TORONTO, Ontario, November 14, 2018 – Flower One Holdings Inc. (CSE: FONE) (OTCQB: FLOOF) (“Flower One” or the “Company”) is pleased to announce , that further to its news release of October 9, 2018, it has completed the acquisition of the assets of NLV Organics, Inc. and related parties (“NLVO”). The acquisition gives Flower One 100% interest in a property in North Las Vegas, Nevada, and all of the business’ tangible and intangible assets.
NLVO is a fully operational 25,000 square foot cultivation and production facility located in the City of North Las Vegas. It is fully licensed to grow and process cannabis for both the medical and recreational markets in Nevada. NLVO has nine grow rooms capable of cultivating a total of 4,500 plants per cycle. The acquisition of NLVO’s assets also brings to Flower One a team of experienced cultivators and producers, and therefore immediate understanding of post-harvest production techniques and supply relationships with over 30 operating dispensaries in the State.
“The completion of the NLV Organics acquisition is timely and strategic for Flower One and reaffirms our focus on becoming the leading cannabis cultivator, producer and innovator in the highly lucrative Nevada market,” said Flower One’s President and CEO, Ken Villazor. “The combination of NLV Organics, as a fully licensed and fully operational cultivator and producer, and our ongoing conversion of the largest commercial scale greenhouse in Nevada, will give Flower One 480,000 square feet of cultivation, processing and high-volume packaging to support the needs of Nevada’s cannabis retailers as well as those out-of-state cannabis brands looking to build important brand equity in this fast-growing market.”
As consideration for the purchase of the NLVO property and business, Flower One, through its wholly owned subsidiaries, paid NLVO total consideration of US$27,200,000 consisting of a cash payment of US$4,635,650, a vendor note of US$14,564,350 and the issuance of 4,000,000 Common shares of Flower One at a deemed price of US$2.00 per Common share.
Source: Flower One Holdings Inc. (www.flowerone.com)