One Plant Florida Week-over-Week Sales Growth and Performance Against other more established Florida Cannabis Companies (on a Percentage Basis) Remains Strong Amid Covid-19 Pandemic
TORONTO–(BUSINESS WIRE)–SOL Global Investments Corp. (“SOL Global” or the “Company“) (CSE: SOL) (OTCPK: SOLCF) (Frankfurt: 9SB) is pleased to announce that its portfolio company, CannCure Investments Inc, which owns and operates One Plant Florida (formerly 3 Boys Farm, LLC), has received the required written approval from the Florida Office of Medical Marijuana Use (“OMMU”) and has commenced cultivation operations at its new, state-of-the-art 54,000 square-foot Nexus greenhouse facility in Indiantown, Florida.
Per approval from the OMMU as of April 9, 2020, One Plant Florida has commenced cultivation operations in two bays of its new greenhouse, including cultivation of some of its most popular premium and rare strains of cannabis flower such as Mac1, Runtz, SherbD, ChemD, Chem91, I75, Fish Whistle, Dirty Lemons, and Ebony and Ivory, among others.
One Plant Florida expects its first harvest from the new greenhouse facility will occur on or about June 15, 2020.
One Plant Florida’s new greenhouse facility — designed and manufactured by the renowned Colorado-based company Nexus Greenhouse Systems — consists of ten (10) approximately 5,000-sq.-ft. cultivation rooms, all of which feature individual and customizable climate control systems, shade control and light deprivation systems, automation control systems, and irrigation and fertigation systems. One Plant Florida expects to complete its move into the remainder of the facility by June 1, 2020, pending the receipt of all required regulatory approvals. Once the new greenhouse is at full optimization, One Plant Florida expects to harvest approximately 1,300 pounds of premium cannabis flower per month which will be sold as flower, pre-rolls, distillate and in concentrate form.
Additionally, SOL Global is pleased to announce that One Plant Florida’s newest dispensary location in St Petersburg, Florida is expected to open on April 20, 2020. Operations at the St. Petersburg location will initially be limited to home delivery and curbside pickup due to the ongoing Covid-19 pandemic.
One Plant Florida expects to open five (5) new curbside pickup and delivery hubs throughout Florida before June 15, 2020, including planned locations in Pensacola, Avon Park, Ocala, North Miami, and Orlando. All One Plant locations will resume regular walk-in service when the impact of Covid-19 begins to ease. Planned dispensary locations and planned delivery and curbside pickup options remain subject to the receipt of all required regulatory approvals.
Finally, SOL Global is pleased to announce that week-over-week sales growth at One Plant Florida’s existing dispensary locations remains robust amid the ongoing Covid-19 pandemic, buoyed by the company’s proprietary and expansive home delivery network and the first state-approved curbside pickup options at its locations. When One Plant Florida’s current weekly results as delineated by the OMMU are compared against larger and more established operators, the power of premium flower, a scaled-up and efficient home delivery network, and innovative bulk pricing for both flower and concentrates are plainly evident.
According to the weekly report dated April 10, 2020, from the OMMU:
- One Plant Florida saw a 9.2% increase in week-over-week growth in ounces of smokable flower sold. This increase in sales comes two weeks after the suspension of One Plant Florida’s walk-in service, once again showing the power of the company’s innovative delivery and curbside pickup platforms. Other cannabis producers suffered notable declines in week-to-week sales, including Trulieve, which saw an 8.1% decline in ounces of smokable flower sold week-over-week;
- One Plant Florida’s cannabis flower products accounted for 1.96% of all cannabis flower sold in the state of Florida in the last reporting period, during which time the company accounted for only 0.0847% of the state’s dispensaries;
- One Plant Florida sold 30.5% more flower than Curaleaf, with only 7.14% as many dispensaries as Curaleaf;
- One Plant Florida sold 29.2% more flower than Liberty Health Sciences, with only 8.7% as many dispensaries as Liberty Health Sciences;
- One Plant Florida sold 151.2% more flower than Green Thumb Industries (operated as Rise dispensaries in Florida), with only 33% as many dispensaries as Green Thumb Industries;
- One Plant Florida sold 143.5% more flower than Harvest Health and Recreation, with only 33% as many dispensaries as Harvest Health and Recreation;
- One Plant Florida sold 62.5% more flower than Cansortium (operating as Fluent dispensaries in Florida), with only 10.5% as many dispensaries as Cansortium; and
- One Plant sold 57.1% more flower than iAnthus Capital Holdings (operating as Grow Healthy dispensaries in Florida), with only 14.29% as many dispensaries as iAnthus Capital Holdings.
About SOL Global Investments Corp.:
SOL Global is an international investment company with a focus on investing in cannabis and cannabis related companies in legal U.S. states, the hemp and CBD marketplaces and the emerging European cannabis and hemp marketplaces with an objective of providing shareholders with a long term return through capital appreciation, dividends and interest from its investments. If SOL Global believes there is a strategic reason to do so, it may also invest in companies not in the cannabis sector.
This press release contains “forward-looking information” within the meaning of applicable securities laws including statements relating to the timing of the first harvest at One Plant Florida’s Indiantown facility, the expected production capacity at the Indiantown facility, expectations on when One Plant Florida will fully move into the Indiantown facility, the date on which One Plant Florida’s dispensary in St. Petersburg is expected to open, the locations and anticipated opening dates of additional One Plant Florida dispensaries in the state of Florida and if and when walk-in service will resume in One Plant Florida’s dispensaries. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy.
By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release, including unexpected construction delays, inherent farming risks such as insect pests and plant diseases and unexpected disruptions to One Plant Florida’s operations and business due to COVID-19..
Other risk factors include, but are not limited to: the Company’s ability to comply with all applicable governmental regulations in a highly regulated business; investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal under US federal laws; changes in laws; limited operating history; reliance on management; requirements for additional financing; competition; inconsistent public opinion and perception regarding the medical-use and adult-use marijuana industry; and regulatory or political change. Additional risk factors can also be found in the Company’s current MD&A which has been filed on SEDAR and can be accessed at www.sedar.com.
Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.