Steady marijuana industry influencer Nitin Kaushal said in a recent statement that he is looking forward to bringing his expertise to the board of directors of Flower One Holdings Inc., a Canadian-based company with cannabis cultivation, production and innovation with holdings in Nevada, U.S.
“It’s an honor to be appointed to the Flower One Board of Directors, and I look forward to working with the entire team to continue to strengthen the company’s position in Nevada,” Kaushal said in a statement. “Having served on a number of cannabis company boards, I hope to be able to leverage my deep industry knowledge to the benefit of Flower One as we position the company for continued success.”
Kaushal, who is taking the seat of Molly Hemmeter who has resigned from the Flower One board less than a year after her appointment, already sits on numerous boards influential in the cannabis industry. These include the boards of the publicly traded cannabis companies Delta Nine Cannabis Inc., The Valens Company and High Tide Inc.
For the past eight years, Kaushal has been a managing director for a corporate finance practice in Toronto, according to Flower One’s announcement. Kaushal has also held senior roles in investment banking, venture capital and consulting firms, including Desjardins Securities, Orion Securities, Vengate Capital Partners, HSBC Securities, Gordon Capital and MDS Capital Corp.
Kaushal, who earned his bachelor’s degree in chemistry from the University of Toronto, is a chartered accountant and holds a CF Corporate Finance Qualification, according to Flower One’s announcement.
Flower One, headquartered in Toronto, invests in the still-very-tricky U.S. cannabis business via wholly-owned subsidiaries in Nevada. The subsidiaries specialize in cannabis cultivation, processing, dry flower packaging, oils, concentrates and infused products.
Three months ago, Flower One announced preliminary third quarter revenue of $11.5 million, which exceeded guidance of what had been expected for the quarter.
At about the same time, Flower One also announced it had secured a $39 million term loan, which included an option for a sale-leaseback purchase agreement for its 455,000 square-foot cannabis cultivation and production facility in North Las Vegas. The purchase price was expected to be up to $80 million, with an eye toward leading the facility back to Flower One.