TORONTO, March 11, 2019 /PRNewswire/ - PRESS RELEASE - SOL Global Investments Corp. has announced that the company has received approval from the Florida Department of Health for the sale and transfer of the 3 Boys Farm license from CannCure Investments Inc. to SOL Global. The approval includes the transfer of all operations and assets, including farms and dispensaries. CannCure is a privately-held Ontario corporation that indirectly owns 100 percent of 3 Boys. SOL Global will acquire CannCure pursuant to the terms and conditions of a previously announced share purchase agreement, the closing of which will be updated in a future press release.
Additionally, 3 Boys intends to open its first two dispensaries in the State of Florida in April of 2019, with an additional six locations in development and expected to be fully operational by the end of the fiscal year. The eight initial dispensary locations are located in prime medical and retail corridors throughout Florida, including St. Petersburg, Fort Myers, Stuart, Port St. Lucie, Fort Lauderdale, Tallahassee, Tampa and North Miami. The dispensaries will be unique in concept, providing a customized patient-centric experience including innovative educational tools highlighting tailored benefits of CBD and medical cannabis products.
3 Boys also intends to commence extraction and processing operations at its new GMP farm and laboratory facility in Indiantown, Fla. by the last week of March 2019. The new facilities include 60,000 square feet of indoor space and 50,000 square feet of greenhouse. Cultivation at the new facility is expected to commence in the 4th quarter of 2019. This new branch will add onto the already robust production capacity of the 3 Boys network which currently harvests 350 pounds of premium-quality cannabis flower per month out of their Ruskin facilities.
The Florida Department of Health's approval for the transfer of assets follows news that the Florida Senate has passed a bill that would legalize smokable cannabis flower in the state. If and when the legislation is signed into law, the market for premium cannabis flower products is expected to see explosive growth. Florida is emerging as one of the largest and fastest-growing medical cannabis markets in the U.S., with one of the highest patient-to-license ratios in America. Total annual market revenue of medical cannabis in Florida is expected to reach an estimated $2.5 billion by the year 2025. Additionally, Florida is considering legalizing recreational use of cannabis, a move that would result in estimated 2025 annual revenues of $5.5 billion.
"3 Boys Farm is well-known for creating the best cannabis flower products in Florida and we couldn't be happier that they will join our other premiere cannabis assets under the SOL Global umbrella," said Brady Cobb, CEO of SOL Global. "3 Boys is led by a first-class cultivation team including Master Grower Chris Keller. The quality of production and the team's collective knowledge and passion for the cultivation process ensures a top-rate product. Once smokable flower is legalized, you would be hard pressed to find better flower in the State of Florida."
With authorization to cultivate, process and dispense medical cannabis in accordance with Florida law, 3 Boys' operation consists of 40,000 square feet of fully-operational greenhouses located on an eight-acre parcel of land. The existing facilities include a two-acre odor mitigation space that is run 100 percent with harvested rainwater, solar pumps and repurposed high-volume chilled air from the cultivation greenhouses--a true zero-carbon footprint. 3 Boys' innovations, including alternative energy use, greenhouse cooling designs and rainwater harvesting, were recognized and honored by the Governor's Environmental Leadership Award.