FLOWER ONE HOLDINGS INC - FLOOF STOCK NEWS

Flower One Holdings Inc. (CSE: FONE, OTCQX: FLOOF) issued a bi-weekly update regarding its management cease trade order (MCTO) due to delays in filing annual financial statements for 2021. The order prohibits trading by the CEO and CFO but allows other shareholders to trade. The delay is attributed to COVID-19-related logistical challenges and changes in the finance team. The Company intends to make the Annual Filings by June 30, 2022. Interim financial statements for Q1 2022 will also be delayed past the May 31 deadline, pending the completion of the Annual Filings.

Flower One Holdings Inc. (CSE: FONE, OTCQX: FLOOF) has announced a delay in filing its financial statements for the year ended December 31, 2021. The delay is due to ongoing audits by MNP LLP and challenges related to the COVID-19 pandemic. CFO Araxie Grant emphasized the reengineering of the Finance department for improved accuracy and efficiency. The Company expects to file these statements by June 30, 2022, and has received a management cease trade order affecting only its CEO and CFO, not other shareholders.

Flower One Holdings Inc. has appointed Thomas Gesky to its advisory board, bringing extensive experience in strategic IT sourcing and value creation. Gesky founded Resourcive, which has generated over $1B in enterprise value through optimized technology spending. He aims to assist Flower One in capturing significant market share in Nevada's cannabis industry. President & CEO Kellen O’Keefe expressed enthusiasm for Gesky's mentorship as the company strives for operational excellence. Flower One is the largest cannabis cultivator in Nevada, offering diverse products for notable brands.

Flower One Holdings Inc. (CSE: FONE, OTCQX: FLOOF) announces the appointment of President & CEO Kellen O’Keefe to the advisory board of The Weldon Project, a group focused on cannabis-related criminal justice reform. O’Keefe expressed his commitment to helping secure the release of cannabis prisoners and promote a fairer justice system. The Weldon Project, founded by Weldon Angelos, aims to assist individuals incarcerated for cannabis offenses, advocating for expungements and pardons.

Flower One Holdings Inc. (CSE: FONE, OTCQX: FLOOF) announced a $10.1M term loan from an existing shareholder, bolstering its financial position as it restructures debt. The company modified its $30M term debt agreement to lower monthly interest from 14% to 10%, which will aid in cash flow improvements. Key executive salary reductions were enacted to support restructuring efforts amid ongoing recovery from COVID-19 in Nevada. The loan modification is exempt from formal valuation requirements under Multilateral Instrument 61-101 due to financial hardship.

Flower One Holdings Inc. (CSE: FONE, OTCQX: FLOOF) announces it will issue common shares to debenture holders as interest payments totaling CAD$620,964 due on December 31, 2021. This decision follows indentures established in March and November 2019. The share price for this issuance will be based on the volume-weighted average trading price over the 20 days ending December 8, 2021. The issuance is subject to regulatory approvals, and shares will have resale restrictions in the U.S.

Flower One Holdings Inc. (CSE: FONE, OTCQX: FLOOF) reported strong financial performance for Q3 2021, achieving revenue of $14.1M, an 18% increase from the previous year. The company raised $5M through a non-brokered private placement and formed key brand partnerships with Miss Grass and ALTWELL. Despite these gains, Flower One faces seasonal production challenges and plans operational upgrades to enhance quality and yield. As of September 30, 2021, cash reserves reached $4.9M, and total liabilities declined to $120M, reflecting ongoing restructuring efforts.

Flower One, a leading cannabis cultivator in Nevada, announced that its President and CEO, Kellen O’Keefe, has been appointed to the U.S. Cannabis Council’s Board of Directors. This nonprofit organization advocates for cannabis legalization and restorative justice. O’Keefe expressed honor in joining the board and emphasized alignment with USCC’s mission to end federal prohibition. The council aims to create a regulated, equitable cannabis industry, benefitting communities previously impacted by prohibition. The company operates a substantial cultivation facility in Nevada, producing for top cannabis brands.