Enhanced Listing Will Bring Increased Shareholder Liquidity and Visibility
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
TORONTO, May 22, 2019 /CNW/ – Flower One Holdings Inc. (the "Company") (CSE: FONE) (OTCQX: FLOOF), a leading cannabis cultivator, producer and innovator in Nevada, is pleased to announce that its common shares are now trading on the OTCQX® Best Market under the symbol "FLOOF", having graduated from the OTCQB® Venture Market.
U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com. Flower One’s common shares continue to trade on its primary exchange, the Canadian Securities Exchange, under the symbol "FONE".
"Graduating to the OTCQX Market is yet another milestone achieved as we continue to execute our focused growth plan in Nevada," said Ken Villazor, President and CEO of Flower One. "Our continued success in executing our plan has led to increasing capital market interest in our unique business model, our corporate vision and our future in the U.S. cannabis market. We have witnessed increased U.S. trading volumes since we began trading on the OTCQB® Venture Market, so upgrading today to the OTCQX is a welcome progression offering our shareholders increased cross-border liquidity as well as further increasing our visibility and shareholder exposure in the United States."
The OTCQX Best Market is OTC Markets Group’s premier market for established, investor-focused U.S. and international companies. To be eligible, companies must meet high financial standards, follow best practice corporate governance, demonstrate compliance with relevant U.S. securities laws, be current in their disclosure, and have an introduction from a professional third-party sponsor.
"We are pleased to welcome Flower One Holdings to the OTCQX Best Market," said Jason Paltrowitz, EVP of Corporate Services at OTC Markets Group. "Cross-trading on the OTCQX Market will provide Flower One, a constituent of the Canadian Securities Exchange’s CSE25 Index, with more efficient access to research and trading among U.S. investors."
"The Canadian Securities Exchange congratulates Flower One on their graduation from the OTCQB Market to the OTCQX Market," said Richard Carleton, CEO of the CSE. "Canadian issuers taking advantage of the opportunities afforded by the OTC Markets Group can see a reduction in their cost of capital through increased U.S. liquidity."
About Flower One Holdings Inc.
Flower One is sharply focused on quickly becoming the leading cannabis cultivator, producer and innovator in the highly lucrative Nevada market. Flower One owns and operates a 25,000 square-foot cultivation and production facility in North Las Vegas, with nine grow rooms, and owns the established NLV Organics consumer brand of cannabis products. The Company is also rapidly converting its 455,000 square-foot greenhouse and production facility, which is the largest in the State of Nevada, for cultivating and processing high-quality cannabis at scale. Combined, the flagship greenhouse facility and production facility (once fully operational) and the North Las Vegas facility provide Flower One with 480,000 square feet of capacity for cultivation and processing, production and high-volume packaging of dry flower, cannabis oils, concentrates and infused products. The Company is fully licensed for medical marijuana cultivation and production, as well as recreational marijuana cultivation and production in the state of Nevada and currently holds licensing agreements with their Brand Partners, Flyte Concentrates, Rapid-Dose Therapeutics’ Quick Strip, Old Pal, Palms, HUXTON, CannAmerica Brands, Grenco Science (G Pen) and The Medicine Cabinet.
The Common Shares are traded on the Canadian Securities Exchange under the Company’s symbol "FONE" and in the United States on the OTCQX Market under the symbol "FLOOF." For more information, visit: https://flowerone.com
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates the OTCQX® Best Market, the OTCQB® Venture Market and the Pink® Open Market for 10,000 U.S. and global securities. Through OTC Link® ATS and OTC Link ECN, we connect a diverse network of broker-dealers that provide liquidity and execution services. We enable investors to easily trade through the broker of their choice and empower companies to improve the quality of information available for investors.
To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.
OTC Link ATS and OTC Link ECN are SEC regulated ATSs, operated by OTC Link LLC, member FINRA/SIPC.
The CSE does not accept responsibility for the adequacy or accuracy of this press release.
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, 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 Nevada market; 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 final short form prospectus dated March 22, 2019 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.