Kelowna, British Columbia--(Newsfile Corp. - May 12, 2021) - Fiore Cannabis Ltd. (CSE: FIOR) (OTCQX: FIORF) ("Fiore" or the "Company"), a licensed multi-state cannabis cultivator, producer and retailer, today announced that its Diamante extraction lab operation at the Apex Cultivation and Production Facility in Las Vegas, Nevada has been relaunched and is forecasted to begin generating product sales in the second quarter of 2021.
Fiore successfully cultivates and produces Fiore-branded organic flower at the Apex facility. Due to market demand, the Company has added the processing of crude cannabis extracts into a number of concentrate-based products marketed under the Diamante brand name. The Company recently hired a talented Director of Extraction to oversee the lab.
The Company's "soil to oil" concept leverages high quality and organically cultivated cannabis flower in the extraction process. Diamante's premium product lineup will initially consist of Live Resin Vape Pen formulations, Diamonds Live Resin and Sugar Waxes. These products are specifically targeted at discerning cannabis connoisseurs.
"I am very pleased to see the Diamante extraction lab re-started and our concentrates beginning to make their way to customers in the Nevada market. We want to bring increased awareness to the award-winning cannabis products we are generating from the Apex Facility. Relaunching the Diamante lab is an important milestone for us as it broadens our portfolio of products to include a variety of concentrates. It will enable us to deliver outstanding products to cannabis connoisseurs, align even more effectively with our downstream retail partners, and amplify our sales performance this year," said Erik Anderson, President and CEO of Fiore Cannabis.
The market is considered key to building an internationally recognized brand based on its heavy retail sales volume and tourism focus, which is projected to grow as pandemic restrictions are relaxed. Fiore's Apex facility has also received industry recognition as well as awards for its specific genetics, strains and growing properties.
About Fiore Cannabis
Fiore Cannabis (CSE: FIOR) (OTCQX: FIORF) is a publicly traded company that has been investing in the development of medical and recreational cannabis products since 2014. Fiore has expanded its operating portfolio to include cultivation, production and retail offerings in our key North American legal jurisdictions of Nevada and California. For more information, please visit www.fiorecannabis.com.
For Further Information
Erik Anderson, President and CEO
1-877-438-5448 Ext. 713
eanderson@fiorecannabis.com
Cannabis Industry Involvement
The Company owns marijuana licenses in California and Nevada. 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.
Forward-Looking Information
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, timing for first extract product sales, initial extract products to be produced, demand for Fiore's extract products, 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 and regulatory and other impediments for the legal sale of cannabis in the U.S. 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 forward-looking 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.
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