TORONTO, Oct. 10, 2018 /CNW/ - PRESS RELEASE - Flower One Holdings Inc. began trading Oct. 10 when the market opened on the Canadian Securities Exchange (CSE) under the stock symbol "FONE."
"Over the past ten months, Flower One has demonstrated to its shareholders the company's ability to execute on our overall business plan," said Ken Villazor, president and CEO. "There have been a series of successive and very significant milestones achieved in a very short timeframe, but today's commencement of trading on the CSE is a pivotal moment for Flower One. On behalf of our board, we want to personally thank our entire Flower One team."
Key Corporate Highlights of Flower One and its Subsidiaries Prior to Going Public
- Incorporated as CNX Holdings Inc. (December 2017)
- Entered a Lease and Option to Purchase Agreement on a 430,000-square-foot commercial scale greenhouse in Nevada. (March 2018)
- Closed a non-brokered private placement financing and raised C$34.7M to support conversion of Nevada greenhouse and construction of an additional 25,000-square-foot production facility. (April 2018)
- Received approval from the state of Nevada of the assignment of two provisional marijuana licenses (cultivation and production) to the company's greenhouse. (April 2018)
- Commenced greenhouse conversion (May 2018)
- Submitted applications to the State of Nevada for a recreational marijuana cultivation license and a recreational marijuana production license. (June 2018)
- Entered into an Amalgamation Agreement among the company (at the time, named Theia Resources Ltd.) and listed on the TSX-V, and Flower One Corp., a fully owned subsidiary of the company and CNX Holdings Inc. (June 2018)
- Received approval of its medical marijuana cultivation licenses and medical production cultivation license from the State of Nevada. (July 2018)
- Held Annual General and Special Meeting of Shareholders. Shareholders approved matters in relation to reverse takeover transaction among the Company CNX Holdings Inc., and Flower One Corp. (August 2018)
- Entered a Purchase and Sale Agreement with a North Las Vegas corporation to acquire a property to be used for a future marijuana retail establishment and corporate offices for the Company's Nevada operations. (August 2018)
- Completed transactions to fully acquire the Nevada greenhouse. (August 2018)
- Completed C$57.4M private placement financing, bringing the Company's total private equity financing to C$92.1. (September 2018)
- Announced corporate name change from Theia Resources Ltd., to Flower One Holdings Inc. (September 2018)
- Completed the reverse takeover transaction by CNX Holdings Inc., amalgamating CNX Holdings Inc. with Flower One Corp. (September 2018)
- Replaced Board and management of the company with the board and management of CNX Holdings Inc. (September 2018)
- Submitted retail marijuana dispensary applications to the State of Nevada. (September 2018)
- Received approval of its recreational cannabis cultivation licenses and recreational production cultivation license from the State of Nevada. (Sep 2018)
- Entered a Genetics and Plant supply agreement with a strategic partner (Oct 2018)
- Entered definitive agreements for the acquisition of the business assets of NLV Organics Inc. (Oct 2018)
- Launch of Corporate website at www.flowerone.com. (Oct 2018)
Flower One continues to advance its overall business plan with a focus on the Nevada marijuana market. Medical marijuana use in Nevada was made legal on November 7, 2000. Cannabis in Nevada became legal for recreational use effective January 1, 2017. According to State officials, Nevada's fast-growing marijuana industry had revenue in the fiscal year ending June 30 totaling $529.9 million overall, including $424.9 million for recreational use alone.
Flower One also announces today that the board of directors of the company has approved the granting of 4,375,000 incentive stock options to management, consultants and directors of the company. The options are exercisable at a price of C$2.60 per share for a period of five years. The pricing and terms of the options are subject to CSE approval and any amendments that the regulator may require.
"We have delivered a capital structure consisting of a single class of common shares (no preferred voting rights), a 10 percent rolling option plan and no warrants. We believe a simple capital structure benefits all shareholders equally," say Ken Villazor, president and CEO.