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FLWR - Flowr News Story

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Last Trade - 07/05/21

Sector
Healthcare
Size
Small Cap
Market Cap £54.0m
Enterprise Value £85.6m
Revenue £4.43m
Position in Universe 911th / 2702

The Flowr Corporation Announces Appointment of Darryl Brooker as Chief Executive Officer and Noel Biderman to the Board of Directors

Thu 15th April, 2021 10:30pm
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Highlights:
* Seasoned CPG executive Darryl Brooker appointed Chief Executive Officer of
Flowr.
* Noel Biderman, international executive and marketing specialist, has joined
the Board of Directors of Flowr.
TORONTO, April 15, 2021 (GLOBE NEWSWIRE) -- The Flowr Corporation (TSX.V:
FLWR; OTC: FLWPF) (“Flowr” or the “Company”) announces the appointment
of Darryl Brooker as Chief Executive Officer of the Company and the
appointment of Noel Biderman to the Board of Directors of the Company.

CEO Appointment

Prior to joining the Company, beginning in January 2018, Mr. Brooker served as
the President of Mission Hill Family Estate (Mark Anthony Group), a
Kelowna-based winery. From February 2017 to January 2018, Mr. Brooker was the
General Manager of Mission Hill Family Estate, having previously acted as Vice
President of Winemaking from July 2015 to February 2017. Mr. Brooker has
extensive experience in senior roles, also having acted as Vice President of
Winemaking and Operations at CedarCreek Estate Winery from May 2010 to July
2015, and as Senior Winemaker at Andrew Peller Limited from April 2005 to May
2010.

Mr. Brooker is a graduate of the Wine Executive Program at University of
California Davis (2018), having previously earned a graduate diploma in wine
business management at the University of Adelaide, Australia (2003) and a
Bachelor of Applied Science, Wine Science at Charles Sturt University,
Australia (2001). Mr. Brooker currently serves as a Board Member and Vice
Chair at each of British Columbia Wine Institute and Wine Growers Canada.

“On behalf of the Board of Directors, we are very excited to have a seasoned
CPG executive like Darryl joining our Company,” commented Steve Klein, Chair
of the Board of Directors. “Darryl has an extensive track record of building
regulated CPG businesses in Canada with a hands-on approach to management. In
2021, we expect Flowr to become focused keenly on maintaining its reputation
as a leading premium cannabis brand as it progresses to profitability. Darryl
will bring fiscal discipline, leadership and the type of mindset needed to
succeed in the cannabis industry. Moreover, the parallels between the premium
wine business and the premium cannabis business are well known, and Darryl’s
career as an executive that started with grape cultivation, then wine
production, before becoming a leader of organizations, gives Darryl a unique
set of skills and experience to benefit Flowr’s business.”  

“Since the acquisition of Terrace Global Inc. in late December 2020, Flowr
has made significant progress, becoming a financially conscious,
consumer-focused company that is building a professional leadership team to
manage and operate one of the most sophisticated cannabis facilities in the
world. Within the first quarter of 2021, the Company has taken immediate steps
to streamline its business and focus on what it does best – cultivate high
end cannabis,” commented Steve Klein. “The Company has taken steps to shed
non-core assets and bolster its balance sheet. In the first quarter, the
Company raised approximately $16 million and is now in the process of selling
more than $5 million of non-core assets while also shedding excess SG&A
expenses related with its non-core business in Australia.”

Darryl Brooker commented: “I am very excited to be joining the talented,
award winning Flowr team. The state-of-the-art cultivation campus, located in
Kelowna, British Columbia, in addition to the partnership with Hawthorne in
creating north America’s first research and development facility focused on
cannabis, uniquely positions the Company to expand market share in the premium
dried flower category within Canada. In addition, Flowr’s presence in the
European Union with its wholly-owned subsidiary, Holigen Holdings Limited,
includes a fully certified E.U. GMP facility strategically located in Portugal
to allow Flowr to expand in the emerging European market.”

The Company also announces that Lance Emanuel tendered his resignation as
President and Interim Chief Executive Officer of the Company, effective May 3,
2021, to pursue another opportunity in the United States. The Company would
like to sincerely thank Lance for all of his contributions and services over
the past years as President, and more recently, Interim Chief Executive
Officer. The Company wishes Lance well in his next endeavour.

Board of Directors

Flowr is pleased to announce that Noel Biderman has joined the Board of
Directors of the Company effective immediately. Mr. Biderman is an
international CEO, founder, author, speaker and lecturer. Mr. Biderman has
overseen companies in a number of different verticals, most recently in the
legal technology and online dating spaces, but in addition, in the IPTV,
online real estate, and sports management arena.  These companies have
generated over a $1 billion in revenue and operate in over 50 countries and 20
different languages. The global marketing campaigns created by Mr. Biderman
resulted in those services and websites becoming some of the most visited in
the world.  As a graduate of Osgoode Hall Law school, Mr. Biderman
represented 47 professional athletes around the globe including in the NBA,
NFL, as well as members of Canada’s Olympic team.

Mr. Biderman’s literary publications include SmartCountry (fiction),
Cheaters Prosper (International Best Seller), Adultropology (non-fiction), and
he has appeared as a Speaker at TEDx and Big Think, as a lecturer at Yale
University, and as a commentator on Bloomberg and CNBC.

Effective immediately Vinay Tolia has resigned from the Board of Directors.

About The Flowr Corporation

The Flowr Corporation is a Toronto-headquartered cannabis company with
operations in Canada, Europe, and Australia.  Its Canadian operating campus,
located in Kelowna, BC, includes a purpose-built, GMP-designed indoor
cultivation facility; an outdoor and greenhouse cultivation site; and a
state-of-the-art R&D facility.  From this campus, Flowr produces recreational
and medicinal products.  Internationally, Flowr intends to service the global
medical cannabis market through its subsidiary Holigen, which has a license
for cannabis cultivation in Portugal and operates GMP licensed facilities in
both Portugal and Australia.

Flowr aims to support improving outcomes through responsible cannabis use and,
as an established expert in cannabis cultivation, strives to be the brand of
choice for consumers and patients seeking the highest-quality craftsmanship
and product consistency across a portfolio of differentiated cannabis
products.  

For more information, please visit flowrcorp.com
(https://www.globenewswire.com/Tracker?data=bVL1tQqzTtyH6M3QfYwGyi4YJnkM1G3oi5RVTIC38gwnlXxjqWDcDEaEoZfiP9xbNkdXo3Bd-NPr2N7dADa6jg==)
or follow Flowr on Twitter: @FlowrCanada and LinkedIn: The Flowr Corporation.

On behalf of The Flowr Corporation:
Irina Hossu
Chief Financial Officer

CONTACT INFORMATION:

INVESTORS & MEDIA:
Irina Hossu, Chief Financial Officer
Irina.hossu@flowr.ca 

Forward-Looking Information and Statements

This press release contains “forward-looking information” within the
meaning of Canadian securities laws, which may include but is not limited to
statements made concerning: the implementation of innovative new glass jars
for the Company’s dried flower products, and the impact thereof on Flowr’s
product positioning; and high THC cultivar launches and the timing and formats
thereof. Often, but not always, forward-looking information can be identified
by the use of words such as “plans”, “is expected”, “expects”,
“scheduled”, “intends”, “contemplates”, “anticipates”,
“believes”, “proposes” or variations (including negative and
grammatical variations) of such words and phrases, or state that certain
actions, events or results “may”, “could”, “would”, “might” or
“will” be taken, occur or be achieved. Such information and statements are
based on the current expectations of Flowr’s management and are based on
assumptions and subject to risks and uncertainties. Although Flowr’s
management believes that the assumptions underlying such information and
statements are reasonable, they may prove to be incorrect. The forward-looking
events and circumstances discussed in this press release may not occur by
certain specified dates or at all and could differ materially as a result of
known and unknown risk factors and uncertainties affecting Flowr, including
risks relating to: general economic and stock market conditions; adverse
industry events; loss of markets; future legislative and regulatory
developments in Canada and elsewhere; the cannabis industry in Canada
generally; the ability of Flowr to implement its business strategies;
Flowr’s inability to produce or sell premium quality cannabis, risks and
uncertainties detailed from time to time in Flowr’s filings with the
Canadian Securities Administrators; the Company’s inability to raise capital
or have the liquidity to operate or advance its strategic initiatives and many
other factors beyond the control of Flowr.

Although Flowr has attempted to identify important factors that could cause
actual actions, events or results to differ materially from those described in
forward-looking information or statements, there may be other factors that
cause actions, events or results to differ from those anticipated, estimated
or intended. No forward-looking information or statement can be guaranteed.
Except as required by applicable securities laws, forward-looking information
and statements speak only as of the date on which they are made and Flowr
undertakes no obligation to publicly update or revise any forward-looking
information or statements, whether as a result of new information, future
events or otherwise. When considering such forward-looking information and
statements, readers should keep in mind the risk factors and other cautionary
statements in Flowr’s Annual Information Form dated April 29, 2020 (the
“AIF”) and filed with the applicable securities regulatory authorities in
Canada. The risk factors and other factors noted in the AIF could cause actual
events or results to differ materially from those described in any
forward-looking information or statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. 

(https://www.globenewswire.com/NewsRoom/AttachmentNg/c2f80cdc-4dec-49f4-96f1-9dc064de4a51)



GlobeNewswire, Inc. 2021
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