- Flower One Holdings Inc. (CSE: FONE) (OTCQX: FLOOF) (FSE: F11), a leading cannabis cultivator, producer and innovator in Nevada, today provided an update on COVID-19 and the status of the filing of its 2019 fourth quarter and year-end financial results and accompanying management’s discussion and analysis for the financial year ended December 31, 2019, which were initially required to be filed by April 29, 2020 under National Instrument 51-102 Continuous Disclosure Obligations.
Since the Company’s news releases dated March 19, 2020 (see here for news release) and April 6, 2020 (see here for news release), Nevada’s Governor Steve Sisolak has officially announced the following:
- May 1 – All cannabis retailers in the state are permitted to expand service to include curbside pick-up;
- May 9 – All cannabis dispensaries are permitted to re-open their physical storefronts subject to specific physical distancing criteria and protocols;
- May 29 (today) – Phase 2 of the state’s re-opening of businesses can begin; and
- June 4 – All casinos, including those on the Las Vegas Strip, can re-open with certain restrictions and protocols.
Annual Filings and Earnings Call
The Company expects to file the Annual Filings after market close on June 15, 2020 and will host a conference call on June 16, 2020 at 8:30 a.m. ET to discuss its financial results and review recent and upcoming milestones.
All interested parties are invited to participate on the earnings conference call. Please dial 647-427-7450 or 1-888-231-8191 approximately 15 minutes prior to the call to secure a line. You will be put on hold until the call begins.
A question-and-answer session will follow the conference call, at which time the operator will provide instructions for submitting questions. A replay will be available until June 30, 2020. To access the archived conference call, please dial 1-855-859-2056 and enter the conference code 3257949.
A live audio webcast of the call will be available at http://bit.ly/FONE-Q4-2019. Please connect at least 15 minutes prior to the start time to ensure adequate time for any software download that may be required to join the webcast. An archived replay of the webcast will be available online for 90 days.
First Quarter 2020 Financial Results
The Company also provided an update on the status of the filing of its 2020 first quarter financial results and accompanying management’s discussion and analysis for the period ended March 31, 2020 (collectively, the “Q1 Disclosure Documents”), which were initially required to be filed by June 1, 2020 under NI 51-102.
On March 23, 2020, the Canadian Securities Administrators published substantively harmonized temporary exemptions from certain regulatory filing requirements that provide issuers with a 45-day filing extension for filings required on or before June 1, 2020 to allow issuers the time needed to focus on the many other business and financial reporting implications of COVID-19. The Company will rely on the exemption granted under BC Instrument 51-515 – Temporary Exemption from Certain Corporate Finance Requirements with respect to the Q1 Disclosure Documents.
In the interim, management and other insiders of the Company are subject to a trading black-out policy that reflects the principles in section 9 of National Policy 11-207 Failure to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
Other than COVID-19 related matters and as previously disclosed by the Company in its news releases dated January 28, March 19, May 4, 2020 and May 11, 2020, and those stated above in this release, there have been no material business developments since the date of the Company’s most recent filing of its interim Financial Statements and Management Discussion and Analysis.
Flower One continues to expect financial results in-line with its previously reported figures, including preliminary financial results for the fourth quarter and year ended December 31, 2019 announced on March 9, 2020 (see here for news release) and preliminary results for the first quarter ended March 31, 2020 announced on April 6, 2020 (see here for news release).
Executive Compensation Disclosure
The Company will rely on BC Instrument 51-516 – Temporary Exemptions from Certain Requirements to File or Send Securityholder Materials to be exempted from its executive compensation disclosure requirements. The Company will extend its deadline to satisfy such requirements and will send its annual general meeting (“AGM”) information circular containing its executive compensation disclosure required under applicable securities laws on or before December 31, 2020. The Company is considering an appropriate time and format for its AGM and will provide information on the timing of its AGM and the filing of its executive compensation disclosure when it has appropriately considered all the issues.
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 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”. For more information, visit: https://flowerone.com.
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