The Flowr Corporation (TSX.V: FLWR; OTC: FLWPF) (“Flowr” or the
“Company”) is pleased to announce that Ms. Irina Hossu will be
joining the Company as its new Chief Financial Officer on March 29,
2020. Current Chief Financial Officer, Alex Dann, will remain
with the Company until the end of March, 2020. The Company is
also announcing the departures of Chief Research and Innovation
Officer, Jason Broome, and Chief Strategy Officer, Laurence
Levi. Current Chief Policy and Medical Officer, Dr. Lyle
Oberg, will transition to an advisory role and remain on the Board
of Directors of Flowr (the “Board”). Board Chairman Steve
Klein will again assume the title of Chief Strategist, and oversee
the strategic direction of the Company moving forward.
“As the Company continues to grow and execute on
its business plan, Flowr is realigning its leadership structure to
drive improved operational and financial efficiencies. Ms. Hossu,
as CFO, will be responsible for the stewardship of Flowr’s finance
department, with an emphasis on financial strategy, capital
allocation planning and growing Flowr’s domestic and international
businesses,” said Flowr’s Chief Executive Officer Vinay
Tolia.
“We are thrilled to welcome Irina to the Flowr
family where her extensive experience in strategic finance
leadership roles with multinational organizations will have a
positive impact at all levels of our Company as we move forward
through our next phase of growth. Furthermore, her experience
across a variety of industries, including consumer-packaged goods
and beverage and alcohol, will better enable Flowr to execute on
our ambitious international growth plans.”
“On behalf of the Board we would like to thank
Alex Dann, Jason Broome, Laurence Levi and Lyle Oberg, most of whom
joined Flowr around the time of its founding and have been integral
members of the management team. They each played a
significant role in taking the Company from a startup to a public
company with operations across several continents. We are
very excited to have our Chairman Steve Klein return to overseeing
the strategic direction of the Company. Steve has been
instrumental in funding the Company as well as guiding its
strategic direction since inception. With the recent acquisition of
Holigen, we have advanced our efforts to become a major global
player in the years to come and are ready to embark on the next
phase of growth for the Company.”
About Ms. Hossu
Ms. Hossu brings over 15 years of experience in
the consumer-packaged goods, beverage and alcohol and financial
technology industries, holding senior roles in finance and
strategic planning. Most recently, Ms. Hossu served as Vice
President Finance, Corporate Payments & Emerging Markets of
WEX, a global leader in financial technology solutions. In
that role she led the finance organizations across five continents,
and was responsible for developing the strategic five-year plan,
the integration of two global acquisitions, multinational financial
reporting and controls, including SOX compliance, and continuous
process improvement including forecasting, capital allocation and
financial strategy. Prior to WEX, she was Director of Finance at
Revlon where she was a member of the Canadian Leadership team
setting strategic direction for Revlon Canada. Additionally,
Ms. Hossu has held senior finance roles at Molson Coors & Xerox
Canada.
Ms. Hossu holds an MBA from Wilfrid Laurier
University, a Bachelor of Commerce from McMaster University, is a
Chartered Professional Accountant and a Certified Management
Accountant.
In addition, Flowr also announced today that the
Company has agreed to grant, subject to the approval of the Board,
an aggregate of 275,000 incentive stock options (the “Options”) to
an officer of the Company. The exercise price for each Option shall
be the closing price of the Company’s common shares on the trading
day immediately preceding the officer’s first day of employment.
The Options will vest as to thirty-three and one-third percent
(33⅓%) on each anniversary of the date of commencement of
employment for the officer.
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: INVESTORS & MEDIA: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, which
may include but is not limited to: the Company’s next stage of
global growth; Flowr continuing to grow and execute on its business
plan; Flowr realigning its leadership structure to drive improved
operational and financial efficiencies; Ms. Irina Hossu joining
Flowr as Chief Financial Officer, and the timing with respect
thereto; Ms. Hossu’s responsibilities at Flowr including
stewardship of Flowr’s finance department, with an emphasis on
financial strategy, capital allocation planning and growing Flowr’s
domestic and international businesses; Ms. Hossu having a positive
impact at all levels of the Company; Ms. Hossu’s experience helping
Flowr execute its ambitious global growth plans; Flowr advancing
its efforts to become a major global player; Mr. Alex Dann’s
departure from the Company, and the timing with respect thereto;
Mr. Steve Klein acting in the role of Chief Strategist and
overseeing the strategic direction of the Company; Dr. Lyle Oberg
transitioning to an advisory role and remaining a member of the
Board; the granting of Options; Option 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 craftmanship 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:
the Company being unable to grow; the Company being unable to
execute its business plan; the Company’s realigned leadership
structure not driving improved operational and financial
efficiencies; Ms. Hossu not joining the Company as Chief Financial
Officer on the anticipated timeline, or at all; Ms. Hossu being
unable to fulfill her responsibilities at Flowr; Ms. Hossu not
being able to positively impact all levels of the Company; Mr. Dann
not remaining with the Company until the end of March, 2020; Ms.
Hossu’s being unable to help Flowr execute its growth plans; Flowr
being unable to become a major global player; Mr. Klein being
unable to oversee the strategic direction of the Company; Mr. Oberg
being unable to transition to an advisory role or remain a member
of the Board; Flowr being unable to service the global medical
cannabis market and/or operate GMP-designed manufacturing
facilities in Portugal and Australia; Flowr being unable to support
improving outcomes through responsible cannabis use and/or striving
to be the brand of choice for consumers and patients seeking
highest-quality craftmanship and product consistency; the
construction and development of the Company’s cultivation and
production facilities; general economic and stock market
conditions; adverse industry events; loss of markets; future
legislative and regulatory developments in Canada and elsewhere;
the cannabis industry in Canada generally; the ability of Flowr to
implement its business strategies; Flowr’s inability to produce or
sell premium quality cannabis, 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. 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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