TORONTO--(BUSINESS WIRE)--Bluma Wellness Inc. (the “Company” or “Bluma Wellness”) (CSE:BWEL.U) is pleased to announce that its wholly-owned operating subsidiary, One Plant Florida, intends to open its sixth retail dispensary and delivery hub, located in Avon Park, Florida on or before Monday, October 19, 2020, subject to the receipt of all required regulatory approvals from the City of Avon Park and the Florida Office of Medical Marijuana Use (“OMMU”).
One Plant Florida’s Avon Park location will be centrally located at 299 U.S. Highway 27 S, Avon Park, FL 33825, allowing One Plant Florida to serve qualified patients in Highlands County and throughout Central Florida.
“We are very excited to join the Avon Park community, and we look forward to a long and productive relationship with the community and its patients,” said Brady Cobb, CEO of Bluma Wellness. “This new location will allow us to better serve patients in Central Florida as we contine to focus on expanding and optimizing our home delivery and curbside pickup network throughout the state.”
Bluma Wellness intends to open three (3) additional One Plant Florida retail dispensaries and/or delivery hubs in Orlando (Fern Park), North Miami, and Bonita Springs by the end of 2020, pending receipt of all required municipal approvals and regulatory approvals from the OMMU.
Qualified patients can learn more about the Company’s retail dispensary locations by visiting www.oneplant.us.
One Plant Florida Sets Single-Day Sales Record on Oct. 10
Additionally, the Company is proud to announce that on October 10, 2020, One Plant Florida achieved a record of US$129,693.76 in single-day gross revenue across its five (5) existing and operating retail dispensary locations in Boynton Beach, St. Petersburg, Jacksonville Beach, Port St. Lucie, and Ocala, Florida, according to data from the Company’s Biotrak/Alleaves e-commerce and seed-to-sale tracking system.
The record sales day comes after One Plant Florida’s recent opening of its fifth retail dispensary and delivery hub, located in Ocala, Florida, on September 25th.
Bluma Wellness Announces Debt Settlement Agreement
The Company also announces that it has entered into a Debt Settlement Agreement with an arm’s length creditor (the “Creditor”) that provided advertising services to the Company (the “Debt Settlement Agreement”). Pursuant to the terms and subject to the conditions of the Debt Settlement Agreement, the Company will issue an aggregate of 421,687 common shares in the capital of the Company (each a “Common Share”) to the Creditor at a deemed price of US$0.415 per Common Share, in satisfaction of debt owing by the Company to the Creditor in the aggregate amount of US$175,000.00. The Common Shares will be subject to a statutory hold period which will expire four months and one day from the date of issuance in accordance with applicable securities laws.
About Bluma Wellness Inc.
Bluma Wellness Inc. owns and operates a vertically-integrated, licensed medical cannabis company in the State of Florida doing business as “One Plant Florida.” One Plant Florida cultivates, processes, dispenses and retails medical cannabis to qualified patients in the State of Florida through multiple retail dispensaries and an innovative next-day door-to-door e-commerce home delivery service, thereby offering convenient access for its customers and meeting the demands of an evolving retail landscape. Bluma Wellness plans to continue expanding its cultivation and distribution operations as the Florida market grows and may enter into other US states where the production, distribution and use of cannabis is permitted under state law.
The Company’s securities have not been and will not be registered under the U.S. Securities Act and may not be offered or sold in the United States or to a U.S. Person absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws including information relating to the planned opening of One Plant Florida’s Avon Park, Florida retail dispensary and delivery hub, the planned opening of additional retail dispensaries and delivery hubs in Florida, the issuance of the Common Shares pursuant to the Debt Settlement Agreement, and the Company’s strategic business plans. Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements due to a variety of known and unknown risks and uncertainties including, without limitation: risks relating to cannabis being illegal under US federal law and risks of US federal enforcement actions related to cannabis activities; the Company's ability to comply with all applicable governmental regulations in a highly regulated business; negative changes in the political environment or in the regulation of medical cannabis in the state of Florida; the risk of any disruptions to the Company’s business and operations as a result of the COVID-19 pandemic; negative shifts in public opinion and perception of the cannabis industry and cannabis consumption; increasing competition in the industry; risks of product liability and other safety-related liability as a result of usage of the Company’s cannabis products; the Company’s limited operating history with no assurance of profitability; the ability of the Company to access future financing if needed or on terms acceptable to the Company; the risk of defaulting on its existing debt; risk of shortages of or price increases in key inputs, suppliers and skilled labor; the risks inherent in running agricultural operations such as pests and crop failure; loss of licenses; reliance on key personnel; cybersecurity risks; constraints on marketing products; fraudulent activity by employees, contractors and consultants; tax and insurance related risks and risk of litigation.
The forward-looking information in this press release are made as of the date of this release. The Company does not undertake any obligation to update forward-looking information except as required by applicable securities laws.