Old Pal's rapid market success supported by Nevada's largest greenhouse and production facility
LAS VEGAS, Oct. 24, 2019 /CNW/ – Flower One Holdings Inc. ("Flower One" or the "Company") (CSE:FONE) (OTCQX:FLOOF), Nevada's leading cannabis cultivator, producer, and full-service brand fulfillment partner, announced today, the newly acquired #1 Flower Brand Status of Old Pal, one of Flower One's leading brand partners. According to Headset, a leading cannabis industry analytics services provider, Old Pal is now the top-performing cannabis flower brand in the state of Nevada.
"Both teams have worked very hard to make Old Pal the #1 flower brand in the state," said Salpy Boyajian, Vice President of Nevada Operations of Flower One. "This achievement speaks volumes not only to Nevada's appetite for Old Pal's affordable 'shareable flower,' but to Flower One's ability to leverage the full potential of our state-of-the-art greenhouse facility and production lab."
Flower One is licensed to produce, manufacture, and distribute the entire Old Pal product line, which Old Pal intends to expand beyond flower to include a variety of cannabis products, including vaporizer cartridges and disposables designed to meet the needs of the Las Vegas market.
"The entire Old Pal team and I are thrilled to be recognized as the top-performing flower brand in the state of Nevada," said Rusty Wilenkin, Co-Founder and CEO of Old Pal. "Becoming the #1 Flower Brand by volume in our home state of California was a major milestone for our business. But, when we engaged Flower One's support in making our first out-of-state expansion into Nevada, we knew we would be entering into a competitive landscape. Now we have the #1 Flower SKU in Nevada. It's an incredibly meaningful milestone for us."
Old Pal's pure dried flower is currently available for purchase and consumption in the state of Nevada, and plans are for disposable vape pens to follow. A multi-state brand, Old Pal is also available in its home state of California as well as Washington.
About Old Pal
Accessible, affordable, and abundant, Old Pal's vision is simple: It's just weed, man. Neighbor grown and meant to be shared, our cannabis is all natural and sun-kissed. Available in three simple varieties: Indica, Sativa, and Hybrid—this is weed for the people. Old Pal is an ode to simpler times, when weed was just weed and joints were passed around to old pals and new ones. When neighbors knew each other by name and community meant something. So grab a bag of Old Pal and pass it around. It's time we took care of each other.
About Flower One Holdings Inc.
Flower One is the largest cannabis cultivator, producer, and full-service brand fulfillment partner in the state of Nevada. By combining more than 20 years of greenhouse operational excellence with best-in-class cannabis operators, Flower One offers consistent, reliable, and scalable fulfillment to a growing number of industry-leading cannabis brands. Flower One's flagship 400,000 square-foot greenhouse and 55,000 square-foot production facility is used for large scale cannabis cultivation, processing, and manufacturing. Flower One also owns and operates a second production facility in Las Vegas, with 25,000 square-feet of indoor cultivation and a commercial kitchen that will produce several of the nation's top-performing edible and beverage brands. Flower One produces a wide range of products ranging from wholesale flower, full-spectrum oils, and distillates to finished consumer packaged goods including flower, pre-rolls, concentrates, edibles, beverages, and topicals for the top-performing brands in cannabis.
The Company's 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 actual 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.
Forward-looking statements may include, without limitation, statements relating to the Company's ability to further relationships with its Brand Partners, to produce a wide range of top-performing cannabis products; Old Pal's future product line, and Old Pal's ability to maintain its status as a top performing cannabis product.
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 Company's business are contained under the heading "Risk Factors" in the Company's final base shelf prospectus dated October 22, 2019 filed on its issuer profile on SEDAR at www.sedar.com (the "Shelf Prospectus").
The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement, the "Cautionary Statement regarding Forward-Looking Information" section contained in the Shelf Prospectus. All forward-looking statements in this press release are made as of the date of this press release. 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.
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.
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 and does not undertake any intention or obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise, 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.
SOURCE Flower One Holdings Inc.