Flower One Holdings Reports First Quarter 2019 Results – Yahoo Finance

Conversion of Nevada’s largest greenhouse now complete; first harvest imminent

TORONTO , May 30, 2019 /CNW/ – Flower One Holdings Inc. (FONE.CN) (FLOOF) (“Flower One” or the “Company”) today reported its financial and operating results for the first quarter ended March 31, 2019 . All amounts are expressed in U.S. dollars unless indicated otherwise.

Year-to-date operational highlights:

  • Completed the conversion of the Company’s 400,000 square-foot greenhouse for large-scale hydroponic cannabis cultivation, with the cutting cells, vegetative zones and the eight flowering zones now fully canopied;
  • Announced eight Brand Partnerships, including seven during the first quarter and one subsequent to quarter end;
  • Obtained lease equipment financing for up to $30M on February 11, 2019 ; and,
  • Raised CAN $57.5M through a prospectus offering of convertible debenture units that closed on March 28, 2019 .

    “This is an important and exciting time for Flower One, its Brand Partners, and its investors,” said Ken Villazor , President and CEO.  “With the addition of eight Brand Partners so far in 2019, the completion of our greenhouse, the commencement of operations, and our first harvest now imminent, we have reached the inflection point we have been diligently, yet aggressively, working towards. As a result of our efforts, we are uniquely positioned to fulfil the large-scale cultivation, processing, production and high-volume packaging needs of brands wanting to accelerate their market entry into Nevada .”

    First quarter financial results

    The Company’s operational activities during the quarter were primarily focused on advancing the conversion of its 455,000 square foot greenhouse and production facility for cultivating high-quality cannabis at scale. The conversion of the greenhouse was completed subsequent to the end of the first quarter.

    Revenue for the quarter was $534,172 . There was no revenue in the first quarter of the prior year as Flower One only began recording revenue on

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