New lab to produce a wide range of cannabis products including but not limited to full spectrum oils, distillate, cannabis-derived terpenes, concentrates, and a wide range of top performing branded cannabis products such as vape pens, edibles, and topicals
LAS VEGAS, Sept. 16, 2019 /CNW/ - Flower One Holdings Inc. ("Flower One" or the "Company") (CSE: FONE) (OTCQX: FLOOF), a leading cannabis cultivator, producer and innovator in Nevada, today announced the official, operational launch of its technologically advanced cannabis production lab which will operate alongside the Company's 400,000 square-foot greenhouse.
The new production space encompasses approximately 55,000 square feet and can readily consume between 3,000 – 5,000 pounds of biomass per week – with distillate processing from its ethanol extraction train in the 100-150 liter per week range. Today's announcement enhances Flower One's ability to generate product from its more than 140,000 pounds (62,500 kg) of dry cannabis flower and trim expected annually from the greenhouse.
Thomas Rosengren, Director of Extraction & Production reported: "The Launch of Flower One's bulk distillate process train has been a resounding success – with early lot potencies already testing in the 90%+ range."
Flower One's production lab has been intentionally designed for large-scale product fulfillment. By leveraging multiple extraction methods – namely ethanol, LPG, and CO2 – that run in parallel, Flower One has access to three upstream extraction channels, granting it the flexibility to leverage the specific extraction techniques needed to produce a wide range of cannabis products. Beyond extraction, the lab will engage in refinement, compounding, and commercial-kitchen-related activities, including ongoing optimization via data-driven continuous improvement processes.
"The product and test results coming out of the lab mark another huge milestone for Flower One and our ability to produce premium quality cannabis products" said Kellen O'Keefe, Chief Strategy Officer at Flower One. "Flower One is thrilled to bring some of the nation's leading cannabis brands to Nevada's retailers and consumers," he added.
About Flower One Holdings Inc.
Flower One is the largest cannabis cultivator, producer, and full-service brand fulfillment partner in the state of Nevada. By combining more than 20 years of greenhouse operational excellence with best-in-class cannabis operators, Flower One offers consistent, reliable, and scalable fulfillment to a growing number of industry-leading cannabis brands. Flower One's flagship 400,000 square-foot greenhouse and 55,000 square-foot production facility is used for large scale cannabis cultivation, processing, and manufacturing. Flower One also owns and operates a second production facility in Las Vegas, with 25,000 square-feet of indoor cultivation and a commercial kitchen that will produce several of the nation's top-performing edible and beverage brands. Flower One produces a wide range of products ranging from wholesale flower, full-spectrum oils, and distillates to finished consumer packaged goods including flower, pre-rolls, concentrates, edibles, beverages, and topicals for the top-performing brands in cannabis.
The Company's common shares are traded on the Canadian Securities Exchange under the Company's symbol "FONE" and in the United States on the OTCQX Best Market under the symbol "FLOOF". For more information, visit: https://flowerone.com.
Forward Looking Statements
Statements in this press release that are not statements of historical or current fact constitute "forward looking information" within the meaning of Canadian securities laws and "forward looking statements" within the meaning of United States securities laws (collectively, "forward-looking statements"). Such forward-looking statements involve known and unknown risks, uncertainties, and other unknown factors that could cause the actual results of the Company to be materially different from historical results or from any future actual results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "expects," "intends," "anticipates," "potential," "should," "may," "will," "plans," "continue" or other similar expressions to be uncertain and forward looking.
Forward-looking statements may include, without limitation, statements relating to the Company's ability to produce a wide range of cannabis products and to maintain its ongoing harvest or lot potencies; the Company's expected annual harvest; the capacity of the Company's production labs and distillate processing; Company's leadership as a cannabis cultivator, producer and innovator in Nevada; the ongoing optimization via data-driven continuous improvement processes; and the Company's ability to produce premium quality cannabis products and several of the nation's top-performing edible and beverage brands to Nevada, to bring some of the nation's leading cannabis brands to Nevada's retailers and consumers and to offer consistent, reliable, and scalable fulfilment to its brand partners.
The Company is indirectly involved in the manufacture, possession, use, sale and distribution of cannabis in the recreational and medicinal cannabis marketplaces in the United States through its subsidiary Cana Nevada Corp. Local state laws where Cana Nevada Corp. operates permit such activities; however, these activities are currently illegal under United States federal law. Additional information regarding this and other risks and uncertainties relating to the Company's business are contained under the heading "Risk Factors" in the Company's management discussion and analysis dated August 13, 2019 (the :"MD&A") filed on its issuer profile on SEDAR at www.sedar.com.
The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement, the "Forward-Looking Statements" section contained in the Company's most recent MD&A. All forward-looking statements in this press release are made as of the date of this press release. The forward-looking statements contained herein are also subject generally to assumptions and risks and uncertainties that are described from time to time in the Company's public securities filings with the Canadian securities commissions, including the Company's most recent MD&A.
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.
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 and does not undertake any intention or obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise, 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 Flower One inquiries please contact: Flower One Holdings Inc., Kellen O'Keefe, Chief Strategy Officer, 416.913.9642, email@example.com; Flower One investor relations inquiries: NATIONAL Capital Markets, 416.848.9835, firstname.lastname@example.org; Flower One media inquiries: United States: Roxanna Lissa, 310.432.0020, email@example.com; Canada: Natalie Martin, 604.738.2220, firstname.lastname@example.org