Flower One, Owner of Nevada’s Largest Cannabis Cultivation and Production facility, Commences Trading Today
TORONTO, Oct. 10, 2018 /CNW/ – Flower One Holdings Inc. (“Flower One” or the “Company”) will begin trading today when the market opens on the Canadian Securities Exchange (“CSE”) under the stock symbol “FONE”.
“Over the past ten months, Flower One has demonstrated to its shareholders the Company’s ability to execute on our overall business plan,” said Ken Villazor, President and CEO. “There have been a series of successive and very significant milestones achieved in a very short timeframe, but today’s commencement of trading on the CSE is a pivotal moment for Flower One. On behalf of our Board, we want to personally thank our entire Flower One team.”
Key Corporate Highlights of Flower One and its Subsidiaries Prior to Going Public
- Incorporated as CNX Holdings Inc. (December 2017)
- Entered a Lease and Option to Purchase Agreement on a 430,000 square foot commercial scale greenhouse in Nevada. (March 2018)
- Closed a non-brokered private placement financing and raised C$34.7M to support conversion of Nevada greenhouse and construction of an additional 25,000 square foot production facility. (April 2018)
- Received approval from the state of Nevada of the assignment of two provisional marijuana licenses (cultivation and production) to the Company’s greenhouse. (April 2018)
- Commenced greenhouse conversion (May 2018)
- Submitted applications to the State of Nevada for a recreational marijuana cultivation license and a recreational marijuana production license. (June 2018)
- Entered into an Amalgamation Agreement among the Company (at the time, named Theia Resources Ltd. and listed on the TSX-V, and Flower One Corp., a fully owned subsidiary of the Company and CNX Holdings Inc. (June 2018)
- Received approval of its medical marijuana cultivation licenses and medical production cultivation license from the State of Nevada. (July 2018)
- Held Annual General and Special Meeting of Shareholders. Shareholders approved matters in relation to reverse takeover transaction among the Company CNX Holdings Inc., and Flower One Corp. (August 2018)
- Entered a Purchase and Sale Agreement with a North Las Vegas corporation to acquire a property to be used for a future marijuana retail establishment and corporate offices for the Company’s Nevada operations. (August 2018)
- Completed transactions to fully acquire the Nevada greenhouse. (August 2018)
- Completed C$57.4M private placement financing, bringing the Company’s total private equity financing to C$92.1. (September 2018)
- Announced corporate name change from Theia Resources Ltd., to Flower One Holdings Inc. (September 2018)
- Completed the reverse takeover transaction by CNX Holdings Inc., amalgamating CNX Holdings Inc. with Flower One Corp. (September 2018)
- Replaced Board and management of the Company with the Board and management of CNX Holdings Inc. (September 2018)
- Submitted retail marijuana dispensary applications to the State of Nevada. (September 2018)
- Received approval of its recreational cannabis cultivation licenses and recreational production cultivation license from the State of Nevada. (Sep 2018)
- Entered a Genetics and Plant supply agreement with a strategic partner (Oct 2018)
- Entered definitive agreements for the acquisition of the business assets of NLV Organics Inc. (Oct 2018)
- Launch of Corporate website at www.flowerone.com. (Oct 2018)
Flower One continues to advance its overall business plan with a focus on the Nevada marijuana market. Medical marijuana use in Nevada was made legal on November 7, 2000. Cannabis in Nevada became legal for recreational use effective January 1, 2017. According to State officials, Nevada’s fast-growing marijuana industry had revenue in the fiscal year ending June 30 totaling $529.9 million overall, including $424.9 million for recreational use alone.
Flower One also announces today that the Board of Directors of the Company has approved the granting of 4,375,000 incentive stock options (the “Options”) to management, consultants and directors of the Company. The Options are exercisable at a price of C$2.60 per share for a period of five years. The pricing and terms of the Options are subject to CSE approval and any amendments that the regulator may require.
“We have delivered a capital structure consisting of a single class of common shares (no preferred voting rights), a 10% rolling option plan and no warrants. We believe a simple capital structure benefits all shareholders equally,” say Ken Villazor, President and CEO.
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. More information: www.flowerone.com
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.
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, potential capabilities of the cultivation and processing facility in Nevada, potential partnering opportunities with cannabis consumer brands, profitability of the cannabis market in the United States, as well as the intended listing of securities on the CSE and other statements.
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 obligation to update or revise such information, except as required by applicable law.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR THEIR REGULATIONS SERVICE PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE Flower One Holdings Inc.