Flower One, Owner of Nevada's Largest Cannabis Cultivation and Production Facility, Acquires Key Retail Property – Canada NewsWire (press release)

Flower One has applied for multiple Nevada based dispensary licenses as an effective way to better understand the cannabis consumers’ preferences

TORONTO, Oct. 23, 2018 /CNW/ – Flower One Holdings Inc. (CSE: FONE) (“Flower One” or the “Company”) is pleased to announce a property acquisition in North Las Vegas from an arm’s length third party for total cash consideration of $1.15 million to support its future retail presence. The property is a freestanding former bank building offering important security attributes beneficial to the Company’s retail strategy. The building is conveniently located within close proximity to the major retail corridor in North Las Vegas, the Cannery Hotel & Casino, the Company’s 455,000 square foot flagship cultivation and production facility, which is the largest in Nevada, and NLV Organic Inc.’s fully operational 25,000 square foot cultivation and production facility.

The Company has submitted applications for multiple Recreational Marijuana Establishment Licenses within the State of Nevada; an opportunity only available to existing operational cannabis license holders. The Nevada’s Department of Taxation anticipates awarding dispensary licenses to successful applicants in December 2018.

“Flower One’s core business in Nevada will continue to focus on cannabis cultivation, processing and high-volume packaging,” said Flower One’s President and CEO, Ken Villazor.  “However, we wanted to take full advantage of the rare opportunity to apply for these dispensary licenses given our eligibility.  Should our applications prove successful, we view the opportunity to operate a state-licensed dispensary as an effective way to better understand the cannabis consumers’ preferences in the highly evolving Las Vegas and Nevada market.”

The potential dispensary licenses would be in addition to the Company’s four existing licenses and the five additional licenses it expects to obtain through the acquisition of NLV Organics Inc., as announced on October 9, 2018, which is

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