10:51:35 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Flower One Holdings Inc
Symbol FONE
Shares Issued 460,679,630
Close 2022-06-15 C$ 0.02
Market Cap C$ 9,213,593
Recent Sedar Documents

Flower One has no material changes

2022-06-15 13:45 ET - News Release

Mr. Kellen O'Keefe reports

FLOWER ONE PROVIDES FOURTH BI-WEEKLY STATUS REPORT IN RELATION TO ITS ANNUAL FILINGS

Flower One Holdings Inc. has provided its fourth biweekly status report further to the company's press release dated May 4, 2022. The company was granted a customary management cease trade order (MCTO) under National Policy 12-203, Management Cease Trade Orders. As previously announced, the application for the MCTO was made by the company in order to secure additional time for the company to file its audited annual financial statements for the year ended Dec. 31, 2021, the related management discussion and analysis, and certificates of its chief executive officer and chief financial officer. The MCTO prohibits all trading in securities of the company, whether directly or indirectly, by the company's CEO and CFO. The MCTO does not affect the ability of other shareholders to trade in the securities of the company.

In connection with the issuance of the MCTO and in accordance with its obligation to provide biweekly updates under the alternative information guidelines set out in NP 12-203, the company confirms that: (i) there has been no material change to the information relating to the company's delay in making the annual filings since its news release on May 4, 2022, that has not been generally disclosed; (ii) there has been no failure by the company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the company under NP 12-203; and (iv) there is no other material information concerning the affairs of the company that has not been generally disclosed. During the MCTO, the company confirms that it will comply with the provisions of the alternative information guidelines set out in NP 12-203 for as long as it remains in default, including the issuance of biweekly default status reports, each of which will be issued in the form of a news release. The MCTO will remain in effect until the company files the annual filings or the MCTO is otherwise revoked or varied.

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.

Update on 2022 interim financials

As a result of the delay in filing the annual filings, the company also announces that the filing of its unaudited interim financial statements for the three months ended March 31, 2022, the related management discussion and analysis, and certificates of its CEO and CFO will be delayed beyond the filing deadline of May 31, 2022. The company is working to complete the interim filings as soon as possible and expects the interim filings to be filed within at least five business days following the company's filing of the annual filings.

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-technology greenhouse and a 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 making high-quality cannabis accessible to all.

The company's common shares are traded on the Canadian Securities Exchange under the company's symbol FONE, in the United States on the OTCQX Best Market under the symbol FLOOF and on the Frankfurt Stock Exchange under the symbol F11.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.