Executional focus resulting in a fully canopied 400,000 square foot greenhouse and eight Brand Partnerships highlight the past year's business achievements
TORONTO, July 2, 2019 /CNW/ – Flower One Holdings Inc. (the "Company") (CSE: FONE) (OTCQX: FLOOF), the largest cannabis cultivator, producer and innovator in Nevada, held its Annual General and Special Meeting (the "Meeting") on June 28, 2019, in Vancouver, Canada. The Meeting was chaired by Ken Villazor, President and CEO of Flower One.
A total of 72 shareholders were present or represented at the Meeting, representing a total of 75,261,229 shares and votes.
At the Meeting, the shareholders of the Company adopted all resolutions submitted for their approval as follows:
- Setting the number of directors for the Company for the ensuing year at four;
- Re-election of Ken Villazor, Amit Varma, David Wesley and Warner Fong as Directors of the Company;
- Re-appointment of MNP LLP as Auditors of the Company; and,
- Approval of the Amended and Restated Stock Option Plan (as set out in the Management Information Circular dated May 29, 2019.
Mr. Villazor took the opportunity to discuss the Company's highly differentiated market entry into the United Statescannabis sector: "Over the past 12 months, we have been laser-focused on building significant scale in Nevada. During this time, the Flower One team not only completed the conversion of the largest, state-of-the-art cannabis cultivation and production facility in Nevada, but also fully planted its entire 400,000 square foot greenhouse and transitioned its operations to that of an ongoing weekly harvest cycle of 10,000 high-quality, hydroponically grown plants. That is industry-leading execution and speaks to the entire Flower One team's ability to stay focused and disciplined on our plan, and delivering on our promise to create a meaningful presence in Nevada, one of the strongest cannabis markets in the United States. With this proven ability to quickly scale our business, we are incredibly excited about what the future holds for us as we explore opportunities to expand our commercial footprint beyond Nevada."
In the past year, Flower One has delivered on numerous notable milestones. Some highlights include:
- Completed acquisition of the Nevada largest commercial scale greenhouse (400,000 square feet);
- Transformed from a private to a public company with a listing on the Canadian Securities Exchange (CSE) and a recently upgraded OTCQX listing in the United States with the OTC Markets Group;
- Strategic asset acquisition of NLV Organics;
- Successful completion of its first public offering including exercising its maximum allowable overallotment to a total of $57.5M CAD;
- Secured eight Brand Partnerships in its initial portfolio of brands to launch into the growing Nevada cannabis market;
- Completed conversion of the 400,000 square foot greenhouse into a high-tech cannabis cultivation facility;
- Completed the construction of an adjacent, integrated 55,000 square foot post-harvest, processing and custom packaging facility to support our Brand Partners' diverse produce SKUs including packaged flower, pre-rolls, cannabis oils, distillates, concentrates, edibles, topicals, and infused products;
- Fully planted the greenhouse, establishing a canopy of more than 140,000 high-quality, hydroponically grown cannabis plants under active cultivation including 100,000 plants in its eight flower zones;
- Inaugural harvest of Zone 1 completed triggering a continuous weekly harvest of approximately 10,000 plants per week;
- Fully commissioned the greenhouse's semi-automated post-harvest systems including 10 high-tech drying rooms.
About Flower One Holdings Inc.
Flower One is the largest cannabis cultivator, producer and full-service brand fulfilment partner in the highly lucrative Nevada market. Flower One's fully operational flagship 400,000 square foot greenhouse and 55,000 square foot processing and custom packaging facility is used for cannabis cultivation, processing, production and high-volume custom packaging of dry flower, pre-rolls, cannabis oils, distillates, concentrates, edibles, topicals and infused products. Operating under continuous harvest, Flower One is capable of producing 140,000 pounds (62,500 kilograms) of dry flower per year, housing over 80,000 plants per crop cycle across eight flower zones. The Company also owns and operates a 25,000 square-foot indoor cultivation and production facility in North Las Vegas, with nine grow rooms, and owns the established NLV Organics consumer brand of cannabis products.
Leveraging its scale and more than 20 years of greenhouse operational excellence, Flower One offers consistent, reliable, high-volume, and just-in-time fulfilment to a growing number of established cannabis brands, including Flyte Concentrates, Rapid-Dose Therapeutics' Quick Strip, Old Pal, Palms, HUXTON, CannAmerica Brands, Grenco Science (G Pen), and The Medicine Cabinet. The Company is fully-licensed for medical marijuana cultivation and production, as well as recreational marijuana cultivation and production in the state of Nevada.
The Common Shares are traded on the Canadian Securities Exchange under the Company's symbol "FONE" and in the United States on the OTCQX Best Market under the symbol "FLOOF." For more information, visit: https://flowerone.com.
Forward Looking Statements
Statements in this press release that are not statements of historical or current fact constitute "forward looking information" within the meaning of Canadian securities laws and "forward looking statements" within the meaning of United States securities laws (collectively, "forward-looking statements"). Such forward-looking statements involve known and unknown risks, uncertainties, and other unknown factors that could cause the actual results of the Company to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "expects," "intends," "anticipates," "potential," "should," "may," "will," "plans," "continue" or other similar expressions to be uncertain and forward looking. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Forward-looking statements in this press release include, but are not limited to, the use of the net proceeds of the Offering; information or statements about the Company's strategy; future operations, prospects and the plans of management; the Company's ability to achieve its objectives and plans, including the timing and results of those objectives; the timing and extent of the conversion of its 455,000 square foot greenhouse and production facility in Nevada; the Company's potential to become the leading cannabis cultivator, producer and innovator in the Nevadamarket; the scale and capacity of the Company's cultivation, processing and high-volume packaging facilities in Nevada; and the Company's ability to fund its continued operations.
The Company is indirectly involved in the manufacture, possession, use, sale and distribution of cannabis in the recreational and medicinal cannabis marketplaces in the United States through its subsidiary Cana Nevada Corp. Local state laws where Cana Nevada Corp. operates permit such activities; however, these activities are currently illegal under United States federal law. Additional information regarding this and other risks and uncertainties relating to the Corporation's business are contained under the heading "Risk Factors" in the Company's annual information form dated November 7, 2018 filed on its issuer profile on SEDAR at www.sedar.com.
Although the Company 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: the Company's 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.
The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement, the "Forward-Looking Statements" section contained in the Company's most recent management's discussion and analysis ("MD&A"), which are available on SEDAR at www.sedar.com. All forward-looking statements in this press release are made as of the date of this press release. The Company does not undertake to update any such forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. The forward-looking statements contained herein are also subject generally to assumptions and risks and uncertainties that are described from time to time in the Company's public securities filings with the Canadian securities commissions, including the Company's most recent MD&A.
SOURCE Flower One Holdings Inc.