Agreement key to establishing the largest cannabis cultivation facility in Nevada
TORONTO, Oct. 9, 2018 /CNW/ – Flower One Holdings Inc. (“Flower One” or the “Company”) is pleased to announce that it has entered an agreement with its strategic partner NLV Organics Inc. (“NLVO”) which provides Flower One with the rights, title and intellectual property of NLVO’s full genetic inventory and access to more than 50 strains. The agreement will also see NLVO provide the required plant material to support Flower One’s onboarding of plants into its 400,000 square foot cultivation facility located in the City of North Las Vegas.
“Given that Flower One’s Nevada greenhouse will be the largest cannabis cultivation facility in the state, it is important to the Company and our shareholders to ensure we have certainty and immediate access to an extensive bank of cannabis strains,” said Ken Villazor, President and CEO. “Flower One is committed to meeting the complex and varied needs of Nevada’s strong, tourism-driven cannabis market. We will do so by leveraging these cannabis strains, working collaboratively with other major players in the Nevada market, and tightly executing on the timely onboarding of plants, which is targeted for Q1 2019. Once fully canopied, the cultivation facility will house more than 80,000 plants per crop cycle.”
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.
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 (including targeted annual production capacity and the expected timing of planting) 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.
SOURCE Flower One Holdings Inc.