US (NV): Grower raises $5M to increase production

Flower One Holdings has raised aggregate gross proceeds of US$5M. All amounts are in U.S. dollars unless indicated otherwise.

“We are grateful for the support and vote of confidence signaled by an above-market transaction,” said Kellen O’Keefe, Flower One’s President and CEO. “As we have indicated since the restructuring, there are critical improvements that need to be made to the facility in order to assure we are able to produce at the quality and consistency levels required to achieve our corporate objectives. With this closing and enhanced financial position, we now can begin implementing these improvements and introduce further automation – all with the goals of increasing productivity and profitability. Additionally, this closing positions Flower One for long-term success while driving value for shareholders.”

Flower One intends to use the net proceeds for implementing critical improvements to the facilities and for general corporate and working capital purposes.