Flower One, Owner of the Largest Greenhouse in Nevada, Receives Recreational Cannabis Licenses and Approval to List on the Canadian Securities Exchange (CSE)
Flower One (FONE) will commence trading on Wednesday October 10, 2018
TORONTO, Oct. 9, 2018 /CNW/ – Flower One Holdings Inc. (“Flower One” or the “Company”) is pleased to announce that it has received its recreational marijuana cultivation license and its recreational marijuana production license from the State of Nevada. Receiving both licenses is a crucial step in the Company’s plan to cultivate premium grade cannabis at scale for Nevada’s growing cannabis market, using its 400,000 square foot greenhouse and 55,000 square foot production facility, and leveraging the industry’s leading agricultural technologies, innovative growing methods and top sustainability practices.
We are sharply focused on quickly becoming the leading cannabis cultivator and producer in the state of Nevada. This regulatory milestone now paves the way for Flower One to work towards its targeted annual capacity of 140,000 pounds of dry flower and trim to help meet the growing demand of the Las Vegas and broader Nevada cannabis market.
Ken Villazor, President and CEO of Flower One
In addition, the Company is pleased to announce it has received approval from the Canadian Securities Exchange (“CSE”) for listing its common shares. The Company’s shares will commence trading on the CSE on Wednesday, October 10, 2018 under the symbol “FONE”.
When the Company commences trading, there will be 172,192,279 issued and outstanding common shares in the capital of the Company (the “Common Shares”), no warrants and 7,915,000 outstanding options convertible into the same number of common shares within the Company’s capital structure. As required by the CSE, certain shareholders collectively holding 97,719,900 Common Shares, being 56.8% of the total issued and outstanding Common Shares, have entered into a pooling agreement dated October 4, 2018 with Odyssey Trust Company, as escrow agent, and the Company, pursuant to which 25% of such shares will be released to the corresponding shareholders and be free-trading as of the commencement of trading, with an additional 25% being released every six months thereafter. Further, all of the Company’s directors and officers and those shareholders holding greater than 5% of the issued outstanding shares have agreed to a six-month escrow for their securities with Eight Capital pursuant to the terms of the Agency Agreement dated September 19, 2018. This represents 3,200,000 outstanding options and 77,247,316 Common Shares of the Company (76,375,000 of which are also subject to the CSE described above). In total, 98,592,216 Common shares, representing 57.3% of the issued and outstanding Common shares of the Company are subject to some form escrow.
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.
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