Flower One Holdings Inc., the largest cannabis cultivator, producer and innovator in Nevada, held its Annual General and Special Meeting on June 28, 2019, in Vancouver, Canada. The Meeting was chaired by Ken Villazor, President and CEO of Flower One. A total of 72 shareholders were present or represented at the Meeting, representing a total of 75,261,229 shares and votes.
At the Meeting, the shareholders of the Company adopted all resolutions submitted for their approval as follows:
- Setting the number of directors for the Company for the ensuing year at four;
- Re-election of Ken Villazor, Amit Varma, David Wesley and Warner Fong as Directors of the Company;
- Re-appointment of MNP LLP as Auditors of the Company; and,
- Approval of the Amended and Restated Stock Option Plan (as set out in the Management Information Circular dated May 29, 2019.
Mr. Villazor took the opportunity to discuss the Company’s highly differentiated market entry into the United Statescannabis sector, “Over the past 12 months, we have been laser-focused on building significant scale in Nevada. During this time, the Flower One team not only completed the conversion of the largest, state-of-the-art cannabis cultivation and production facility in Nevada, but also fully planted its entire 400,000 square foot greenhouse and transitioned its operations to that of an ongoing weekly harvest cycle of 10,000 high-quality, hydroponically grown plants. That is industry-leading execution and speaks to the entire Flower One team’s ability to stay focused and disciplined on our plan, and delivering on our promise to create a meaningful presence in Nevada, one of the strongest cannabis markets in the United States. With this proven ability to quickly scale our business, we are incredibly excited about what the future holds for us as we explore opportunities to expand our commercial footprint beyond Nevada.”
In the past year, Flower One has delivered on numerous notable milestones. Some highlights include:
- Completed acquisition of the Nevada largest commercial scale greenhouse (400,000 square feet);
- Transformed from a private to a public company with a listing on the Canadian Securities Exchange (CSE) and a recently upgraded OTCQX listing in the United States with the OTC Markets Group;
- Strategic asset acquisition of NLV Organics;
- Successful completion of its first public offering including exercising its maximum allowable overallotment to a total of $57.5M CAD;
- Secured eight Brand Partnerships in its initial portfolio of brands to launch into the growing Nevada cannabis market;
- Completed conversion of the 400,000 square foot greenhouse into a high-tech cannabis cultivation facility;
- Completed the construction of an adjacent, integrated 55,000 square foot post-harvest, processing and custom packaging facility to support our Brand Partners’ diverse produce SKUs including packaged flower, pre-rolls, cannabis oils, distillates, concentrates, edibles, topicals, and infused products;
- Fully planted the greenhouse, establishing a canopy of more than 140,000 high-quality, hydroponically grown cannabis plants under active cultivation including 100,000 plants in its eight flower zones;
- Inaugural harvest of Zone 1 completed triggering a continuous weekly harvest of approximately 10,000 plants per week;
- Fully commissioned the greenhouse’s semi-automated post-harvest systems including 10 high-tech drying rooms.
Flower One is the largest cannabis cultivator, producer and full-service brand fulfilment partner in the highly lucrative Nevada market. Flower One’s fully operational flagship 400,000 square foot greenhouse and 55,000 square foot processing and custom packaging facility is used for cannabis cultivation, processing, production and high-volume custom packaging of dry flower, pre-rolls, cannabis oils, distillates, concentrates, edibles, topicals and infused products.