Cannabis company announces US$1 million loan agreement with strategic partners to support delivery of business growth program in 2022.
Kelowna, British Columbia and Las Vegas, Nevada — Fiore Cannabis (CSE:FIOR) (OTCQB:FIORF) (“Fiore” or the “Company”), a licensed multi-state cannabis cultivator, producer and retailer, today announced its second consecutive High Times Cannabis Cup win in Nevada and provided details on a loan agreement the Company has arranged with Unified Global Co. Inc. (“Unified Global”) through 3450 AIP, LLC, a Georgia limited liability company (“3450 AIP”).
Fiore’s Wedding Pie strain won third place at the 2021 High Times Cannabis Cup in Nevada in the Hybrid Flower Category. This is a second consecutive Cannabis Cup top-three finish for Fiore as the Company took home a first-place award at the previous event. The Wedding Pie strain was developed in-house by Fiore’s genetics team at its Apex cultivation and production facility in Las Vegas and illustrates the Company’s focus on entirely organic growing methods.
Fiore arranged for a US$1,000,000 loan on December 20, 2021 from 3450 AIP with a three-year term. 3450 AIP and Unified Global are strategic partners for Fiore and both the organizations have shown interest in becoming vertically integrated multi-state operators in the U.S. cannabis industry. Interest on the loan will be 10% for year one and 15% for years two and three. A deed of trust encumbering the Apex facility has been negotiated with 3450 AIP. Fiore also has negotiated the recording of a UCC-1 encumbering the Company’s personal property at the Apex facility.
“We are very proud to see another one of our in-house developed strains receive a High Times Cannabis Cup this year. We expect to see more top-quality strains emerge from our in-house genetics team at the Apex site. We remain laser-focused on our operations in Las Vegas as we continue to cultivate award-winning cannabis products and deliver these to the Nevada market. Additionally, the loan we have arranged with Unified Global through 3450 AIP will enable us to continue developing our aggressive growth plans for 2022 that will see us expand our operations and deliver more premium, highest-quality cannabis products to consumers,” said Erik Anderson, President and CEO of Fiore Cannabis.
About Fiore Cannabis
Fiore Cannabis Ltd. (CSE:FIOR) (OTCQB: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.
For Further Information
Erik Anderson, President and CEO
1-877-438-5448 Ext. 713
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 future financial and operational performance, the resiliency of the Nevada and California markets, the likelihood of the growth of retail sales and tourism as pandemic restrictions are relaxed or repealed, and the prospect of future returns for investors. 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 economic impacts of COVID-19 and vaccination programs across the U.S, future levels of tourism to Las Vegas, consumption rates for cannabis extracts, the success of future extract product launches and demand for such products, restrictions on air and other travel, the uncertainties regarding the development of future extract products, risks related to the manufacture of cannabis products for consumer consumption, risks related to manufacturing process itself, regulatory and other impediments for the legal sale of cannabis in the U.S., risks related to the success of the arrangement between the Company and 3450 AIP and the Company’s ability to satisfy the terms and conditions of its loan arrangements. 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 forwardlooking 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.