LAS VEGAS, November 26, 2022–(BUSINESS WIRE)–Flower One Holdings Inc. (“Flower One” or the “Canadian Firm”) (CSE: FONE) (FSE: F11), the Canadian father or mother firm of the main hashish cultivator and producer in Nevada, is happy to announce that the Supreme Court docket of British Columbia (the “Court docket”) has granted an order (the “Assembly Order”) which, amongst different issues, authorizes the Canadian Firm and its Canadian subsidiaries Flower One Corp. and FO Labour Administration Ltd. (collectively, the “Canadian Corporations”) to current a plan of compromise, association and reorganization (the “Plan”) of the Canadian Corporations to their affected collectors at a gathering (the “Assembly”) on December 19, 2022 at 2:00pm PST.
Offered the Plan receives the requisite approvals on the Assembly and by the Court docket, and is carried out in accordance with its phrases: (i) affected collectors of the Canadian Corporations will obtain a distribution in accordance with the Plan, and (ii) Flower One will stop to personal the US operations and the Canadian Corporations will stop to have any belongings, with the expectation that they are going to every make an task out of business. Accordingly, Flower One won’t stay compliant with securities legal guidelines and laws which might be relevant to public issuers and is predicted to be de-listed from the CSE and to be ceased traded beneath relevant Canadian securities legal guidelines. The Plan doesn’t present for any distributions to shareholders of Flower One on account of their fairness pursuits.
Throughout this time, the US operations of Flower One are anticipated to proceed within the unusual course and with out interruption.
As beforehand reported, PricewaterhouseCoopers Inc. has been appointed to behave because the Canadian Corporations’ monitor beneath the CCAA (in such capability, the “Monitor”). A duplicate of the Plan, Assembly Order and Assembly supplies, together with a Discover of Assembly, could also be discovered on the Monitor’s web site at https://www.pwc.com/ca/en/services/insolvency-assignments/flower-one/meeting-materials.html. Any affected creditor wishing to attend the Assembly or vote on the Plan, ought to assessment the assembly supplies. To be able to attend the Assembly, affected collectors should contact the Monitor earlier than 9:00 am on December 19, 2022, as set out within the Discover of Assembly.
Additional info relating to the CCAA proceedings may be obtained by contacting the Monitor by way of e mail at ca_flowerone@pwc.com or on the Monitor’s web site: https://www.pwc.com/ca/FONE. Stakeholders are inspired to assessment the Monitor’s web site, together with the Plan, for extra info.
About Flower One Holdings Inc.
Flower One is the biggest hashish cultivator, producer, and full-service model success accomplice within the state of Nevada. By combining greater than 20 years of greenhouse operational excellence with best-in-class hashish operators, Flower One affords constant, dependable, and scalable success to a rising variety of industry-leading hashish manufacturers (Cookies, Kiva, Previous Pal, Heavy Hitters, Elevate Ticket’s, HUXTON, and Flower One’s main in-house model, NLVO, and extra). Flower One at the moment produces a variety of merchandise from flower, full-spectrum oils, and distillates to completed shopper packaged items, together with a wide range of: pre-rolls, concentrates, edibles, topicals, and extra for top-performing manufacturers in hashish. Flower One’s Nevada footprint contains its flagship facility, a 400,000 square-foot high-tech greenhouse and 55,000 square-foot manufacturing facility, in addition to a second web site with a 25,000 square-foot indoor cultivation facility and industrial kitchen. Flower One has constructed an industry-leading workforce centered on making high-quality hashish accessible to all.
The Canadian Firm’s widespread shares are traded on the Canadian Securities Change beneath the Canadian Firm’s image “FONE”, and on the Frankfurt Inventory Change beneath the image “F11”. For extra info, go to: https://flowerone.com.
Cautionary Notice Concerning Ahead-Trying Data
Statements on this press launch that aren’t statements of historic or present reality represent “forward-looking info” inside the that means of Canadian securities legal guidelines and “forward-looking statements” inside the that means of United States securities legal guidelines (collectively, “forward-looking statements”). Such forward-looking statements contain identified and unknown dangers, uncertainties, and different unknown elements that might trigger the precise outcomes of the Canadian Firm to be materially totally different from historic outcomes or from any future precise outcomes expressed or implied by such forward-looking statements. Along with statements which explicitly describe such dangers and uncertainties, readers are urged to contemplate statements labeled with the phrases “believes,” “perception,” “expects,” “intends,” “anticipates,” “potential,” “ought to,” “might,” “will,” “plans,” “proceed” or different comparable expressions to be unsure and forward-looking.
Ahead-looking statements might embrace, with out limitation, statements referring to the Assembly, the anticipated consequence, timing and completion of the stability sheet restructuring and CCAA proceedings, together with expectations with respect to the injection of further capital; dangers associated to the CCAA proceedings and the impression of identical on Flower One’s operations; expectations that the US operations of Flower One will proceed within the unusual course and with out interruption; the anticipated consequence, timing and completion of Flower One enterprise going non-public, together with acquiring required approvals; the timing of posting of updates, supplies and/or info on the Canadian restructuring course of; Flower One’s place as a pacesetter within the Nevada hashish market; Flower One’s management as a hashish cultivator, producer, innovator and full-service model success accomplice; and the manufacturing of a variety of merchandise for the nation’s top-performing manufacturers.
The forward-looking statements contained on this press launch are expressly certified of their entirety by this cautionary assertion, the “Cautionary Assertion relating to Ahead-Trying Data” part contained the Canadian Firm’s administration’s dialogue and evaluation for the three and 6 month intervals ended June 30, 2022 (the “MD&A”). All forward-looking statements on this press launch are made as of the date of this press launch. The forward-looking statements contained herein are additionally topic typically to assumptions and dangers and uncertainties which might be described occasionally within the Canadian Firm’s public securities filings with the Canadian securities commissions, together with the Canadian Firm’s MD&A. Though Flower One has tried to determine vital elements that might trigger precise outcomes, efficiency or achievements to vary materially from these contained within the forward-looking statements, there may be different elements that trigger outcomes, efficiency or achievements to not be as anticipated, estimated or meant.
Though Flower One believes that any forward-looking info and statements herein are affordable, in mild of using assumptions and the numerous dangers and uncertainties inherent in such info and statements, there may be no assurance that any such forward-looking info and statements will show to be correct, and accordingly readers are suggested to depend on their very own analysis of such dangers and uncertainties and mustn’t place undue reliance upon such forward-looking info and statements. Accordingly, readers mustn’t place undue reliance on forward-looking statements. The forward-looking statements on this press launch are made as of the date of this launch. Flower One disclaims and doesn’t undertake any intention or obligation to replace or revise any such forward-looking statements, whether or not because of new info, future occasions or in any other case, besides as required by relevant regulation.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR THEIR REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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Contacts
Flower One Investor Relations
ir@flowerone.com
Kellen O’Keefe, President & CEO
702.660.7775
Flower One Media
media@flowerone.com
