Mr. Kellen O'Keefe reports

FLOWER ONE ANNOUNCES DELAY IN FY-21 FILING

Flower One Holdings Inc. will have a delay in the filing of its financial statements for the financial year ended Dec. 31, 2021, the accompanying management's discussion and analysis, and certificates of its CEO (chief executive officer) and CFO (chief financial officer) until after the deadline.

"Since joining Flower One at the end of 2021, I have completely re-engineered the organization's entire finance department -- including bringing in new personnel and implementing systems and processes that ensure accuracy, efficiency and optimal performance. We will continue to diligently work with our auditors to ensure we report our year-end results as soon as possible," said Araxie Grant, Flower One's chief financial officer.

The additional time is required to permit the company's auditor, MNP LLP, to complete its review and enquiries in connection with the audit of the company's annual financial statements. The delay is also in part attributable to (i) logistical challenges related to the COVID-19 pandemic in the 2021 calendar year and (ii) recent changes to the company's finance department -- including its CFO and overall team. The company and its auditor are working diligently, and the company intends to make the annual filings as soon as possible and it expects to make these filings by no later than June 30, 2022, if not sooner.

In connection with this delay, the company has applied and been approved for a customary management cease trade order (MCTO) relating to the trading by the company's CEO and CFO in securities of the company from the British Columbia Securities Commission, the company's principal regulator in Canada. The MCTO should not affect the ability of other shareholders to trade in the securities of the company.

The company intends to comply with the provisions of the alternative information guidelines set out in National Policy 12-203 -- Management Cease Trade Orders by providing biweekly updates by way of press release until the annual filings have been made. In the interim, until annual filings are submitted, management and other insiders of the company are subject to a trading blackout policy that reflects the principles in Section 9 of National Policy 11-207 -- Failure to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.

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, Huxton and 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-tech 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.

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