Flower A single Indicators Sale-Leaseback Agreement with Treehouse Actual Estate Investment Trust, a Major Cannabis REIT
TORONTO, Sept. 18, 2019 /CNW/ – Flower A single Holdings Inc. (“Flower One” or the “Company”) (CSE: FONE) (OTCQX: FLOOF) now announced that a single of the Company’s subsidiaries has entered into a sale-leaseback agreement (the “Agreement”) with Treehouse Actual Estate Investment Trust, Inc. (“Treehouse”) for the Company’s 25,000 square-foot indoor cultivation and production facility in North Las Vegas, such as the adjacent vacant lot acquired early in 2019 (collectively, the “Neeham Property”). Flower A single is finalizing plans to construct a state-of-the-art industrial kitchen and manufacturing space on the Neeham Home and expects to start off building by the second quarter of 2020. Treehouse will buy the Neeham home for US$20,000,000 (the “Purchase Price”).
The Enterprise, by means of a single of its subsidiaries, will lease the Neeham Home from Treehouse for a term of 20 years with two 10-year extension alternatives. As element of the Agreement, Treehouse will have a 5-year suitable of initial provide on future sale-leasebacks by the Enterprise.
Flower A single is thrilled to kind a lengthy-term partnership with Treehouse, enabling us to access considerable capital to continue our expansion in Nevada and potentially beyond. Flower A single is actively pursuing multi-state possibilities and plans to use its partnership with Treehouse in order to do so.
Kellen O’Keefe, Chief Method Officer at Flower A single
“Flower A single is a premier producer of higher-top quality items for the top rated brands in the cannabis business,” mentioned Ray Lewis, President and CEO of Treehouse. “We are pleased to meet their financing targets and we appear forward to a lengthy and mutually valuable connection with Flower A single.”
Treehouse supplies an outstanding supply of non-dilutive capital for Flower One’s development technique and they bring the utmost professionalism to the business.
Geoff Miachika, Chief Economic Officer at Flower A single.
The Enterprise expects the Agreement to close on or ahead of November 16, 2019 (the “Closing”). The Enterprise has been sophisticated the Acquire Value as a loan, which bears interest at 15% annually and the Enterprise expects to repay upon Closing. The Enterprise will use the net proceeds for facility improvements at the Neeham Home and for common functioning capital and operational purposes.
About Flower A single Holdings Inc.
Flower A single is the biggest cannabis cultivator, producer, and complete-service brand fulfillment companion in the state of Nevada. By combining a lot more than 20 years of greenhouse operational excellence with very best-in-class cannabis operators, Flower A single gives constant, trustworthy, and scalable fulfillment to a increasing quantity of business-major cannabis brands. Flower One’s flagship 400,000 square-foot greenhouse and 55,000 square-foot production facility is applied for big scale cannabis cultivation, processing, and manufacturing. Flower A single also owns and operates the Neeham Home, with 25,000 square-feet of indoor cultivation and a industrial kitchen that will generate quite a few of the nation’s top rated-performing edible and beverage brands. Flower A single produces a wide variety of items ranging from wholesale flower, complete-spectrum oils, and distillates to completed customer packaged goods such as flower, pre-rolls, concentrates, edibles, beverages, and topicals for the top rated-performing brands in cannabis.
The Company’s typical shares are traded on the Canadian Securities Exchange beneath the Company’s symbol “FONE” and in the United States on the OTCQX Finest Market place beneath the symbol “FLOOF”. For a lot more data, stop by: https://flowerone.com.
Original Press Release
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