Flower One Makes Convertible Debenture Interest Payments

LAS VEGAS & & TORONTO–( ORGANIZATION WIRE)– Flower One Holdings Inc. (” Flower One” or the “Business”) (CSE: FONE) (OTCQX: FLOOF) (FSE: F11), a leading cannabis grower, manufacturer and innovator in Nevada, revealed today that it made the interest payments that were due on December 31, 2020 associated to its unsecured convertible debentures released in March 2019 and November 2019 (jointly the ” Debentures”). Payments of CAD$ 2,017,375.50 and CAD$ 440,610.00, respectively, were made by the Business prior to completion of the 30-day grace durations in accordance with the suitable indentures.

“ In addition to making these interest payments, we engaged legal and monetary consultants to continue conversations with the Debenture holders concerning a prospective restructuring deal,” specified Kellen O’Keefe, Flower One’s President and Interim Ceo (CEO). “ We stay concentrated on right-sizing the balance sheet and much better placing the Business for future success in order to optimize worth for our stakeholders. We intend to have an arrangement in location concerning a restructuring deal connecting to the Debentures prior to our March 5, 2021 due date for finishing the 2nd part of our recently-announced convertible financial obligation funding.”.

The Business is needed, by March 5, 2021, to raise extra funding in accordance with the formerly revealed loan adjustment and forbearance arrangement participated in on January 26, 2021 with RB Loan Portfolio II, LLC. No arrangement concerning a restructuring deal including the Debentures has actually been participated in at this time, and no guarantees are considered that the Business’s efforts will lead to any such arrangement or restructuring.

Flower One revealed a number of additions and modifications to its Board of Directors and executive management on January 27, 2021, with Mr. O’Keefe presuming the function of President and Interim CEO and signing up with the Board of Directors in addition to Mitchell Kahn and Eliza Gairard. The Business likewise revealed the conclusion of a preliminary financial obligation restructuring and the closing of a convertible debenture offerings at that time.

About Flower One Holdings Inc.

Flower One is the biggest cannabis grower, manufacturer, and full-service brand name satisfaction partner in the state of Nevada. By integrating more than twenty years of greenhouse functional quality with best-in-class cannabis operators, Flower One provides constant, reputable, and scalable satisfaction to a growing variety of industry-leading cannabis brand names (Cookies, Kiva, Old Buddy, Heavy Players, Raise Ticket’s, The Clear, and Flower One’s leading internal brand name, NLVO, and more). Flower One presently produces a wide variety of items from flower, full-spectrum oils, and distillates to end up customer packaged products, consisting of a range of: pre-rolls, focuses, edibles, topicals, and more for the top-performing brand names incannabis Flower One’s Nevada footprint consists of the Business’s flagship center, a 400,000 square-foot state-of-the-art greenhouse and 55,000 square-foot production center, in addition to a 2nd website with a 25,000 square-foot indoor growing center and industrial kitchen area. Flower One has actually developed an industry-leading group concentrated on ending up being the very first high-quality, inexpensive brand name satisfaction partner.

The Business’s typical shares are traded on the Canadian Securities Exchange under the Business’s sign “FONE”, in the United States on the OTCQX Best Market under the sign “FLOOF” and on the Frankfurt Stock Market under the sign “F11”. To learn more, see: https://flowerone.com.

Forward Looking Declaration

Declarations in this news release that are not declarations of historic or present reality make up “positive details” within the significance of Canadian securities laws and “positive declarations” within the significance of United States securities laws (jointly, “positive declarations”). Such positive declarations include understood and unidentified dangers, unpredictabilities, and other unidentified elements that might trigger the real outcomes of the Business to be materially various from historic outcomes or from any future real outcomes revealed or indicated by such positive declarations. In addition to declarations which clearly explain such dangers and unpredictabilities, readers are advised to think about declarations identified with the terms “thinks,” “belief,” “anticipates,” “means,” “prepares for,” “prospective,” “should,” “may,” “will,” “strategies,” “continue” or other comparable expressions to be unsure and positive.

Positive declarations might consist of, without constraint, declarations relating: to the Business’s capability to finish a funding or reorganizing deal; right-sizing the balance sheet and much better placing the Business for future success in order to optimize worth to all of the Business’s stakeholders; the Business’s objective to have an arrangement in location prior to its March 5, 2021 due date for finishing the 2nd part of the Business’s recently-announced convertible financial obligation funding; and, the Business’s objective to preserve operations with tight financial discipline to guarantee the Business has adequate liquidity through March 5, 2021.

The Business is indirectly associated with the manufacture, ownership, usage, sale and circulation of cannabis in the leisure and medical cannabis markets in the United States through its subsidiary Cana Nevada Corp. Regional state laws where Cana Nevada Corp. runs license such activities; nevertheless, these activities are presently unlawful under United States federal law. Extra details concerning this and other dangers and unpredictabilities connecting to the Business’s organization are consisted of under the heading “Danger Aspects” in the Business’s Management Conversation and Analysis outdated September 30, 2020 (the “MD&A”) submitted on its provider profile on SEDAR at www.sedar.com.

The positive declarations consisted of in this news release are specifically certified in their whole by this cautionary declaration, the “Cautionary Declaration concerning Forward-Looking Info” area consisted of in the MD&A. All positive declarations in this news release are made since the date of this news release. The positive declarations consisted of herein are likewise subject typically to presumptions and dangers and unpredictabilities that are explained from time to time in the Business’s public securities filings with the Canadian securities commissions, consisting of the Business’s MD&A.

Although Flower One has actually tried to determine essential elements that might trigger real outcomes, efficiency or accomplishments to vary materially from those consisted of in the positive declarations, there can be other elements that trigger outcomes, efficiency or accomplishments not to be as expected, approximated or planned, consisting of, however not restricted to: Debenture holders hesitating to work out a restructuring deal on terms appropriate to the Business; reliance on acquiring regulative approvals; purchasing target business or tasks that are participated in activities presently thought about unlawful under United States federal law; modifications in laws; restricted operating history; dependence on management; requirements for extra funding; competitors; impeding market development and state adoption due to irregular popular opinion and understanding of the medical-use and adult-use marijuana market and; regulative or political modification.

Appropriately, readers must not position unnecessary dependence on positive declarations. The positive declarations in this press release are made since the date of this release. Flower One disclaims and does not carry out any objective or commitment to upgrade or modify any such positive declarations, whether as an outcome of brand-new details, future occasions or otherwise, other than as needed by suitable law.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR THEIR GUIDELINES PROVIDERS HAVE EVALUATED OR ACCEPT DUTY FOR THE ADEQUACY OR PRECISION OF THIS RELEASE.

Latest posts