TORONTO & & LAS VEGAS–( ORGANIZATION WIRE)– Flower One Holdings Inc. (” Flower One” or the “Business”) (CSE: FONE) (OTCQX: FLOOF) (FSE: F11), a leading cannabis grower, manufacturer and innovator in Nevada, revealed today that it got payment default notifications from RB Loan Portfolio II, LLC (the “Lending Institution”) in regard of interests in the quantity of $262,500 due on January 1, 2021 in connection with a loan from RB Loan Portfolio I, LLC (the “Lessor”) to the Business in the quantity of US$ 30,000,000, and from RB Loan Portfolio I, LLC (the “Lessor”) in regard to rent payments in the quantity of $526,677 due on January 5, 2021 in connection with the Business’s lease of the greenhouse center situated at 3950 North Bruce Street in North Las Vegas.
The Business likewise has actually not paid: (i) the January lease payment of $248,268 in connection with the lease of its growing and production center at 343 Neeham Roadway in North Las Vegas, and (ii) interest payments due on 2 other loans (amounting to $152,306 and $27,575), all of which were due January 1, 2021. No default notifications have actually been gotten in regard to these payments.
The Business’s Interim CFO, Richard Groberg specified that, “ While the Lending Institution and Lessor each have actually scheduled all rights and treatments in regard to the default notification, both loan providers remain in conversations with the Business about possible services. Even more, the Business is working carefully with its other significant financial institutions and proprietors as we continue to pursue a series of funding options.”.
About Flower One Holdings Inc.
Flower One is the biggest cannabis grower, manufacturer, and full-service, brand name satisfaction partner in the state of Nevada. By integrating more than twenty years of greenhouse functional quality with best-in-class cannabis operators, Flower One provides constant, trustworthy and scalable satisfaction to a growing variety of industry-leading cannabis brand names. Flower One presently produces a wide variety of items varying from wholesale flower, full-spectrum oils, and distillates to complete customer packaged products consisting of: flower, pre-rolls, instilled pre-rolls, focuses, edibles, and topicals for the top-performing brand names incannabis Flower One’s flagship, 400,000 square-foot greenhouse and 55,000 square-foot production center is utilized for massive cannabis growing, processing and production. Flower One likewise runs a 2nd production center with 25,000 square-feet of indoor growing and an industrial cooking area that produces numerous of the country’s top-performing edible brand names.
The Business’s typical shares are traded on the Canadian Securities Exchange under the Business’s sign “FONE”, in the United States on the OTCQX Best Market under the sign “FLOOF” and on the Frankfurt Stock Market under the sign “F11”. For additional information, check out: https://flowerone.com
Forward Looking Declaration
Declarations in this news release that are not declarations of historic or present reality make up “positive details” within the significance of Canadian securities laws and “positive declarations” within the significance of United States securities laws (jointly, “positive declarations”). Such positive declarations include understood and unidentified threats, unpredictabilities, and other unidentified aspects that might trigger the real outcomes of the Business to be materially various from historic outcomes or from any future real outcomes revealed or indicated by such positive declarations. In addition to declarations which clearly explain such threats and unpredictabilities, readers are prompted to think about declarations identified with the terms “thinks,” “belief,” “anticipates,” “means,” “expects,” “prospective,” “should,” “may,” “will,” “strategies,” “continue” or other comparable expressions to be unsure and positive.
Positive declarations might consist of, without restriction, declarations associating with the notifications of default gotten by the Business; the Business’s capability to make impressive payments or acquire funding, the Business’s management as a cannabis grower, manufacturer, innovator and full-service brand name satisfaction partner; the Business’s capability to provide constant, trustworthy and scalable fulfilment to its brand name partners; and the production of the country’s top-performing edibles brand names.
The Business is indirectly associated with the manufacture, ownership, usage, sale and circulation of cannabis in the leisure and medical cannabis markets in the United States through its subsidiary Cana Nevada Corp. Regional state laws where Cana Nevada Corp. runs authorization such activities; nevertheless, these activities are presently prohibited under United States federal law. Extra details concerning this and other threats and unpredictabilities associating with the Business’s service are included under the heading “Danger Elements” in the Business’s Management Conversation and Analysis outdated September 30, 2020 (the “MD&A”) submitted on its provider profile on SEDAR at www.sedar.com.
The positive declarations included in this news release are specifically certified in their whole by this cautionary declaration, the “Cautionary Declaration relating to Forward-Looking Details” area included in the MD&A. All positive declarations in this news release are made since the date of this news release. The positive declarations included herein are likewise subject normally to presumptions and threats and unpredictabilities that are explained from time to time in the Business’s public securities filings with the Canadian securities commissions, consisting of the Business’s MD&A.
Although Flower One has actually tried to determine crucial aspects that might trigger real outcomes, efficiency or accomplishments to vary materially from those included in the positive declarations, there can be other aspects that trigger outcomes, efficiency or accomplishments not to be as expected, approximated or planned, consisting of, however not restricted to: reliance on getting regulative approvals; purchasing target business or jobs that are participated in activities presently thought about prohibited under United States federal law; modifications in laws; restricted operating history; dependence on management; requirements for extra funding; competitors; impeding market development and state adoption due to irregular popular opinion and understanding of the medical-use and adult-use marijuana market and; regulative or political modification.
Appropriately, readers ought to not position unnecessary dependence on positive declarations. The positive declarations in this press release are made since the date of this release. Flower One Holdings disclaims and does not carry out any objective or responsibility to upgrade or modify any such positive declarations, whether as an outcome of brand-new details, future occasions or otherwise, other than as needed by relevant law.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR THEIR GUIDELINES PROVIDERS HAVE EXAMINED OR ACCEPT OBLIGATION FOR THE ADEQUACY OR PRECISION OF THIS RELEASE.