Cannabis company positioned to benefit from U.S. legalization efforts with its core operating markets clearly defined as Nevada and California
Kelowna, British Columbia and Las Vegas, Nevada–(Newsfile Corp. – October 5, 2021) – Fiore Cannabis (CSE: FIOR) (OTCQX: FIORF) (“Fiore” or the “Company”), a licensed multi-state cannabis cultivator, producer and retailer, today provided a number of corporate updates including developments regarding its Apex cannabis cultivation and production facility near Las Vegas, Nevada.
The Company’s partner, which has an option to purchase a cannabis cultivation licence for the Apex site from Fiore upon U.S. federal legalization, has completed construction of its modular facility and is expected to begin pouring the pad onsite in the coming month. Allied Corp. (OTCQB: ALID) (“Allied”) has the option to buy the licence from Fiore for US$1.5 million as per an agreement signed on March 31, 2021. Fiore will be managing the selection of cannabis strains as well as the new operation once it commences business, which is expected during the fourth quarter of 2021.
Fiore intends to use funds generated from the licence sale to advance additional expansion activity at the seven-acre Apex site that can enhance cultivation capacity for Fiore and ultimately deliver additional cannabis products into the growing and high-margin Nevada market. The Company has developed strong relationships with the Nevada retail market for distribution purposes as Fiore’s award-winning, high-THC organic cannabis products are highly sought after.
“Fiore’s Apex Facility in Las Vegas is our company’s crown jewel,” said Erik Anderson, President and CEO of Fiore Cannabis. “In Nevada, we serve a growing high-demand market with a major tourist destination. This is why we applaud the U.S. government’s ongoing push towards legalizing cannabis on a federal basis and the benefits that could bring to cannabis markets across the country.”
An additional development at the Apex Facility includes the