Mr. Kellen O'Keefe reports
FLOWER ONE PROVIDES SECOND BI-WEEKLY STATUS REPORT IN RELATION TO ITS ANNUAL FILINGS
Flower One Holdings Inc. has provided its second biweekly status report further to the company's press release dated May 3, 2021. The company was granted a customary management cease trade order under National Policy 12-203 (Management Cease Trade Orders). As previously announced, the application for the MCTO was made by the company to secure additional time for the company to file its audited annual financial statements for the year ended Dec. 31, 2020, the related management's discussion and analysis, certificates of its chief executive officer and chief financial officer, and its annual information form. The MCTO prohibits all trading in securities of the company, whether directly or indirectly, by the company's CEO and CFO. The MCTO does not affect the ability of other shareholders to trade in the securities of the company.
In connection with the issuance of the MCTO and in accordance with its obligation to provide biweekly updates under the alternative information guidelines set out in NP 12-203, the company confirms that: (i) there has been no material change to the information relating to the company's delay in making the annual filings since its news release on May 3, 2021, that has not been generally disclosed; (ii) there has been no failure by the company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the company under NP 12-203; and (iv) there is no other material information concerning the affairs of the company that has not been generally disclosed. As previously announced, the company anticipates filing the annual filings on or before May 28, 2021. During the MCTO, the company confirms that it will comply with the provisions of the alternative information guidelines set out in NP 12-203 for as long as it remains in default, including the issuance of biweekly default status reports, each of which will be issued in the form of a news release. The MCTO will remain in effect until the company files the annual filings or the MCTO is otherwise revoked or varied.
About Flower One Holdings Inc.
Flower One is the largest cannabis cultivator, producer and full-service brand fulfilment partner in the state of Nevada. By combining more than 20 years of greenhouse operational excellence with best-in-class cannabis operators, Flower One offers consistent, reliable and scalable fulfilment to a growing number of industry-leading cannabis brands (Cookies, Kiva, Old Pal, Heavy Hitters, Lift Ticket's, The Clear, Huxton, and Flower One's leading in-house brand, NLVO, and more). Flower One currently produces a wide range of products from flower, full-spectrum oils and distillates to finished consumer packaged goods, including a variety of: prerolls, concentrates, edibles, topicals and more for top-performing brands in cannabis. Flower One's Nevada footprint includes the company's flagship facility, a 400,000-square-foot high-technology greenhouse and 55,000-square-foot production facility, as well as a second site with a 25,000-square-foot indoor cultivation facility and commercial kitchen. Flower One has built an industry-leading team focused on becoming the first high-quality, low-cost brand fulfilment partner.
The company's common shares are traded on the Canadian Securities Exchange under the company's symbol FONE, in the United States on the OTCQX Best Market under the symbol FLOOF and on the Frankfurt Stock Exchange under the symbol F11.
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