Gold Flora Expands Cultivation Footprint at Desert Hot Springs Campus
Enters into Lease Agreements for an Additional ~53,000 Square Feet of Canopy
COSTA MESA, Calif., May 9, 2024 /CNW/ - Gold Flora Corporation ("Gold Flora" or the "Company") (Cboe Canada: GRAM), a leading vertically-integrated California cannabis company, announced it has entered into agreements with Innovative Industrial Properties, Inc. ("IIP") to lease two additional facilities located near its Desert Hot Springs Campus (the "Lease Agreements"). Under the terms of the Lease Agreements, Gold Flora will add approximately 53,000 square feet to its cultivation canopy, to generate an additional approximately 25,000 lbs. of flower annually and increase the Company's cultivation footprint to approximately 160,000 square feet of indoor grow. The turn-key facility space will be delivered ready for operations once the Company has received the necessary state and local licenses to commence cultivation operations. The Company anticipates that approximately half of the capacity will come online in the first quarter of 2025, with the remaining capacity anticipated to come online later that year.
"We are proud to further strengthen our relationship with our real estate partner, IIP, and expand our cultivation footprint to support our growing retail and wholesale businesses" said Laurie Holcomb, Chief Executive Officer of Gold Flora. "Our indoor cultivation at the Desert Hot Springs campus is a key differentiator for us and an integral part of our vertical structure. Located directly adjacent to our existing campus, this transaction will expand our canopy, with minimal capital investment, and allow us to leverage the same cultivation team to quickly grow to meet the increasing demand we are seeing for our products in California. This includes our newest brand, Gramlin, which is resonating strongly with its target audience of high-volume consumers and proves the competitive value of our fully integrated vertical infrastructure and control of our supply chain from seed to consumer sale. By leasing this additional space, we enhance our cultivation capabilities and ensure we are well-positioned to support our growth trajectory."
For more information on Gold Flora Corporation, visit: ir.goldflora.com
Gold Flora Corporation is a female-led, vertically integrated cannabis leader that owns and operates a robust portfolio of cannabis brands, which are sold through its chain of 16 retail dispensaries and, through its Stately Distribution business, to retailers throughout California. Its retail operations include Airfield Supply Company, Caliva, Coastal, Calma, King's Crew, Varda, Deli, and Higher Level.
Gold Flora Corporation operates an indoor cultivation canopy of approximately 107,000 square feet across three facilities in its Desert Hot Springs campus and two San Jose cultivation facilities. The Company can expand further, adding approximately 240,000 square feet of canopy on already entitled additional acreage. The Desert Hot Springs campus also houses the Company's manufacturing and extraction facilities, as well as Stately Distribution. The centralized location provides for optimal security and logistic benefits and protects the product as it moves though the Company's overall pipeline.
With hubs throughout the state, the Company distributes many prominent brands, including its own premium lines of Gramlin, Gold Flora, Cruisers, CURRENT, Roll Bleezy, Sword & Stoned, Aviation Cannabis, Jetfuel Cannabis, Caliva, Mirayo by Santana, and Monogram. Third party brands are increasingly contacting the Company in search of reliable input sources and established distribution.
References to information included on, or accessible through, websites and social media platforms do not constitute incorporation herein by reference of the information contained at or available through such websites or social media platforms, and the reader should not consider such information to be part of this press release.
For the latest news, activities, and media coverage, please visit www.goldflora.com.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation and the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to the expectations or forecasts of business, operations, financial performance, prospects, and other plans, intentions, estimates and beliefs, and may include statements regarding Gold Flora's expected financial condition and performance, the current and projected market, and growth opportunities for the company. Words such as "expects," "continue," "will," "anticipates," and "intends," or similar expressions, are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements in this press release include, but are not limited to, statements relating to the Company's Lease Agreements with IIP and future cultivation footprint and capacity. The property is actually located in Palm Springs, CA. These forward–looking statements are based on Gold Flora's current projections and expectations about future events and financial trends that it believes might affect its financial condition, results of operations, prospects, business strategy and financial needs, and on certain assumptions and analysis made by it in light of the experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements to be materially different from future events, results, performance, and achievements expressed or implied by forward looking information and statements herein. Although Gold Flora believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof and, except as required by applicable laws, Gold Flora does not assume any obligation to update or revise any forward-looking information or statements contained herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking information and statements herein, whether as a result of new information, future events or results, or otherwise.
SOURCE Gold Flora Corporation
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