US (CA): Desert Hot Springs-based grower closed partnership agreement to bolster growth of operations

Gold Flora and Stately Capital Corporation have closed a transaction establishing a strategic partnership through an asset contribution agreement.

Trent Kitsch, CEO of Stately Brands commented "Stately Brands has spent considerable time reviewing hundreds of opportunities within California, and the broader U.S., and after completing comprehensive due diligence, we are very excited to forge a strategic partnership with Gold Flora and leverage its platform to the next stage of growth."

"Laurie is a standout CEO and leader, and the Gold Flora team has demonstrated its ability to execute on all levels of the supply chain extremely well. We see a great brand, seed to sale operations, loyal customer base, and a competitive focus in the most valuable cannabis market in the world. Additionally, complementing the business with the launch of the Stately brand will only improve the brand portfolio. We are confident that this partnership will quickly enable the business to scale its operations, positioning itself for profitable growth and a successful go-public event in 2021."

Gold Flora is a vertically integrated California cannabis company with an indoor cultivation footprint and lease rights to expand its existing platform to over 500,000 sq. ft. at the Company's cannabis campus in Desert Hot Springs California.

Laurie Holcomb, CEO and founder of Gold Flora, commented "the Strategic Partnership is highly complementary and we at Gold Flora are excited to have the support of the proven and highly effective Stately Brands senior management team. The California cannabis market is evolving quickly and the partnership will enable Gold Flora to be most effective and nimble. I am confident that the partnership will help make Gold Flora a dominant cannabis company in California and position it to be a strong regional multistate operator."