TORONTO, Oct. 9, 2018 /CNW/ – PRESS RELEASE – Flower One Holdings Inc. has announced it has entered into agreements with NLV Organics, Inc. (NLVO) and related parties to purchase a 100 percent interest in a property in North Las Vegas, Nev., and all of the business’ tangible and intangible assets. The acquisition of NLVO’s assets also brings to Flower One a team of experienced cultivators and producers and therefore immediate understanding of post-harvest production techniques and supply relationships to over 30 operating dispensaries in the state.
NLVO is a fully operational 25,000-square-foot cultivation and production facility located in the city of North Las Vegas. It is fully licensed to grow and process cannabis for both the medical and recreational markets in Nevada. NLVO has nine grow rooms capable of cultivating a total of 4,500 plants per cycle.
“This transaction is more than an acquisition, it is a true partnership that strengthens Flower One’s business model and our ability to tightly execute market entry in Nevada,” said Flower One’s president and CEO, Ken Villazor. “We have worked closely with NLVO’s founders and management for several months. The collaboration and knowledge transfer between our organizations has been exceptional and, for Flower One, has validated how accretive this acquisition will be for our company and our shareholders.”
“We are excited to join the Flower One team,” states Salpy Boyajian, president and CEO of NLVO. “The scale and sophistication of the Flower One operation coupled with our expertise and domain knowledge is certain to immediately position us as the number one cultivator and producer in the State of Nevada.”
The acquisition of NLVO will bring a number of key assets and strategic opportunities that will accelerate the execution of the company’s overall business plan, including:
1. Expanding the company’s license portfolio from four