SOL Global's 3 Boys Farm, Sees Substantial Growth in Sales and Operations in Florida via its Newly Implemented and Highly Efficient Home Delivery Model
Oct 17, 2019, 09:07 ET
3 Boys Farm Changes its Name to One Plant As SOL Global transitions to a Multi-state Cannabis Operator
TORONTO, Oct. 17, 2019 /PRNewswire/ - SOL Global Investments Corp. ("SOL Global" or the "Company") (CSE: SOL) (OTCPK: SOLCF) (Frankfurt: 9SB) is pleased to announce that 3 Boys Farms, LLC ("3 Boys Farm"), which owns and operates one of the original fourteen (14) medical marijuana treatment center licenses in Florida, will now operate under the business name "One Plant" after receiving the required regulatory approvals. SOL Global embraced the name One Plant for 3 Boys Farm and the Company's proposed dispensaries nationwide as the team firmly believes that just this "one" plant can solve countless problems. Chief Executive Officer Brady Cobb said "this One Plant can provide relief to patients suffering from so many debilitating conditions and illnesses and can help patients avoid dangerously addictive opioids, and this One Plant can also enhance and enrich patient's lives by giving them the freedom to enjoy daily life in a meaningful way." The name change comes as SOL Global accelerates its transition to a cannabis multi-state operator ("MSO").
Additionally, One Plant is proud to announce that its proprietary delivery model, which launched in early July 2019, has shown tremendously positive results. From the launch in early July through October 3, 2019, One Plant, known for its best in class cannabis flower which is organically grown, has seen continued week over week delivery growth of 20% or more, week over week patient onboarding of 20% or more, and over a 300% increase in call volumes and orders from patients in Florida. During the week of October 4-10, 20191, One Plant's sales accelerated once it harvested and cured its first harvest after the previously announced operational upgrades were implemented at its Ruskin, Florida greenhouse facility. This harvest, which included One Plant's Ebony & Ivory strain which test results confirmed had a market leading THC content of 27%, resulted in One Plant sales increasing 140% week over week as compared to the previous reporting period. One Plant rose to 7th (out of 14 MMTC's) in flower sales in Florida, and 10th in overall sales in Florida, respectively1. What is more impressive is that One Plant achieved this increased sales volume all via its proprietary home delivery system, and without having a single dispensing location open.
"The fact we outsold our competitors, several of whom have over a dozen brick and mortar locations, is a testament to the power of our home delivery model," said CEO Brady Cobb. "With less capital expenditure, One Plant's efficiently scaled operations cut right to the bottom line. We are excited about opening up new strategically located stores that will serve as both retail dispensaries and prime delivery hubs to boost sales and EBITDA growth."
By the end of October 2019, One Plant is expected to open its first two (2) retail stores in Boynton Beach and Jacksonville Beach, respectively, with four (4) more locations anticipated for 2019.
Having just obtained Good Agricultural Practices-Farm (GAP) and Good Manufacturing Processing (GMP) approvals for its state-of-the-art cannabis cultivation facility in Ruskin, Florida, One Plant is positioned to become one of the United States' leading cannabis farms and distribution centers.
About SOL Global Investments Corp.
SOL Global is an international investment company with a focus on, but not limited to, cannabis and cannabis related companies in legal U.S. states, the hemp and CBD marketplaces and the emerging European cannabis and hemp marketplaces. Its strategic investments and partnerships across cultivation, distribution and retail complement the company's R&D program with the University of Miami. It is this comprehensive approach that is positioning SOL Global as a future frontrunner in the United States' medical cannabis industry.
Cautionary Statements
The forward-looking information contained in this press release includes the Company's name change, the Company's change of business transition to becoming a U.S. multistate cannabis operator, the Company's expected profits, sales and EBITDA growth, and the Company's anticipated store openings in the State of Florida.
This press release contains "forward-looking information" within the meaning of applicable securities laws. 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. Such 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.
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1 Source, Florida Office of Medical Marijuana Use Weekly Report for October 4-10, 2019, https://knowthefactsmmj.com/about/weekly-updates/
SOURCE SOL Global Investments Corp.
