COSTA MESA, Calif., Jan. 11, 2021 /PRNewswire/ --
- Gold Flora is a vertically integrated California cannabis company with a leading 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;
- Stately Brands' proven suite of seasoned cannabis and capital market executives appoint a member to the Advisory Board of Gold Flora and expected to join as advisors to the management team;
- Stately Brands' cash injection of C$10 million and contribution of other assets will help fast-track Gold Flora's expansion as a dominant California cannabis company;
- Gold Flora intends to bolster its existing brand portfolio with the launch of the Stately brand in 2021;
- The Strategic partnership will help expand Gold Flora's successful retail store brand, King's Crew by leveraging its flagship Long Beach store on Pacific Coast Highway as a prototype for additional retail operations; and
- Enhances Gold Flora's distribution network, Shelf Life, which currently distributes in excess of 15 brands to over 425 licensed dispensaries within the State of California.
Gold Flora, LLC ("Gold Flora" or the "Company") and Stately Capital Corporation ("Stately Brands") are pleased to announce that the two companies have closed a transaction establishing a strategic partnership through an asset contribution agreement (the "Strategic Partnership").
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."
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."
Strategic Partnership Highlights
- Premier Leadership Team: Gold Flora's management team, comprised of transformative business leaders and highly regarded cannabis experts, welcome the Stately Brands executives to join as advisors to the organization. The Stately Brands team previously founded DOJA Cannabis which acquired Tokyo Smoke and became HIKU Brands which sold to Canopy Growth Company in 2018. Trent Kitsch, Stately Brands CEO, also previously founded SAXX Underwear, which disrupted the underwear industry and has become one of the most recognizable underwear brands in North America. Together the two teams boast top tier talent with proven track records of success in both private and public organizations and have successfully exited past ventures.
- Enhanced Distribution Network: Through its Shelf Life distribution network, Gold Flora currently distributes in excess of 15 brands to over 425 licensed dispensaries within the State of California.
- Accelerated 2021 Growth Capital Budget: Gold Flora will complete the first phase of its expansion of its indoor cultivation facility. On completion, the expansion will position Gold Flora as one of the largest cultivators of high-quality indoor cannabis in California. Gold Flora is also expecting final approval for the Company's manufacturing license in the first quarter of 2021.
- Actively Expanding Wholly-Owned Retail Platform: King's Crew, Gold Flora's retail dispensary in Long Beach, California, has proven to be a successful foray into the retail segment and Gold Flora is actively working to expand the King's Crew retail network throughout Southern California.
- Expanding Brand Portfolio: The addition of Stately Brands' products to Gold Flora existing in-house brands are expected to be marketed throughout Gold Flora's distribution network and enhance revenue and margins.
Hyperion Capital Inc. is acting as the financial advisor to Stately Brands.
About Gold Flora
Gold Flora is a vertically integrated company in California with operations in cultivation, manufacturing, distribution, and retail. In addition, Gold Flora has a leading brand of legal, compliant cannabis in the California market. The company is affiliated with BlackStar Industrial Properties — a unique, fully licensed cannabis complex in Desert Hot Springs, California, that houses premier companies throughout the eco-system, including leaders in cultivation, manufacturing, processing, testing, packaging, and distribution.
Gold Flora is committed to providing the highest quality, fully tested, legal cannabis products in the nation. The company was built on a foundation of bringing trust, transparency, and high ethical standards to the rapidly evolving cannabis market.
For more information on Gold Flora, visit the website at: www.goldflora.com.
Connect with Gold Flora:
About Stately Capital Corporation
Stately Brands is a Canadian company focused on the development and acquisition of cannabis brands in the United States. Stately Brands was created by a group of successful entrepreneurs in the cannabis space to leverage its experience in cannabis, branding and consumer packaged goods to identify and acquire or partner with a U.S. based cannabis brand.
Forward-Looking Information and Statements
This news release contains forward-looking statements including the expansion of Gold Flora's indoor cultivation facility and related expected cultivation yield, timing of the receipt of Gold Flora's manufacturing license, expansion of the King's Crew retail network, launch of the Stately Brand products; use of funds and other statements that are not historical facts. Such forward-looking statements are subject to important risks, uncertainties and assumptions. The results or events predicted in these forward-looking statements may differ materially from actual results or events. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors, which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: risks relating to the ability to obtain or maintain cannabis manufacturing and retail licences and permits; review of the company's production facilities by regulatory authorities and receipt or maintenance of licences in respect thereof; future legislative an regulatory developments involving cannabis; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the labour market generally and the ability to access, hire and retain employees; general business, economic, competitive, political and social uncertainties; timing and completion of construction and expansion of the company's production facilities; and the delay or failure to receive board, regulatory or other approvals, as applicable. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. We assume no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
SOURCE Gold Flora