TORONTO, Jan. 15, 2019 /CNW/ - Flower One Holdings Inc. ("Flower One", the "Company" or "we") (CSE: FONE) (OTCQB: FLOOF) is pleased to announce its first brand partnership for cannabis product fulfillment in Nevada. Flower One and Rapid Dose Therapeutics Inc. ("RDT") (CSE: DOSE) entered into a definitive agreement (the "Agreement") on January 10, 2019, pursuant to which Flower One has been granted license to manufacture, distribute and sell RDT's QuickStrip™, an innovative, proprietary delivery technology for the cannabis market in Nevada.
Flower One expects to produce and distribute QuickStrip™ for the medical and adult recreational cannabis market in Nevada by Spring 2019. RDT's proprietary QuickStrip™ technology is a Quick, Convenient, Precise, Discreet™ oral fast-dissolving drug delivery system. The QuickStrip™ technology offers consumers a discreet and smoke-free alternative to enjoy cannabis.
"Brand partnerships are a key component to Flower One's growth strategy in the Nevada cannabis market," said Ken Villazor, Flower One's President and CEO. "Our cultivation, processing and custom packaging facilities in Nevada will total more than 480,000 square feet. The scale, technology and automation of our facilities will bring precision, quality and a consistent ability for Flower One to bring RDT's innovative QuickStrip™ delivery technology to Nevada's fast-growing cannabis market."
Nevada is one of the most lucrative cannabis markets in the United States, hosting more than 55 million tourists annually from all over the globe to Las Vegas — an audience of almost 1.5 times greater than the population of Canada. The state reported $529.9 million in sales for all 2018 marijuana sales — that includes recreational, medicinal and cannabis-related products.
"Through our Managed Strip Service (MSS), RDT is focused and committed to providing consumers in the United States cannabis markets a Smoke-Free Choice." said Mark Upsdell, CEO of RDT. "RDT's Gold Vendor Status agreement with Flower One will enable them to sell to all the legal dispensaries in Nevada, under both their own private brand and as a white label program to the other licensed growers in Nevada. Our brand partnership with Flower One further strengthens and positions QuickStrip™ for rapid growth as an international brand and delivery device to cannabis consumers — while delivering health and improving outcomes." Villazor adds, "With QuickStrip™'s discreet and measured dosing, we are well positioned to bring a unique and exciting product offering to Las Vegas and Nevada's tourist-driven cannabis market, and we are thrilled to be adding it to Flower One's portfolio of Brand Partners."
About Flower One Holdings Inc.
Flower One Holdings 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, 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.
Flower One's common shares are traded on the Canadian Securities Exchange under the symbol "FONE" and in the United States on the OTCQB under the symbol "FLOOF." For more information visit: https://flowerone.com
About Rapid Dose Therapeutics
Rapid Dose Therapeutics, RDT, is a Canadian biotechnology company that provides innovative, proprietary drug delivery technologies designed to improve outcomes and quality of lives. Rapid Dose Therapeutics offers Quick, Convenient, Precise and Discreet™ choices to consumers. RDT is focused and committed to clinical research and product development for the healthcare manufacturing industry — including nutraceutical, pharmaceutical and cannabis industries. Within the cannabis sector, RDT provides a turn-key Managed Strip Service Program which enables RDT's QuickStrip™ proprietary drug delivery technology to be licensed by select partners. RDT's service based annuity contracts drive recurring revenue which enables rapid expansion into emerging markets — generating value for consumers and shareholders. Rapid Dose Therapeutics is committed to continually create innovative solutions aimed at multiple consumer segments and future market needs.
For more information, visit: www.rapiddose.ca
Cautionary Note Regarding Forward Looking Information
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in Flower One's public documents. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should," and similar expressions, are forward- looking statements.
Forward-looking statements may include, without limitation, statements relating to the execution of the Company's strategy, timing of Flower One's production and distribution of QuickStrip™ in Nevada, the scale and capacity of Flower One's cultivation, processing and custom packaging facilities in Nevada, the size and continued growth, maturity and retail sales of the cannabis market in Nevada, the United States and globally, the ability of RDT and Flower One to distribute products through all the legal dispensaries in Nevada, and QuickStrip™'s expected rapid growth as an international brand and delivery to cannabis consumers, andpotential partnering opportunities with cannabis consumer brands.
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.
There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
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 any intention or obligation to update or revise such information, 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.
For further information: For inquiries please contact: Flower One Holdings, Ken Villazor, President and CEO, 416.913.9642, [email protected]; Investor relations inquiries: NATIONAL Capital Markets, 416.848.9835, [email protected]; Media inquiries: Natalie Martin, 604.738.2220, [email protected]; Rapid Dose inquiries: Jorge Estepa, Assistant Corporate Secretary, [email protected], 416.818.4035