Flower One Reports Fourth Quarter and Year End 2020 Results

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Initiatives Began in 2020 and Carried into 2021, together with completion of the Firm’s Restructuring Transaction, Place the Firm for Success

LAS VEGAS & TORONTO — Flower One Holdings Inc. (“Flower One” or the “Firm”) (CSE: FONE) (OTCQX: FLOOF) (FSE: F11), the main hashish cultivator and producer in Nevada, right now reported its monetary and working outcomes for the fourth quarter and financial yr ended December 31, 2020. All quantities are in U.S. {dollars} until indicated in any other case.

“2020 was a transformational yr throughout which we started to make quite a few the operational enhancements that positioned us for fulfillment going into 2021. Whereas we have now made great strides over the previous yr, we acknowledge the laborious work that lies forward of us and are very excited for the way forward for Flower One,” stated Kellen O’Keefe, Flower One’s President & Interim CEO.

Full Yr and Fourth Quarter 2020Highlights:

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Highlights Subsequent to Yr-Finish:

The Firm’s 2020 year-end audited monetary statements and accompanying administration’s dialogue and evaluation can be issued and filed on SEDAR at www.sedar.com on June 11, 2021 and accessible on Flower One’s web site at www.flowerone.com/investors/financial-reports, together with its 2020 annual report.

Fourth Bi-Weekly Standing Report in Relation to Annual Filings:

The Firm is offering its fourth bi-weekly standing replace, additional to the Firm’s press launch dated May 3, 2021. The Firm was granted a customary administration stop commerce order (the “MCTO”) underneath Nationwide Coverage 12-203 – Administration Stop Commerce Orders (“NP 12-203”). As beforehand introduced, the appliance for the MCTO was made by the Firm in an effort to safe further time for the Firm to file its audited annual monetary statements for the yr ended December 31, 2020, the associated administration’s dialogue and evaluation, certificates of its CEO and CFO and its annual data kind (collectively the “Annual Filings”). The MCTO prohibits all buying and selling in securities of the corporate, whether or not instantly or not directly, by the corporate’s CEO and CFO. The MCTO doesn’t have an effect on the flexibility of different shareholders to commerce within the securities of the Firm.

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In reference to the issuance of the MCTO, and in accordance with its obligation to supply bi-weekly updates underneath the choice data tips set out in NP 12-203, the Firm confirms that (i) there was no materials change to the knowledge regarding the corporate’s delay in making the Annual Filings since its information launch on Could 28, 2021 that has not been usually disclosed; (ii) there was no failure by the Firm in fulfilling its said intentions with respect to satisfying the provisions of the choice data tips set out in NP 12-203; (iii) there has not been every other specified default by the Firm underneath NP 12-203; and (iv) there isn’t any different materials data regarding the affairs of the Firm that has not been usually disclosed.

On account of the delay in submitting the Annual Filings, the Firm additionally introduced on Could 28, 2021 that the submitting of its unaudited interim monetary statements, administration’s dialogue and evaluation and associated CEO and CFO certifications for the three-months ended March 31, 2021 (the “Interim Filings”), could be delayed past the submitting deadline of Could 31, 2021. The Firm is working to finish the Interim Filings as quickly as attainable and expects the Interim Filings to be filed on or earlier than July 5, 2021, as an alternative of on or earlier than June 16, 2021 as beforehand introduced on Could 28, 2021. The MCTO will keep in impact till the Firm is updated with all of its steady disclosure filings, which embrace the Annual Filings and Interim Filings. In the course of the the rest of the MCTO, the Firm confirms that it’s going to adjust to the provisions of the choice data tips set out in NP 12-203 for so long as it stays in default.

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, Carry Ticket’s, The Clear, 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 consists of the Firm’s flagship facility, a 400,000 square-foot high-tech greenhouse and 55,000 square-foot manufacturing facility, in addition to a second website with a 25,000 square-foot indoor cultivation facility and business kitchen. Flower One has constructed an industry-leading staff targeted on turning into the primary high-quality, low-cost model success accomplice.

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The Firm’s widespread shares are traded on the Canadian Securities Trade underneath the Firm’s image “FONE”, in the USA on the OTCQX Greatest Market underneath the image “FLOOF” and on the Frankfurt Inventory Trade underneath the image “F11”. For extra data, go to: https://flowerone.com.

Cautionary Be aware Concerning Ahead-Trying Data

Statements on this press launch that aren’t statements of historic or present reality represent “forward-looking data” inside the which means of Canadian securities legal guidelines and “forward-looking statements” inside the which means of United States securities legal guidelines (collectively, “forward-looking statements”). Such forward-looking statements contain identified and unknown dangers, uncertainties, and different unknown components that would trigger the precise outcomes of the 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 think about statements labeled with the phrases “believes,” “perception,” “expects,” “intends,” “anticipates,” “potential,” “ought to,” “could,” “will,” “plans,” “proceed” or different comparable expressions to be unsure and forward-looking.

Ahead-looking statements could embrace, with out limitation, timing of submitting the annual monetary statements for the yr ended December 31, 2020 and accompanying administration’s dialogue and evaluation on SEDAR; timing of submitting the unaudited Q1 interim consolidated monetary statements and accompanying administration’s dialogue and evaluation on SEDAR; the train of the Firm’s New Conversion Proper; the timing of the elimination of the MCTO; and discount of whole principal underneath the unsecured convertible debentures; statements regarding the Firm’s place as a frontrunner within the Nevada hashish market and anticipated gross sales and file income, the Firm’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 and the“Cautionary Assertion concerning Ahead-Trying Data” part contained the Firm’s administration’s dialogue and evaluation for the twelve and three months ended December 31, 2020 (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 usually to assumptions and dangers and uncertainties which can be described occasionally within the Firm’s public securities filings with the Canadian securities commissions, together with the MD&A. Though Flower One has tried to establish vital components that would trigger precise outcomes, efficiency or achievements to vary materially from these contained within the forward-looking statements, there might be different components that trigger outcomes, efficiency or achievements to not be as anticipated, estimated or supposed.

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Though the Firm believes that any forward-looking data and statements herein are cheap, in gentle of the usage of assumptions and the numerous dangers and uncertainties inherent in such data and statements, there might be no assurance that any such forward-looking data 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 data and statements. Accordingly, readers mustn’t place undue reliance on forward-looking statements. The forward-looking statements on this information 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 on account of new data, future occasions or in any other case, besides as required by relevant legislation.

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 & Interim CEO
702.660.7775

Flower One Media
media@flowerone.com