Highlights Include Opening of One Plant Florida’s Fourth Retail Dispensary Location and Commencement of Full Operations at Nexus Greenhouse in Indiantown
TORONTO–(BUSINESS WIRE)–Bluma Wellness Inc. (the “Company” or “Bluma Wellness”) (CSE: BWEL.U) is pleased to provide its patients and investors with an end-of-month sales and operations report for the month ended June 30, 2020. These financial results have not been reviewed or audited by the Company’s auditors.
Bluma Wellness continued to build steadily on its responsibly scaled growth in June; the company commenced trading on the Canadian Securities Exchange (the “CSE”), opened the fourth retail dispensary location and delivery hub for its subsidiary company, “One Plant Florida”, in Port St. Lucie, Florida, and harvested its first room at its brand-new 54,000 square-foot Nexus greenhouse facility in Indiantown, Florida.
The Company is proud to present the following highlights from the month of June 2020.
Bluma Wellness Commences Trading on the CSE
On June 15, common shares of Bluma Wellness Inc. commenced trading on the CSE under the stock symbol “BWEL.U.” Listing and disclosure documents may be found on https://thecse.com/en/listings/life-sciences/bluma-wellness-inc. and on the Company’s SEDAR profile at www.sedar.com.
Additionally, the Company has received its 211 approval from the Financial Industry Regulatory Authority (FINRA), and is in the process of completing its application to be listed on the OTCQB.
One Plant Florida Opens Fourth Retail Dispensary Location and Delivery Hub in Port St. Lucie, Florida
On June 26th, One Plant Florida opened its fourth retail dispensary location and delivery hub in the State of Florida at 7510 S. Federal Highway in the city of Port St. Lucie. Situated in the heart of Florida’s Treasure Coast, the location offers qualified patients in Port St. Lucie, as well as qualified patients in Indian River, St. Lucie, Martin and North Palm Beach County areas (via delivery), access to One Plant Florida’s top-shelf genetics, hang-dried and hand-trimmed flower, vape products, concentrates and merchandise via an in-store experience, home delivery, and the State of Florida’s first approved curbside pickup network.
The Port St. Lucie location joins existing One Plant Florida locations in Boynton Beach, Jacksonville Beach, and St. Petersburg, Florida. One Plant Florida intends to open another six (6) retail dispensary locations and/or delivery hubs throughout the state by the end of 2020, including in Ocala, Florida by the end of July 2020.
One Plant Florida Conducts First Harvest and Sets Perpetual Harvest Cycle at Nexus Greenhouse Facility in Indiantown
In June, One Plant Florida conducted the first harvest of its premium cannabis flower at its brand-new 54,000 square-foot Nexus greenhouse facility in Indiantown, Florida. The Nexus greenhouse is now fully operational, and One Plant Florida’s experienced grow team has implemented and will carefully supervise a perpetual harvest cycle at the new facility under which one of the eight flower rooms will be harvested every ten (10) days.
One Plant Florida’s Nexus hybrid greenhouse facility consists of ten (10) approximately 5,000 square-foot cultivation rooms, each of which features individual and customizable climate control systems that allow for the use of natural sun light while still maintaining preset temperature and humidity levels of approximately 75 degrees Fahrenheit and relative humidity of under 55%. This allows the facility to create cultivation conditions that are normally only found in Florida within indoor cultivation facilities that rely solely on artificial lighting. The facility also includes automated shade control and light deprivation systems, a CO2 infusion system, a Ridder hortimax automated irrigation and fertigation system, and a network of ten (10) sensors in each room that track and feed real time data into One Plant Florida’s data analytics system. The Nexus greenhouse houses some of One Plant Florida’s best-known and rare strains of premium cannabis flower, including Mac1, Runtz, SherbD, ChemD, Chem91, I75, Fish Whistle, Dirty Lemons, and Ebony and Ivory, among others.
Financial Highlights, June 2020
Bluma Wellness is pleased to provide the following sales and financial highlights from the month of June 2020:
- Revenue: $814,000.00
- Gross Price Per Pound: $6,667.00
- Ounces of Dried Cannabis Flower Sold: 2,190 oz**
- Avg. Ounces of Dried Cannabis Flower Sold Per Retail Location: 639 oz
- Milligrams (mg) of tetrahydrocannabinol (THC) Sold: 5,670,500 mg* **
*estimate due to THC var. per batch, 419 mg dispensed per cart
**sales figure based on three retail locations; fourth location in Port St. Lucie opened June 26
During the month of June, One Plant Florida averaged sales of 639 ounces of dried cannabis flower per store, and 1,523,591 mg of distillate/oil sold per store. That positioned One Plant Florida second in ounces of dried flower sold per store when compared against all other Medical Marijuana Treatment Centers (MMTCs) in Florida, and third in mg of THC sold per store when compared against all MMTCs in Florida, in each case, according to information gathered by the Florida Office of Medical Marijuana Use.1 One Plant Florida has achieved these numbers utilizing only product grown and processed at its current facility in Ruskin, Florida. One Plant Florida expects to increase its supply of flower (as much as four times the current amount of production) when its Indiantown greenhouse facility becomes its primary production location in early August.
THC Sold (mg)/ average oz sold per store compared to competitors, June 2020:2
- Trulieve: 4,750,395 mg of THC sold / 1,596 oz of dried flower sold per dispensary, number one in average ounces of flower sold per store
- One Plant Florida: 1,523,591 mg of THC sold/ 639 oz of dried flower sold per dispensary, number two in average ounces of flower sold per store
- GrowHealthy: 806,310 mg of THC sold/ 504 oz of dried flower sold per dispensary, number six in average ounces of flower sold per store
- Liberty Health Sciences: 965,723 mg of THC sold/ 421oz of dried flower sold per dispensary, number five in average ounces of flower sold per store
- Curaleaf: 4,464,668 mg of THC sold/ 414 oz of dried flower sold per dispensary, number three in average ounces of flower sold per store
- Harvest: 562,950 mg of THC sold/ 375 oz of dried flower sold per dispensary, number seven in average ounces of flower sold per store
- Fluent: 1,160,630 mg of THC sold/ 255 oz of dried flower sold per dispensary, number four in average ounces of flower sold per store
Looking Ahead (July 2020)
One Plant Florida intends to open its fifth retail dispensary location and delivery hub in Ocala, Florida no later than July 31, 2020, pending the receipt of all required regulatory approvals from the Florida Office of Medical Marijuana Use.
Additionally, One Plant Florida expects that premium dried cannabis flower taken from the first harvest at its Nexus greenhouse facility will arrive at its existing retail locations and delivery hubs by the end of August 6, 2020. One Plant Florida anticipates that the Indiantown greenhouse facility will provide up to 1,300 pounds of premium dried cannabis flower per month for its retail and delivery hub locations, an increase of four times its current supply.
About Bluma Wellness Inc.
Bluma Wellness Inc. owns and operates a vertically-integrated, licensed medical cannabis company in the State of Florida doing business as “One Plant Florida.” One Plant Florida cultivates, processes, dispenses and retails medical cannabis to qualified patients in the State of Florida through multiple retail dispensaries and an innovative next-day door-to-door e-commerce home delivery service, thereby offering convenient access for its customers and meeting the demands of an evolving retail landscape. Bluma plans to continue expanding its cultivation and distribution operations as the Florida market grows and may enter into other US states where the production, distribution and use of cannabis is permitted under state law.
The Company’s securities have not been and will not be registered under the U.S. Securities Act and may not be offered or sold in the United States or to a U.S. Person absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws including information relating to the opening of One Plant Florida’s Port S. Lucie retail and delivery hub, the planned opening of additional retail and delivery hubs in Florida, the expected increased production due to the Indiantown facility becoming fully operational, the Company’s intention to become listed on the OTCQBand the Company’s strategic business plans. Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements due to a variety of known and unknown risks and uncertainties including, without limitation: risks relating to cannabis being illegal under US federal law and risks of US federal enforcement actions related to cannabis activities; the Company’s ability to comply with all applicable governmental regulations in a highly regulated business; negative changes in the political environment or in the regulation of medical cannabis in the state of Florida; the risk of any disruptions to the Company’s business and operations as a result of the COVID-19 pandemic; negative shifts in public opinion and perception of the cannabis industry and cannabis consumption; increasing competition in the industry; risks of product liability and other safety-related liability as a result of usage of the Company’s cannabis products; the Company’s limited operating history with no assurance of profitability; the ability of the Company to access future financing if needed or on terms acceptable to the Company; the risk of defaulting on its existing debt; risk of shortages of or price increases in key inputs, suppliers and skilled labor; the risks inherent in running agricultural operations such as pests and crop failure; loss of licenses; reliance on key personnel; cybersecurity risks; constraints on marketing products; fraudulent activity by employees, contractors and consultants; tax and insurance related risks and risk of litigation.
The forward-looking information in this press release are made as of the date of this release. The Company does not undertake any obligation to update forward-looking information except as required by applicable securities laws.
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