The Flowr Corporation (TSX.V: FLWR; OTC: FLWPF)
(“
Flowr” or the “
Company”)
announces the appointment of Darryl Brooker as Chief Executive
Officer of the Company and the appointment of Noel Biderman to the
Board of Directors of the Company.
CEO Appointment
Prior to joining the Company, beginning in
January 2018, Mr. Brooker served as the President of Mission Hill
Family Estate (Mark Anthony Group), a Kelowna-based winery. From
February 2017 to January 2018, Mr. Brooker was the General Manager
of Mission Hill Family Estate, having previously acted as Vice
President of Winemaking from July 2015 to February 2017. Mr.
Brooker has extensive experience in senior roles, also having acted
as Vice President of Winemaking and Operations at CedarCreek Estate
Winery from May 2010 to July 2015, and as Senior Winemaker at
Andrew Peller Limited from April 2005 to May 2010.
Mr. Brooker is a graduate of the Wine Executive
Program at University of California Davis (2018), having previously
earned a graduate diploma in wine business management at the
University of Adelaide, Australia (2003) and a Bachelor of Applied
Science, Wine Science at Charles Sturt University, Australia
(2001). Mr. Brooker currently serves as a Board Member and Vice
Chair at each of British Columbia Wine Institute and Wine Growers
Canada.
“On behalf of the Board of Directors, we are
very excited to have a seasoned CPG executive like Darryl joining
our Company,” commented Steve Klein, Chair of the Board of
Directors. “Darryl has an extensive track record of building
regulated CPG businesses in Canada with a hands-on approach to
management. In 2021, we expect Flowr to become focused keenly on
maintaining its reputation as a leading premium cannabis brand as
it progresses to profitability. Darryl will bring fiscal
discipline, leadership and the type of mindset needed to succeed in
the cannabis industry. Moreover, the parallels between the premium
wine business and the premium cannabis business are well known, and
Darryl’s career as an executive that started with grape
cultivation, then wine production, before becoming a leader of
organizations, gives Darryl a unique set of skills and experience
to benefit Flowr’s business.”
“Since the acquisition of Terrace Global Inc. in
late December 2020, Flowr has made significant progress, becoming a
financially conscious, consumer-focused company that is building a
professional leadership team to manage and operate one of the most
sophisticated cannabis facilities in the world. Within the first
quarter of 2021, the Company has taken immediate steps to
streamline its business and focus on what it does best – cultivate
high end cannabis,” commented Steve Klein. “The Company has taken
steps to shed non-core assets and bolster its balance sheet. In the
first quarter, the Company raised approximately $16 million and is
now in the process of selling more than $5 million of non-core
assets while also shedding excess SG&A expenses related with
its non-core business in Australia.”
Darryl Brooker commented: “I am very excited to
be joining the talented, award winning Flowr team. The
state-of-the-art cultivation campus, located in Kelowna, British
Columbia, in addition to the partnership with Hawthorne in creating
north America’s first research and development facility focused on
cannabis, uniquely positions the Company to expand market share in
the premium dried flower category within Canada. In addition,
Flowr’s presence in the European Union with its wholly-owned
subsidiary, Holigen Holdings Limited, includes a fully certified
E.U. GMP facility strategically located in Portugal to allow Flowr
to expand in the emerging European market.”
The Company also announces that Lance Emanuel
tendered his resignation as President and Interim Chief Executive
Officer of the Company, effective May 3, 2021, to pursue another
opportunity in the United States. The Company would like to
sincerely thank Lance for all of his contributions and services
over the past years as President, and more recently, Interim Chief
Executive Officer. The Company wishes Lance well in his next
endeavour.
Board of Directors
Flowr is pleased to announce that Noel Biderman
has joined the Board of Directors of the Company effective
immediately. Mr. Biderman is an international CEO, founder, author,
speaker and lecturer. Mr. Biderman has overseen companies in a
number of different verticals, most recently in the legal
technology and online dating spaces, but in addition, in the IPTV,
online real estate, and sports management arena. These
companies have generated over a $1 billion in revenue and operate
in over 50 countries and 20 different languages. The global
marketing campaigns created by Mr. Biderman resulted in those
services and websites becoming some of the most visited in the
world. As a graduate of Osgoode Hall Law school, Mr. Biderman
represented 47 professional athletes around the globe including in
the NBA, NFL, as well as members of Canada’s Olympic team.
Mr. Biderman’s literary publications include
SmartCountry (fiction), Cheaters Prosper (International Best
Seller), Adultropology (non-fiction), and he has appeared as a
Speaker at TEDx and Big Think, as a lecturer at Yale University,
and as a commentator on Bloomberg and CNBC.
Effective immediately Vinay Tolia has resigned
from the Board of Directors.
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. 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 operates GMP licensed
facilities in both 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 flowrcorp.com
or follow Flowr on Twitter: @FlowrCanada and LinkedIn: The Flowr
Corporation.
On behalf of The Flowr Corporation:Irina
HossuChief Financial Officer
CONTACT INFORMATION:
INVESTORS & MEDIA:Irina Hossu, Chief Financial
OfficerIrina.hossu@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 statements made concerning: the
implementation of innovative new glass jars for the Company’s dried
flower products, and the impact thereof on Flowr’s product
positioning; and high THC cultivar launches and the timing and
formats thereof. 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: 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; the Company’s inability to
raise capital or have the liquidity to operate or advance its
strategic initiatives 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 29, 2020 (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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