TORONTO, March 18, 2022 (Globe NEWSWIRE) — The Flowr Company (“Flowr” or the “Organization”) (TSXV: FLWR, OTC: FLWPF) is pleased to give a small business update and announces the departure of Director and Main Govt Officer (“CEO”) Darryl Brooker and appointment of Tom Move as Interim CEO.
Company Update
In the very last 6 months, Flowr has greater its solution offerings noticeably with the start and good results of Strawnana, Bitter Sis, BC Pet Walkers, and the a short while ago introduced strains of BC Clementine Crush, BC Lemon Ice, BC Spiced Grape and BC Mango Melon OG. Q2 will see the introduction of 7 new SKU’s across the provinces of Ontario, Quebec, British Columbia, Alberta and Saskatchewan. The genetic and innovation pipeline continues to extend and new products launches are planned for Q3 and Q4.
From January 2022 to February 2022, our BC Strawnana Puppy Walkers (pre-rolls) represented a top rated 15 pre-roll SKU in Ontario (previously mentioned $10/gram) and carries on to exhibit strong traction in the provinces of British Colombia and Alberta. We have also seen significant advancement in retail penetration across our main markets. In Ontario, about 65% of stores at the moment have at minimum 1 Flowr product, representing important growth from beneath 50% in August 2021. We have observed a related tale throughout our other significant markets, where by our retail store distribution has grown from ~30% to in excess of ~60% and ~27% to around 55% in British Colombia and Alberta, respectfully.
Around the past calendar year, the Enterprise has substantially reduced its overhead expenses and paid out down substantially of its senior indebtedness. Because January 1, 2021, the Firm has minimized the amount of money of principal indebtedness below its over-all debt from $43.5 million to $27.9 million and has repaid its senior secured indebtedness from $18.5 million to $5.7 million to day. The sale of the KRS R&D facility as formerly declared will even further lower the Company’s indebtedness by $12 million. The Firm has also minimized SG&A expenditures every single quarter considering the fact that the finish of 2020 and is on observe to obtain annualized SG&A cost savings of $3.3 million as formerly announced. Our profits carries on to present quarter-on-quarter progress and will reach record yearly profits for 2021 and even more expansion into 2022. We assume to launch our Q4 and full 12 months 2021 economical outcomes prior to the finish of April 2022.
The Corporation has freed up more resources and streamlined its concentration by way of the sale of non-main property, which include its Australian enterprise, TCann Pty. Ltd. for $500,000, sale of the K2 lands for $6.3 million and the not long ago declared arrangement to provide the KRS R&D facility for web proceeds of $4 million.
Management Transition
Mr. Brooker has resigned as Director and CEO effective immediately in order to pursue other prospects. The Business would like to thank Darryl for his endeavours over the past yr and wish him accomplishment in his long run endeavours.
“Leaving Flowr was a incredibly tricky and own conclusion for me as I go after other options. I could not be far more impressed with the effectiveness of the management staff over the final 10 months in phrases of productivity, innovation, new strains and a laser emphasis on driving the business to profitability in 2022. This sturdy management staff stays in position and I am confident that Flowr will go on to enhance its share and management in the premium Canadian cannabis dried flower market”.
In the short-phrase, Tom Circulation has been appointed Interim CEO to support assist the leadership transition of the Organization. As the founder and previous CEO of the Organization, Tom has an intimate knowledge of the organization and is properly-positioned to help manual Flowr through its management transition.
The Board of Directors will be offering extra aid to administration in the course of the management changeover to make sure powerful leadership and selection-producing as the Corporation carries on its emphasis on streamlining the business enterprise and works to its target of getting dollars-circulation optimistic in the course of 2022.
About The Flowr Corporation
The Flowr Company is a Canadian cannabis corporation with functions in Canada and the European Union. Its Canadian functioning campus, located in Kelowna, BC, incorporates a objective-built, GMP-designed indoor cultivation facility an out of doors and greenhouse cultivation web site and a point out-of-the-artwork R&D facility. From this campus, Flowr provides recreational and medicinal products. Internationally, Flowr services the international health care cannabis market as a result of its subsidiary, Holigen Holdings Minimal, which has a license for cannabis cultivation in Portugal and operates a GMP accredited facility in Portugal. In 2020, Flowr’s BC Pink Kush was acknowledged as the major indica pressure in Canada by Kind magazine.
Flowr aims to aid strengthening outcomes by liable cannabis use and, as an proven expert in cannabis cultivation, strives to be the manufacturer of choice for customers and patients looking for the best-excellent craftsmanship and product or service consistency across a portfolio of differentiated hashish products and solutions.
For much more info, make sure you stop by flowrcorp.com or adhere to Flowr on Twitter: @FlowrCanada and LinkedIn: The Flowr Company.
On behalf of The Flowr Company:
Tom Circulation
Interim Chief Government Officer
Contact Information and facts:
Traders & MEDIA:
John Chou
Chief Monetary Officer
[email protected]
Ahead-Searching Data:
Selected statements made in this push release may represent “forward-looking information”, “future oriented monetary information” or “financial outlooks” (collectively, “forward-on the lookout info”) in the indicating of applicable securities laws. Forward-seeking information and facts might relate to predicted events or effects which includes, but not restricted to: the fulfillment of all of the ailments under the Offer Arrangement the anticipated dimensions of the European health care cannabis marketplace the Company’s expectation that it will make on its achievements as it proceeds to spend in product sales and marketing Flowr servicing the world health-related hashish marketplace and running GMP amenities in Portugal Flowr’s company, production and products Flowr’s ideas to present top quality good quality hashish to adult use leisure and professional medical marketplaces EU-GMP certification opening the medicinal cannabis chance for the Business in international markets the Firm becoming properly positioned to distribute EU-GMP compliant solution into underserviced marketplaces Flowr’s capacity to understand profits from the Company’s European functions in the expected timeframe or at all Flowr’s means to set up even further profits and distribution channels in Europe to provide medicinal cannabis to underserviced markets future legislative and regulatory developments in Canada, in Europe and in other places the hashish sector in Canada and Europe, commonly the potential of Flowr to put into practice its enterprise methods and the capacity of can be determined by the use of forward-seeking terminology these as “may”, “will”, “expect”, “believe”, “estimate”, “plan”, “could”, “should”, “would”, “outlook”, “forecast”, “anticipate”, “foresee”, “continue” or the Flowr to make or offer high quality high-quality cannabis. Specifically, information about our expectations of long term outcomes, targets, overall performance achievements, prospective clients or alternatives is ahead-seeking details. Frequently, but not normally, forward-searching statements destructive of these phrases or variants of them or related terminology. Forward-looking information and facts is recent as of the day it is designed and is centered on realistic estimates and assumptions created by us at the suitable time in light of our knowledge and perception of historic developments, present ailments and anticipated foreseeable future developments, as well as other variables that we consider are proper and realistic in the circumstances. To the extent any ahead-wanting info in this press release constitutes “future oriented economic information” or “financial outlooks”, within the which means of applicable securities laws, the intent of such information and facts being presented is to exhibit the opportunity of the Firm and visitors are cautioned that this info may not be acceptable for any other objective. Nonetheless, we do not undertake to update any these kinds of ahead-searching data no matter whether as a end result of new information, future activities or or else, except as demanded under relevant securities rules in Canada.
There can be no assurance that these kinds of estimates and assumptions will show to be correct. Quite a few variables could induce our true outcomes, level of action, efficiency or achievements or potential activities or developments to vary materially from those expressed or implied by the ahead-on the lookout data as mentioned in the “Risk Factors” part of the Company’s 2020 Annual Info Variety dated April 28, 2021 (the “AIF”). A duplicate of the AIF and the Company’s other publicly submitted files can be accessed under the Company’s profile on the Process for Digital Document Assessment and Retrieval (“SEDAR”) at www.sedar.com. The Company cautions that the listing of danger things and uncertainties described in the AIF is not exhaustive and other aspects could also adversely have an affect on its final results. Readers are urged to contemplate the pitfalls, uncertainties and assumptions meticulously in analyzing the ahead-seeking facts and are cautioned not to location undue reliance on these types of info.
Neither TSX Enterprise Exchange nor its Regulation Products and services Service provider (as that time period is defined in policies of the TSX Undertaking Exchange) accepts duty for the adequacy or accuracy of this launch.
