The Flowr Corporation (TSX.V: FLWR; OTC: FLWPF) (“Flowr” or the
“Company”) is pleased to announce Mr. Ivan Latysh has joined the
Company as Chief Technology Officer. In this newly created
position, Mr. Latysh will be responsible for developing and
overseeing the execution of Flowr’s technology and data-driven
strategies. He will collaborate with all departments
including, finance, operations, sales and marketing to support the
Company’s objectives. Mr. Latysh was most recently, and since 2015,
Vice President, Information Technology at MedReleaf Corporation, a
cannabis producer focused on the medical market.
“The addition of Ivan to our executive
leadership team will ensure our operations and commercialization
initiatives are supported by the technology and data-driven
strategies that are necessary to excel in today’s market,”
commented Flowr’s Chief Executive Officer, Vinay Tolia.
“Enhancing our capabilities in this area are critical as we
integrate our recent acquisition of operational footprints in
Europe and Australia.”
In addition, the Company has appointed Messrs.
Laurence Levi and Francesco Tallarico to the roles of Chief
Strategy Officer and Chief Legal Officer, respectively. Mr.
Levi joined the Company in January, 2019, as Executive Vice
President, Head of Strategy, and Mr. Tallarico joined the Company
effective October 1, 2018, as General Counsel and Corporate
Secretary.
Mr. Tolia added, “Laurence and Francesco are
invaluable members of our executive leadership team and have been
instrumental in helping us become a global cannabis company.
With the recent acquisition of the Holigen medical cannabis brand,
we are advancing our efforts for The Flowr Corporation to be a
dominant player in the years to come.”
Prior to the MedReleaf Corporation, Mr. Latysh
held a variety of increasingly senior positions across a variety of
industries, including Director of Technology at Sapient Nitro;
Principal Software Engineer at Infor; and Chief Technology Officer
at Refined Data Solutions Inc., a digital technology agency that
provided information technology solutions to a variety of consumer
facing companies. Mr. Latysh received his Master Diploma in
Electronics Engineering/Computer Programming from the
Dnipropetrovs’k State University.
As Chief Strategy Officer, Mr. Levi has global
responsibility for leading the development and execution of Flowr's
strategic plans, and for Flowr’s corporate development initiatives
including joint ventures, acquisitions and investments. Mr.
Levi brings nearly three decades of experience as a board member,
private equity investor, investment banker, strategy executive and
transactional attorney for public and private companies across a
range of technology, manufacturing and consumer industries.
Prior to joining Flowr and since 2011, Mr. Levi
was a partner and founder of VO2 Partners, LLC, a retail and
consumer-focused private equity firm. He previously was the
co-founder and managing director of boutique investment banking
firm Levi Littell Herbst & Co.; and the head of strategy for
both Transora, a technology consortium, and EthnicGrocer, a Kleiner
Perkins-backed e-commerce firm. He began his career as a
transactional attorney at Latham & Watkins. Mr. Levi
received his Bachelor of Arts from the University of Wisconsin and
his Juris Doctor from Columbia Law School.
Prior to joining Flowr, Mr. Tallarico served as
Chief Legal Officer and Corporate Secretary at Concordia
International Corp. (“Concordia”), a specialty pharmaceutical
company listed on the TSX and operating in over 90 countries.
At Concordia, Mr. Tallarico lead M&A and corporate
finance transactions valued at over $4.5 billion. Before
joining Concordia, Mr. Tallarico practiced law in Toronto at Fasken
Martineau DuMoulin LLP, specializing in corporate finance, M&A
and securities matters. Mr. Tallarico received his Bachelor of Arts
from the University of Toronto and his Juris Doctor from the
University of Windsor.
In addition, Flowr also announced today that the
board of directors of the Company (the “Board”) has approved the
granting of an aggregate of 550,000 incentive stock options (the
“Options”) and aggregate of 760,000 restricted share units (the
“RSUs”) to certain officers of the Company. The Options are
exercisable at a price of either CAD$2.74 or CAD$2.88 per share for
a period of five years. The Options will vest (i) as to
thirty-three and one-third percent (33⅓%) on each anniversary of
the date of commencement of employment for the applicable officer
or (ii) in equal tranches of thirty-three and one-third percent
(33⅓%) over a period of three years. The RSUs will vest either (i)
on the day following the date of grant, (ii) as to thirty-three and
one-third percent (33⅓%) on each anniversary of the date of
commencement of employment for the applicable officer, (iii) in
equal tranches of thirty-three and one-third percent (33⅓%) over a
period of three years, or (iv) upon the completion of certain
milestones by the applicable officer.
Flowr also announced today that the Board has
approved an increase in the exercise price of an aggregate of
665,000 incentive stock options held by certain officers and a
director of the Company from CAD$5.93 to CAD$6.98 and from CAD$5.70
to CAD$6.71, respectively, due to certain applicable tax laws.
About The Flowr Corporation
The Flowr Corporation is a Toronto-headquartered
cannabis company with operations in Canada, Europe, and
Australia. Its Canadian operating campus, located in Kelowna,
BC, includes a purpose-built, GMP-designed indoor cultivation
facility; an outdoor and greenhouse cultivation site; and a
state-of-the-art R&D facility that is currently under
construction. From this campus, Flowr produces recreational
and medicinal products. Internationally, Flowr intends to
service the global medical cannabis market through its subsidiary
Holigen, which has a license for cannabis cultivation in Portugal
and will operate GMP-designed manufacturing facilities in Portugal
and Australia.
Flowr aims to support improving outcomes through
responsible cannabis use and, as an established expert in cannabis
cultivation, strives to be the brand of choice for consumers and
patients seeking the highest-quality craftsmanship and product
consistency across a portfolio of differentiated cannabis
products.
For more information, please visit flowr.ca or
follow Flowr on Twitter: @FlowrCanada and LinkedIn: The Flowr
Corporation.
On behalf of The Flowr Corporation:Vinay
ToliaCEO and Director
CONTACT INFORMATION:
MEDIA: Sean GriffinVice President, Communications & Public
Relations(877) 356-9726 ext. 1526sean.griffin@flowr.ca
INVESTORS:Thierry ElmalehHead of Capital Markets(877) 356-9726
ext. 1528thierry@flowr.ca
Forward-Looking Information and Statements
This press release contains “forward-looking
information” within the meaning of Canadian Securities laws and
“forward-looking statements” within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and other
applicable United States safe harbor laws, which may include, but
are not limited to: Mr. Latysh’s responsibilities as Chief
Technology Officer; Mr. Latysh collaborating with all departments
within Flowr to support the Company’s objectives; ensuring Flowr’s
operations and commercialization initiatives are supported by
technology and data-driven strategies; Mr. Levi’s responsibilities
as Chief Strategy Officer; Flowr advancing its efforts to be a
dominant player; the integration of Holigen Holdings Limited;
Option and RSU vesting terms; Flowr servicing the global medical
cannabis market and operating GMP-designed manufacturing facilities
in Portugal and Australia; Flowr supporting improving outcomes
through responsible cannabis use and striving to be the brand of
choice for consumers and patients seeking highest-quality
craftsmanship and product consistency; and Flowr’s business,
production and products. Often, but not always, forward-looking
information can be identified by the use of words such as “plans”,
“is expected”, “expects”, “scheduled”, “intends”, “contemplates”,
“anticipates”, “believes”, “proposes” or variations (including
negative and grammatical variations) of such words and phrases, or
state that certain actions, events or results “may”, “could”,
“would”, “might” or “will” be taken, occur or be achieved. Such
information and statements are based on the current expectations of
Flowr’s management and are based on assumptions and subject to
risks and uncertainties. Although Flowr’s management believes that
the assumptions underlying such information and statements are
reasonable, they may prove to be incorrect. The forward-looking
events and circumstances discussed in this press release may not
occur by certain specified dates or at all and could differ
materially as a result of known and unknown risk factors and
uncertainties affecting Flowr, including risks relating to: Mr.
Latysh being unable to collaborate with all departments within
Flowr to support the Company’s objectives; Flowr being unable to
ensure its operations and commercialization initiatives are
supported by technology and data-driven strategies; Flowr being
unable to become a dominant player; Flowr being unable to integrate
Holigen Holdings Limited; Flowr being unable to service the global
medical cannabis market and operate GMP-designed manufacturing
facilities; Flowr being unable to become the brand of choice for
consumers and patients seeking highest-quality craftsmanship and
product consistency; the construction and development of the
Company’s cultivation and production facilities; general economic
and stock market conditions; adverse industry events; the inability
of Flowr to produce and distribute premium cannabis; loss of
markets; future legislative and regulatory developments in Canada,
the United States and elsewhere; the cannabis industry in Canada
generally; the ability of Flowr to implement its business
strategies; risks and uncertainties detailed from time to time in
Flowr’s filings with the Canadian Securities Administrators; and
many other factors beyond the control of Flowr.
Although Flowr has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking information or statements, there may be other
factors that cause actions, events or results to differ from those
anticipated, estimated or intended. No forward-looking information
or statement can be guaranteed. Except as required by applicable
securities laws, forward-looking information and statements speak
only as of the date on which they are made and Flowr undertakes no
obligation to publicly update or revise any forward-looking
information or statements, whether as a result of new information,
future events or otherwise. When considering such forward-looking
information and statements, readers should keep in mind the risk
factors and other cautionary statements in Flowr’s Annual
Information Form dated April 3, 2019 (the “AIF”) and filed with the
applicable securities regulatory authorities in Canada and the
United States. The risk factors and other factors noted in the AIF
could cause actual events or results to differ materially from
those described in any forward-looking information or
statements.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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