Kelowna, British Columbia and Las Vegas, Nevada--(Newsfile Corp. - October 5, 2021) - Fiore Cannabis (CSE: FIOR) (OTCQX: FIORF) ("Fiore" or the "Company"), a licensed multi-state cannabis cultivator, producer and retailer, today provided a number of corporate updates including developments regarding its Apex cannabis cultivation and production facility near Las Vegas, Nevada.
The Company's partner, which has an option to purchase a cannabis cultivation licence for the Apex site from Fiore upon U.S. federal legalization, has completed construction of its modular facility and is expected to begin pouring the pad onsite in the coming month. Allied Corp. (OTCQB: ALID) ("Allied") has the option to buy the licence from Fiore for US$1.5 million as per an agreement signed on March 31, 2021. Fiore will be managing the selection of cannabis strains as well as the new operation once it commences business, which is expected during the fourth quarter of 2021.
Fiore intends to use funds generated from the licence sale to advance additional expansion activity at the seven-acre Apex site that can enhance cultivation capacity for Fiore and ultimately deliver additional cannabis products into the growing and high-margin Nevada market. The Company has developed strong relationships with the Nevada retail market for distribution purposes as Fiore's award-winning, high-THC organic cannabis products are highly sought after.
"Fiore's Apex Facility in Las Vegas is our company's crown jewel," said Erik Anderson, President and CEO of Fiore Cannabis. "In Nevada, we serve a growing high-demand market with a major tourist destination. This is why we applaud the U.S. government's ongoing push towards legalizing cannabis on a federal basis and the benefits that could bring to cannabis markets across the country."
An additional development at the Apex Facility includes the successful relaunch of Fiore's Diamante extraction lab operation. The Company added the processing of crude cannabis extracts into a number of concentrate-based products marketed under the Diamante Labs brand name. Extraction operations are forecasted to begin generating meaningful product sales for Fiore in the third quarter of 2021 with key dispensaries lined up to retail the products in the Las Vegas market. Diamante's products, including Live Resin Vape Pens, Diamonds, Live Resin and Sugar Waxes, are targeted at discerning cannabis connoisseurs and are already drawing interest in the Las Vegas market.
Anderson noted, "We have put a major focus on our U.S. operations and specifically the Nevada market due to the robust nature of the market and the ongoing growth in demand for premium quality cannabis products. Our Apex facility has received industry recognition as well as awards for its specific genetics, strains and growing properties. Producing top-quality products is our sweet spot at Fiore so we are certainly located in a desirable market with Las Vegas as a base and see additional opportunities to expand our Company's footprint in the state."
Fiore will be providing tours of the enhanced Apex Facility and its extraction operations to strategic partners and customers during MJBizCon being held in Las Vegas from October 20 to 22, 2021.
About Fiore Cannabis
Fiore Cannabis Ltd. (CSE: FIOR) (OTCQX: FIORF) is a publicly traded company that has been investing in the development of recreational and medical cannabis products since 2014. The Company has expanded its operations to include cultivation, production and retail offerings in the key North American legal jurisdictions of Nevada and California. Fiore's portfolio of brands caters to diverse consumer and patient experiences, with brands and products that address recreational, medical, wellness as well as new consumer experience preferences. Current brands include Fiore Cannabis, Diamante Labs, Surfer and The Weekender. The Company operates retail cannabis outlets through its Green Leaf Wellness brand. For more information, please visit www.fiorecannabis.com.
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Cannabis Industry Involvement
The Company owns marijuana licenses in Nevada and California. Marijuana is legal in each state; however, marijuana remains illegal under United States federal law and the approach to enforcement of U.S. federal law against marijuana is subject to change. Shareholders and investors need to be aware that federal enforcement actions could adversely affect their investments and that the Company's ability to support continuing U.S.-based operations and its access private and public capital could be materially adversely affected.
This news release contains forward-looking statements or information that relate to our current expectations and views of future events, including in respect of the sale of the cultivation license, the entering into of definitive agreements in relation thereto, the strategic goals of the Company, the future growth and expansion plans for the Apex facility including the extraction lab's operations, the construction of the Allied facility, the collaboration between Allied and the Company in respect of the new operations, the entering into of cost sharing and revenue sharing arrangements between the Company and Allied, the involvement of the Company in the operations of such facility, the assistance by the Company with certain aspects of marketing and product development in collaboration with Allied, the use of proceeds of the sale of the cultivation licenses, legalization of cannabis in the U.S. and the timing of such, the ratification of laws related to the banking aspects of the cannabis industry, the production and sale of extract products, and the number of retail locations likely to carry such products. Statements which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, outlook, expectations or intentions regarding the future including words or phrases such as "anticipate", "objective", "may", "will", "might", "should", "could", "can", "intend", "expect", "believe", "estimate", "predict", "potential", "plan", "is designed to", "project", "continue", or similar expressions suggest future outcomes or the negative thereof or similar variations. These forward-looking statements are based on the Company's current projections and expectations about future events and financial trends that management believes might affect its financial condition, results of operations, business strategy and financial needs, and on certain assumptions and analysis made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors management believes are appropriate.
Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Such factors include, among others: the risks and uncertainties identified in the Company's reports and filings with the applicable Canadian securities regulators, risks and uncertainties related to the entering into of definitive agreements on terms acceptable to the Company or at all, risks and uncertainties related to the successful transfer of the cultivation license, receipt of the purchase price thereof, the effects and outcomes of any collaboration between the Company and Allied, changes to the legislative regime to which the Company and Allied are subject to, the cultivation, production and sale of cannabis products in Nevada and the saleability of future harvests and the political and social climate in the U.S. in respect of cannabis legalization. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.
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