Nevada Cannabis Cultivator Flower One Raises $5 Million In Private Placement
They hope to use the funding to make critical improvements in their grow facility
Nevada cannabis cultivator Flower One Holdings raised $5 million in the first tranche of a nonbrokered private placement.
Flower One has the option to increase the size of the private placement by an additional $10 million.
Proceeds will be used “for implementing critical improvements to (Flower One’s) facilities and for general corporate and working capital purposes,” according to a Monday news release.
Flower One restructured its convertible debentures to reduce its debt earlier this year.
“As we have indicated since the restructuring, there are critical improvements that need to be made to the facility in order to assure we are able to produce at the quality and consistency levels required to achieve our corporate objectives,” Flower One CEO Kellen O’Keefe, formerly of MedMen, said in the release.
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