Cannabis Stock News: First Harvest (CSE: FONE) (OTCQX: FLOOF) complete at Flower One's 455,000 square-foot cannabis facility, greenhouse now fully canopied with 100,000-plant inventory
With a full greenhouse and a completed 55,000 square-foot production facility, Nevada's leading cannabis cultivator and producer commences ongoing harvest for product fulfillment, state-wide
TORONTO - June 11, 2019 (Investorideas.com Newswire) Flower One Holdings Inc. ("Flower One" or the "Company") (CSE: FONE) (OTCQX: FLOOF) today announces the completion of its inaugural cannabis harvest at the company's 455,000 square-foot commercial-scale greenhouse facility - the largest in the state of Nevada. With the greenhouse now 100 per cent canopied, the Company has commenced an expected ongoing harvest averaging 10,000 high-quality, hydroponically-grown cannabis plants per zone. This, in conjunction with the completion of the greenhouse's adjoining 55,000 square-foot cannabis production facility, has well positioned Flower One for the active cultivation and processing of over 100,000 plants housed in eight flower zones, per crop cycle, amounting to an expected 140,000 lbs (or 62,500 kg) of dry flower per year.
"What a surreal and memorable day for the Flower One team. With a completed production facility, and operations now in full swing, we are proud to have completed Flower One's inaugural harvest today, initiating our ongoing harvest and paving our ability to become the state's leading provider of high-quality, hydroponically-grown cannabis," said President and CEO, Ken Villazor. "Not long ago, this facility was used to grow cucumbers. It has been incredibly exciting to witness the complete transformation of Flower One's greenhouse for cannabis production at scale. Growing healthy crops with a significant yield requires a broad team of dedicated professionals to deliver results. To now be able to observe the fully built production capacity - and the significance of our contribution to Nevada's budding cannabis market - is a huge milestone for Flower One. We could not be happier with the results."
Flower One's expansive, 455,000 square-foot facility has been purposefully designed for the cultivation, processing, production and high-volume custom packing of retail cannabis product for its licensed brand partners, including dry flower, pre-rolls, cannabis oils, distillates, concentrates, edibles, topicals, and infused products.
Having now initiated its harvest, cannabis cultivation and production cycle at Flower One's greenhouse facility will be ongoing, translating into the following expected future outcomes:
- The continuous harvesting of one flower zone (averaging 10,000 plants) per week;
- 140,000 lbs (or 62,500 kg) of high-quality dry flower per year, produced and processed for retail consumption;
- A reliable, consistent supply of seed-to-retail-ready, custom-packaged product, delivered to Nevada's cannabis consumers by way of Flower One's growing portfolio of Brand and Retail Partners; and
- A genetic library of over 100 unique cannabis strains.
Since embarking on the conversion of its 400,000 square-foot facility in May 2018, more than 138,000 hours of renovation and construction work have been dedicated to converting Nevada's largest, state-of-the-art cannabis cultivation and production facility. Flower One is now equipped to provide seed-to-retail-ready product that is custom packaged and delivered to retail with a commitment to consistent, reliable, high-volume delivery.
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. In Q2 2019, the Company, having successfully completed the inaugural harvest of its flagship 455,000 square-foot greenhouse and production facility, the largest in the state, is now operating in a state of continuous harvest, for the cultivation and processing of high quality cannabis at scale. Flower One 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. Combined, the flagship greenhouse and production facility, 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 Best Market under the symbol "FLOOF." For more information, visit: https://flowerone.com
Cautionary Note Regarding Forward Looking Information
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 execution of the Company's strategy and intent to become the leading cannabis cultivator, producer and innovator in Nevada; the Company's ability to fulfil state-wide production requirements; the Company's ability to fulfil its production target of 10,000 high-quality, hydroponically-grown cannabis plants per zone, to process 100,000 plants per crop cycle or production of healthy crops, with significant yield, totaling 62,500 kg of dry flower per year or to deliver reliable, consistent supply of seed-to-retail-ready, custom-packaged product; the profitability of Flower One's activities in Nevada; and the scale and capacity of Flower One's cultivation, processing and high-volume packaging facilities in Nevada.
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 management discussion and analysis dated May 30, 2019 filed on its issuer profile on SEDAR at www.sedar.com.
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 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 nor 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.
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