pricing remains stable given the limited number of cannabis licenses issued by the State of Nevada. For the period of July to December 2018, the State’s Department of Taxation has set the following Fair Market Value wholesale pricing:
- Dry Flower Buds = USD $2,799 per lb
- Dry Small Popcorn/Bud = USD $2,227 per lb
- Dry Trim/Shake = USD $798 per lb
Informational Purposes Only
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Flower One’s securities to, or for the account or benefit of, persons in any jurisdiction.
About Flower One Holdings Inc. (CSE: FONE)
Home to the largest commercial scale greenhouse in the State of Nevada, Flower One aims to leverage the industry’s leading agricultural technologies, utilizing innovative growing and sustainability practices to cultivate high-quality cannabis at scale for Nevada’s growing cannabis market. The Company is licensed for medical marijuana cultivation and production, and recreational marijuana cultivation and production in the state of Nevada. Once canopied, targeted Q1 2019, the 455,000 square foot facility will be used for cannabis cultivation as well as the processing, production and high-volume packaging of dry flower, cannabis oils, concentrates and infused products.
Sustainably-cultivated cannabis at scale to meet Nevada’s growing demand, Flower One is ready to grow for you.
Cautionary Note regarding Forward Looking Information
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in Flower One’s public documents. When used in this news release, words such as “will, could, plan, estimate, expect, intend, may, potential, believe, should,” and similar expressions, are forward- looking statements.
Forward-looking statements may include, without limitation, statements relating to the execution of the Company’s strategy, new opportunities, future growth, future retail presence and potential benefits of retail strategy, potential capabilities of the cultivation and processing facility in Nevada, potential closing of the transaction with NLV Organics Inc., the ability of the Company to acquire further licenses, future demand for and pricing of cannabis, potential partnering opportunities with cannabis consumer brands and profitability of the cannabis market in the United States.
Although Flower One has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; investing in target companies or projects that are engaged in activities currently considered illegal under US federal law; changes in laws; limited operating history; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and; regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. Flower One Holdings disclaims any intention or obligationto update or revise such information, except as required by applicable law.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR THEIR REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information: Investor Relations & Media, NATIONAL Equicom, 416.848.9835, firstname.lastname@example.org; Flower One Holdings Inc., Ken Villazor, President and CEO, 416.913.9642, email@example.com
CanBud Distribution Corporation Closes 2M Second and Final Tranche of its Oversubscribed Private Placement Offering
CanBud Distribution Corporation (CSE: CBDX) (FSE: CD0) (“CanBud” or the “Corporation”) is pleased to announce that it has closed the final tranche of its oversubscribed non-brokered private placement for aggregate gross proceeds of approximately $4,730,000 (the “Offering”).
The Corporation issued a combined total of 39,409,346 units (each a “Unit“) at price of $0.12 per Unit, with each Unit comprised of one common share in the capital of the Corporation (each a “Common Share“) and one common share purchase warrant (each a “Warrant“). Each Warrant entitles the holder to purchase one additional Common Share at an exercise price of $0.22 within 24 months of the closing of the Offering (the “Warrant Term“), provided, however that if the closing price of the Common Shares on the Canadian Securities Exchange (the “CSE“) (or any such other stock exchange in Canada as the Common Shares may trade at the applicable time) is $0.25 or greater per Common Share for a period of five (5) consecutive trading days at any time after the closing date of the Offering, the Corporation may accelerate the Warrant Term such that the Warrants shall expire on the date which is 30 days following the date a press release is issued by the Corporation announcing the reduced warrant terms.
Thoughtful Brands Inc. (CSE:TBI)(FSE:1WZ1)(OTCQB:PEMTF) (the “Company” or “Thoughtful Brands) announces that the letter of intent with Franchise Cannabis Corp. (“FCC”), previously announced in January, has been terminated. The previously announced European joint venture with FCC will continue and allow the Company to launch and tailor its products to European consumer demands
In connection with termination of the merger transaction with FCC, the Company has agreed to pay FCC $100,000 in cash and to issue FCC 5,000,000 common shares of the Company at a deemed value of $0.05 per share. The common shares will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
Mergers and acquisitions (M&A) in cannabis space have helped boost the industry to new levels.
Strategic sale of non-core assets by Lobe adds non-dilutive capital and shareholder value
Lobe Sciences Ltd. (CSE: LOBE) (OTC Pink: GTSIF) (“Lobe” or the “Company”) is pleased to announce, further to its press release dated February 23, 2021, that it has completed the sale to Ionic Brands Corp. (“Ionic Brands”) of Lobe’s non-core cannabis assets relating to Washington-based Cowlitz County Cannabis Cultivation Inc. (“Cowlitz”) held by Lobe’s subsidiary vendor, Green Star Biosciences Inc. (the “Transaction”).
Seattle Area Grocery Chain Metropolitan Market to Begin Carrying KOIOS and Fit Soda on March 22, 2021
Adding to its existing presence on the west coast of the United States, all five KOIOS™ flavours and all four Fit Soda™ flavours will be carried in Metropolitan Market stores beginning on Monday, March 22, 2021. Serving the Seattle-Tacoma area (population 3.87 million), Metropolitan Market is one of five chains under its parent firm Good Food Holdings, which has a total of 51 stores in California, Oregon, and Washington State.
Koios Beverage Corp. (CSE: KBEV; OTC: KBEVF) (the “Company” or “Koios”) is pleased to announce that beginning on Monday, March 22, 2021, Koios’ entire line of canned beverage products will be sold at all locations of Metropolitan Market, an urban format supermarket chain in the Seattle-Tacoma area of Washington State. In Q1 2021, the Company announced multiple placements of its beverage products with regional grocers in markets on the west coast of the United States including Market of Choice in Oregon Jensen’s in Southern California and major natural grocery chain Sprouts Farmers Market which has a substantial west coast presence with over one third of its locations (360+ stores across 23 states) in California as well as Washington State 1 . The Company has also recently announced other developments relating to its expansion efforts being undertaken in 2021 such as an in-house beverage canning facility and distribution agreements with regional and national wholesale partners.