TORONTO, Jan. 22, 2019 /CNW/ - Flower One Holdings Inc. ("Flower One" or the "Company") (CSE: FONE) (OTCQB: FLOOF) today announces a new licensing agreement and Brand Partnership for cannabis-product fulfillment in Nevada with California-based, Old Pal, the popular lifestyle cannabis brand that offers the most affordable legal cannabis in the state of California. Flower One is now licensed to produce, manufacture and distribute the entire Old Pal product line to Nevada's 130 cannabis retailers, marking Old Pal's first out-of-state expansion and entry into the Nevada market.
"Flower One is thrilled to bring a California favorite, Old Pal, to the Nevada market to ensure that our retail partners and, subsequently, consumers have access to quality, affordable and abundant cannabis flower," says Ken Villazor, President and CEO of Flower One. "As Flower One continues to secure more Brand Partners for the Nevada market, we remain focused on meeting the needs of all levels of the value chain, ranging from affordable 'shareable flower,' like Old Pal's suite of products, to high-end luxury products."
Rusty Wilenkin, Co-Founder & CEO of Old Pal has had his sights set on a Nevada expansion since his California sales started to soar, "California has already taken off and we're positive that our second market will see even more success. The opportunity in Nevada is huge, with 55 million tourists landing in Nevada every year we really have the chance to showcase our brand on an international stage."
"Cannabis brands entering Nevada are focused on the influx of tourists who are largely attracted to the culture of Las Vegas and the opportunity that it presents to showcase their product and build brand equity with consumers who will then spread the word to their networks, increasing demand in markets that have yet to be explored," Old Pal Co-Founder, Jason Osni added.
The Old Pal suite of products, primarily pure, dried flower, is currently available in California and set to sell in Nevada in the coming months. The products are available in three varieties: Indica, Sativa, and Hybrid. Already the lowest cost provider of legal cannabis in California, with the partnership, Old Pal and Flower One will become the lowest cost provider in Nevada. Old Pal's half ounce, pre-ground rolling kit is an all-in-one convenient cannabis solution for consumers on-the-go and includes branded rolling papers that uniquely pay homage to cannabis culture circa 1960s and 1970s. Old Pal has deep roots in the branding and marketing space and are well known for their artistic social media presence: https://www.instagram.com/oldpal.us
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 of Nevada, 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 and currently holds licensing agreements with their Brand Partners Flyte Concentrates, Rapid-Dose Therapeutics and Old Pal.
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 Old Pal
Old Pal is a lifestyle cannabis company focused on the value-oriented segment of the market. Through strategic partnerships within the trade, the brand has secured high quality, dependable production and distribution. With the incorporation of culture-focused design and marketing, Old Pal has defined a much-needed new space within the industry; a space curating an accessible lifestyle beyond stoner culture. Visit https://oldpal.com
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 and intent to quickly become the leading cannabis cultivator, producer and innovator in Nevada, the potential quality, affordability, abundancy and scope of distribution of Old Pal's product line in Nevada, the potential demand or sales of Old Pal's products in the Nevada market, the scale and capacity of Flower One's cultivation, processing and custom packaging facilities in Nevada, the size and continued growth, profitability, maturity, retail sales and size of the cannabis market in Nevada, and the ability of Old Pal and Flower One to distribute products through all the legal dispensaries in Nevada.
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 Inc., Ken Villazor, President and CEO, 416.200.7641, [email protected]; Flower One IR Inquiries, NATIONAL Capital Markets, 416.848.9835, [email protected]; Flower One Media Inquiries, Natalie Martin, 604.738.2220, [email protected]; Old Pal Inquiries, Allison Pankow, 262.370.7598, [email protected]