Flower One Holdings Inc. (CSE:FONE) (“Flower One” or the “Company”) is providing a corporate update on its conversion of the largest commercial-scale cannabis greenhouse in Nevada. Once completed, the facility will be home to Flower One’s high-tech 400,000 square foot cultivation facility and 55,000 square foot production facility, making it the largest cannabis operation in Nevada.
In May 2018, the Company began the conversion of its Nevada greenhouse. Since then, more than 16,000 hours of renovation and construction work have been undertaken with the goal of delivering a state-of-the-art cannabis cultivation and production facility in Nevada. Design input has come from leading cultivation experts and a team of growers who have successfully operated the largest operational greenhouse campus in North America. This transformation is being carried out by a leading food and beverage design firm in the United States in conjunction with more than a dozen design and consulting firms to the cannabis industry.
In order to ensure optimized yield and quality of flower, the design allows for maximum control in all aspects of propagation, cultivation and processing. Plant raising is managed in cutting cells with robust environmental controls, full spectrum controllable lighting and irrigation controls to ensure highest plant quality. Vegetation zones utilize low, medium and high-density ebb and flood floors with automatic disinfection between cycles. Flowering takes place in eight independently controlled zones with each zone deploying automated light deprivation blackout screens.
In addition, the greenhouse systems include pipe rail heating, grow pipe heating, horizontal air flow fans, natural venting, bug screens, heat and light screening systems, and computer-controlled drip irrigation. Flower One is also deploying liquid cooled LED hydroponic lighting, odor control, de-humidification, high pressure fogging, and active chilling. Each zone is outfitted with a wide array of environmental sensors to allow growers to have real-time feedback on the climate condition. These systems allow each zone to maintain precise setpoints and conditions such as humidity, temperature, vapor pressure deficit and can adjust based on both internal climate and external climate and environmental factors such as levels of sunlight. The greenhouse, by controlling its own climate, will maximize the genetic potential of each strain for flavor profile, flower quality and yield.
Targeted for completion in early Q2 2019 is the Company’s 55,000 square foot production facility, which will supply the Nevada dispensary market with a wide range of products. Extraction technologies include CO2, ethanol and butane with an annual capacity to generate 20,000 liters of distillate, 50,000 liters of concentrate and 60,000 pounds of wax. Product lines will include bulk flower and trim, flower (jars and pouches), pre-rolls (conical and parallel tube), CBD and Rick Simpson oil, vape pens, shatter, dab, live resin and soft gel caps. Automated packaging systems can produce 12 million jars or pouches of flower and over 61 million pre-rolls. NLV Organics, Inc. (“NLVO”) has a licensed and fully built out kitchen equipped for a wide range of edibles including candy, drink mixes, a variety of bakery products, and a line of topical health and beauty products.
Upon closing of Flower One’s acquisition of NLVO’s assets (as previously announced), the Company’s total cultivation capacity, production capacity and license portfolio will be as follows:
“We are on plan and looking forward to begin the onboarding of 80,000 plants which will commence in Q1 2019,” said Flower One’s President and CEO, Ken Villazor. “Flower One’s flagship facility has been designed on the premise of partnership. Our cultivation output, processing capacity and high-volume packaging will focus on supporting the demand-side requirements of Nevada’s rapidly expanding dispensary operators, as well as established brands looking to enter the Las Vegas and the broader Nevada market. For cannabis CPG companies, Flower One offers the ability to enter the unique Nevada market with a very low capital cost and provide these rapidly emerging brands with exposure to the 55 million visiting tourists who offer a unique platform to build national and global brand equity.”
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
Nevada’s regulatory framework requires every five 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
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 United States 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: please contact: Investor Relations & Media, NATIONAL Equicom, 416.848.9835, email@example.com; Flower One Holdings Inc., Ken Villazor, President and CEO, 416.913.9642, firstname.lastname@example.org
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