Mr. Whitney to Chair the Company’s Audit Committee
TORONTO and LAS VEGAS, May 11, 2020 /CNW/ – Flower One Holdings Inc. (“Flower One” or the “Company”) (CSE: FONE) (OTCQX: FLOOF) (FSE: F11), a leading cannabis cultivator, producer and innovator in Nevada, today announced the appointment of Bern Whitney to its Board of Directors, effective June 1, 2020.
“We are very pleased to welcome Bern Whitney to our Board of Directors and to serve as the Chair of our Audit Committee,” said Ken Villazor, Flower One’s President and Chief Executive Officer. “Bern brings in-depth experience to Flower One as a board director and audit committee chair for both public and private companies.”
Mr. Whitney has over thirty-five years of diversified operational experience in the rapidly changing markets of technology, biotech, and manufacturing for both consumer and enterprise focused companies. He is currently a partner at FLG Partners, engaging as both a board advisor and CFO consultant providing strategic and operational financial guidance.
Mr. Villazor continued, “Bern will be a significant asset to our team as we continue to strengthen our leadership position within the cannabis industry. His wealth of experience in capital raising, audit, and financial reporting brings enormous value to Flower One as we further enhance our corporate governance and financial control practices.”
Over his career, Mr. Whitney has served as Chief Financial Officer and in other senior financial management roles for multiple domestic and international companies ranging from the pre-revenue stage up to $2.4 billion in annual revenues. Mr. Whitney has a broad background in business development, including M&A and other strategic business transactions, with extensive experience in equity and debt financings for IPO’s and follow-on offerings. He serves on and has served as a director on a number of public, private entity, and not-for-profit boards including Digimarc Corporation (NASDAQ: DMRC) as audit committee chair and member of the corporate governance committee, Plumtree Software, Inc. (Nasdaq: PLUM), Fonality, Inc., ServiceSpace, and CSUC Business School. Mr. Whitney holds a Bachelor of Science degree in Finance from CSUC, an MBA from San Jose State University and is a graduate of Stanford University’s Directors’ College.
Commenting on his appointment to Flower One’s Board, Mr. Whitney said, “I am excited to join and work with the Board and the entire Flower One team at such a pivotal time in the Company’s growth trajectory. Flower One has already achieved many business and operational milestones during its time as a public company, and I look forward to having the opportunity to support the Board and management in driving further growth and profitability in the years to come.”
About Flower One Holdings Inc.
Flower One is the largest cannabis cultivator, producer, and full-service brand fulfillment 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 fulfillment to a growing number of industry-leading cannabis brands. Flower One’s flagship 400,000 square-foot greenhouse and 55,000 square-foot production facility is used for large scale cannabis cultivation, processing, and manufacturing. Flower One also owns and operates a second production facility in Las Vegas, with 25,000 square-feet of indoor cultivation and a commercial kitchen that will produce several of the nation’s top-performing edible brands. Flower One produces a wide range of products ranging from wholesale flower, full-spectrum oils, and distillates to finished consumer packaged goods including flower, pre-rolls, concentrates, edibles, and topicals for the top-performing brands in cannabis.
The Company’s common shares are traded on the CSE 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”. For more information, visit: https://flowerone.com.
Statements in this press release that are not statements of historical or current fact constitute “forward-looking information” within the meaning of Canadian securities laws and “forward-looking statements” within the meaning of United States securities laws (collectively, “forward-looking statements”). Such forward-looking statements involve known and unknown risks, uncertainties, and other unknown factors that could cause the actual results of the Company to be materially different from historical results or from any future actual results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms “believes,” “belief,” “expects,” “intends,” “anticipates,” “potential,” “should,” “may,” “will,” “plans,” “continue” or other similar expressions to be uncertain and forward-looking.
Forward-looking statements may include, without limitation, statements relating to the Company’s leadership as a cannabis cultivator, producer, innovator and full-service brand fulfillment partner; further growth and profitability; the Company’s ability to strengthen its leadership position within the cannabis industry, to further enhance its corporate governance and financial control practices, and to offer consistent, reliable and scalable fulfilment to its brand partners; and the production of the nation’s top-performing edibles brands.
The Company is indirectly involved in the manufacture, possession, use, sale and distribution of cannabis in the recreational and medicinal cannabis marketplaces in the United States through its subsidiary Cana Nevada Corp. Local state laws where Cana Nevada Corp. operates permit such activities; however, these activities are currently illegal under United States federal law. Additional information regarding this and other risks and uncertainties relating to the Company’s business are contained under the heading “Risk Factors” in the Company’s Shelf Prospectus dated September 27, 2019 and the Prospectus Supplement dated November 8, 2019 (collectively, the “Prospectus”) filed on its issuer profile on SEDAR at www.sedar.com.
The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement, the “Cautionary Statement regarding Forward-Looking Information” section contained in the Prospectus. All forward-looking statements in this press release are made as of the date of this press release. The forward-looking statements contained herein are also subject generally to assumptions and risks and uncertainties that are described from time to time in the Company’s public securities filings with the Canadian securities commissions, including the Company’s Prospectus.
Although Flower One has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; investing in target companies or projects that are engaged in activities currently considered illegal under United States federal law; changes in laws; limited operating history; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and; regulatory or political change.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. Flower One Holdings disclaims and does not undertake any intention or obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
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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