Flower One Holdings Inc. begin trading when the market opened on the Canadian Securities Exchange (“CSE”) under the stock symbol “FONE”.
“Over the past ten months, Flower One has demonstrated to its shareholders the Company’s ability to execute on our overall business plan,” said Ken Villazor, President and CEO. “There have been a series of successive and very significant milestones achieved in a very short timeframe, but today’s commencement of trading on the CSE is a pivotal moment for Flower One. On behalf of our Board, we want to personally thank our entire Flower One team.”
Flower One continues to advance its overall business plan with a focus on the Nevada marijuana market. Medical marijuana use in Nevada was made legal on November 7, 2000. Cannabis in Nevada became legal for recreational use effective January 1, 2017. According to State officials, Nevada’s fast-growing marijuana industry had revenue in the fiscal year ending June 30 totaling $529.9 million overall, including $424.9 million for recreational use alone.
Flower One also announces today that the Board of Directors of the Company has approved the granting of 4,375,000 incentive stock options (the “Options”) to management, consultants and directors of the Company. The Options are exercisable at a price of C$2.60 per share for a period of five years. The pricing and terms of the Options are subject to CSE approval and any amendments that the regulator may require.
“We have delivered a capital structure consisting of a single class of common shares (no preferred voting rights), a 10% rolling option plan and no warrants. We believe a simple capital structure benefits all shareholders equally,” say Ken Villazor, President and CEO.