Mr. Kellen O'Keefe reports
FLOWER ONE ANNOUNCES VENDOR CONVERSIONS TO EQUITY
Several vendors have agreed to convert their debt into equity shares of Flower One Holdings Inc. These transactions are part of the company's restructuring plan that was released in late January, when the company announced various financial and operational restructurings, including the receipt of $10.1-million (U.S.) in convertible debt financing.
"We are very grateful for the support of our partners and their continued belief in Flower One. These conversions allow us to reduce our overall debt and better position the company for future success," said Kellen O'Keefe, Flower One's president and interim chief executive officer. "Additional vendors have also conveyed interest in converting all or part of their debt balances to equity in the coming weeks."
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, 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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