Director appointment advances Company goal to broaden diversity and industry experience on its Board, by adding an entrepreneurial executive with three decades of experience leading private and public companies across the health and wellness markets

Flower One Holdings Inc. (the “Company”) (CSE:FONE, OTCQX:FLOOF), a leading cannabis cultivator, producer and innovator in Nevada, today announced the appointment of Molly Hemmeter to its Board of Directors, effective immediately. Ms. Hemmeter will replace Warner Fong, who is stepping down due to the demands and time requirements of his other professional duties and obligations.


“Flower One believes that our evolution and progress should not only be defined by our financial results, but also by our ability to be a steward of best-in-class corporate governance practices,” said Ken Villazor, Flower One’s President and Chief Executive Officer. “To accomplish this goal, we are actively looking for new ways to enhance our governance principles and evolve our Board of Directors. The addition of Molly Hemmeter to our Board is another step forward in advancing Flower One’s leadership in the cannabis industry. Molly’s executive management expertise, multi-sector industry involvement and prior board experience in the private and public sectors will support Flower One as we begin a new fiscal year focussed on continued revenue growth and strong business fundamentals. We welcome Molly to the Flower One team, and I look forward to working closely together to continue to position Flower One as a leader in the Nevada cannabis market.”

“On behalf of our Board and the Company, I would also like to take this opportunity to thank Warner Fong for his many contributions in supporting Flower One, particularly through our transition to a publicly traded company in October 2018,” added Mr. Villazor.

Ms. Hemmeter has advised private and public companies in the health and wellness space with a particular focus on growth and sustainability for nearly three decades. She currently serves on the Board of Directors at Wilbur-Ellis, a leading international marketer, distributor and manufacturer of agricultural products, animal nutrients, and specialty chemicals and ingredients, with annual sales of over US$3.0 billion. Ms. Hemmeter recently served as CEO, President and a member of the Board of Directors of Landec Corporation (NASDAQ: LNDC), a publicly traded company in the health and wellness space with revenues of more than US$550 million. During her ten-year tenure at Landec, Ms. Hemmeter spearheaded the growth of Landec’s two operating businesses: Curation Foods and Lifecore Biomedical. Curation Foods is an innovative, branded natural food company that works closely with its agricultural partners to distribute 100% clean ingredient products to retail, club and foodservice customers throughout North America. Lifecore is a specialty contract development and manufacturing organization (CDMO) for FDA-approved pharmaceutical products.

Prior to Landec, Ms. Hemmeter served as Vice President of Global Marketing and Business Development at Ashland Chemical, and also as an executive at two successful venture capital-backed software companies that were later acquired. Ms. Hemmeter held additional positions in strategy, marketing, engineering and operations at a number of other leading chemical, pharmaceutical and consumer product companies throughout her illustrious career.

Commenting on her appointment to Flower One’s Board of Directors, Ms. Hemmeter said, “I am very excited to be joining Flower One’s Board of Directors. I am thrilled to participate in an industry that is forging new ground in the health and wellness space. Flower One is focused on being the lowest cost, highest quality cannabis cultivator and production partner for premiere brands. This focus on operational excellence will continue to differentiate Flower One in the market. I am also impressed with the inclusive corporate culture that Flower One has established at such a critical stage of the company’s growth. I look forward to working with my fellow Directors and the Flower One management team to grow the business upon the solid foundation that has already been established.”

Ms. Hemmeter holds a Bachelor of Science and a Masters in Chemical Engineering from the University of Louisville and a Master in Business Administration from Harvard Business School.

About Flower One Holdings Inc.

Flower One is the largest cannabis cultivator, producer and full-service brand fulfilment partner in the state of Nevada. Flower One’s fully operational flagship 400,000 square-foot greenhouse and 55,000 square-foot production facility is used for cannabis cultivation, processing, production and manufacturing of dry flower, pre-rolls, cannabis oils, distillates, concentrates, edibles, topicals and infused products. The Company also operates a 25,000 square-foot indoor cultivation and production facility in North Las Vegas, with nine grow rooms, and a commercial kitchen that will produce several of the industry’s top performing edible brands.

Leveraging its scale and more than 20 years of greenhouse operational excellence, Flower One offers consistent, reliable, high-volume, and just-in-time fulfilment to a growing number of established cannabis brands. The Company is fully licensed for both recreational and medical marijuana cultivation and production in the state of Nevada.

The Company’s common shares are traded on the Canadian Securities Exchange under the Company’s symbol “FONE” and in the United States on the OTCQX Best Market under the symbol “FLOOF”.  For more information, visit: https://flowerone.com.

Forward Looking Statements

Statements in this press release that are not statements of historical or current fact constitute “forward looking information” within the meaning of Canadian securities laws and “forward looking statements” within the meaning of United States securities laws (collectively, “forward-looking statements”). Such forward-looking statements involve known and unknown risks, uncertainties, and other unknown factors that could cause the actual results of the Company to be materially different from historical results or from any future actual results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms “believes,” “belief,” “expects,” “intends,” “anticipates,” “potential,” “should,” “may,” “will,” “plans,” “continue” or other similar expressions to be uncertain and forward looking.

Forward-looking statements may include, without limitation, statements relating to the Company’s leadership as a cannabis cultivator, producer and innovator in Nevada; potential revenue growth and strong fundamentals; the Company’s ability to offer consistent, reliable, high-volume, and just-in-time fulfilment to its brand partners; the Company’s growing number of cannabis brands; and the scale and capacity of Flower One’s cultivation, processing, production, manufacturing and full-service as a brand fulfillment partner.

The Company is indirectly involved in the manufacture, possession, use, sale and distribution of cannabis in the recreational and medicinal cannabis marketplaces in the United States through its subsidiary Cana Nevada Corp. Local state laws where Cana Nevada Corp. operates permit such activities; however, these activities are currently illegal under United States federal law. Additional information regarding this and other risks and uncertainties relating to the Company’s business are contained under the heading “Risk Factors” in the Company’s base shelf prospectus dated October 22, 2019 and the prospectus supplement dated November 8, 2019 (collectively, the “Prospectus”) filed on its issuer profile on SEDAR at www.sedar.com.

The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement, the “Forward-Looking Statements” section contained in the Company’s most recent Prospectus. All forward-looking statements in this press release are made as of the date of this press release. The forward-looking statements contained herein are also subject generally to assumptions and risks and uncertainties that are described from time to time in the Company’s public securities filings with the Canadian securities commissions, including the Company’s most recent Prospectus.

Although Flower One has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; investing in target companies or projects that are engaged in activities currently considered illegal under United States federal law; changes in laws; limited operating history; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and; regulatory or political change.

Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. Flower One Holdings disclaims and does not undertake any intention or obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Click here to connect with Flower One Holdings Inc. (CSE:FONE; OTC:FLOOF) for an Investor Presentation.

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Cannabis Market Update: Q3 2020 in Review

Click here to read the previous cannabis update.

During the first few months of investment time in 2021, cannabis faced some volatility alongside optimism about federal changes in the most important market for the drug.

The cannabis business found its stride during Q1 thanks to policy change signals and consolidation.

To find out more, the Investing News Network (INN) asked experts about progress in the market during the first major period of the new year, and which developments investors should watch out for.

 

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Cannabis market update: New York and US potential boost operations

New York state’s legalization of recreational cannabis was a huge Q1 announcement that added pressure to the federal government when it comes to cannabis policy, said George Mancheril, co-founder and CEO of Bespoke Financial, a debt financing business with a particular focus on servicing cannabis businesses.

“It’s going to add to the chorus of voices in the federal scene to basically move sooner rather than later,” he explained to INN.

Following the US election in 2020, the momentum for cannabis businesses went on the upswing, as did company valuations, with the idea of expansion at the heart of it all, according to Mancheril.

Before starting Bespoke Financial, Mancheril learned from traditional investment banks, where he worked on lending, fixed income and debt markets with Goldman Sachs (NYSE:GS) and Guggenheim Partners.

Nawan Butt, portfolio manager with Purpose Investments, agrees with Mancheril. The financial expert told INN the ongoing legalization process seen in the US market is leading to expansion.

“It’s becoming more of a national move, then small pockets of proliferation. That’s very exciting about cannabis right now,” said Butt, who co-manages the Purpose Marijuana Opportunities Fund (NEO:MJJ).

This proliferation effect is causing a change in valuations and enthusiasm for US-based operations. Mancheril told INN that by the end of Q1, multi-state operators (MSOs) had raised approximately US$3.3 billion.

The cannabis lender said he sees the industry as having grown from the woes of 2019; it is now seeing a return to form by way of the excitement for an ongoing opening process in the US.

The expert explained that there is likely to be a windfall of capital in the wake of major federal changes for cannabis policy, although the timeline for these changes is becoming increasingly hard to predict.

Leading up to that capital influx, Mancheril said he wants to see operators really drill down on the value of desired assets and whether they make sense.

 

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“What I’d hope is that we continue to see bullish sentiment, but with some measure of responsibility, and let’s not just get over ahead of ourselves,” Mancheril told INN. “The idea is let’s minimize the volatility and continue growing responsibly.”

As far as struggles go, Butt explained that the cannabis industry has cemented itself as a growth-type sector, and as such there are macro environment pressures affecting the way these assets operate.

“We’ve seen this preference for cash flows at growth in the current or in the near future, rather than in the far future, and that’s what we’re seeing as far as valuations go in the broad market,” Butt said.

Cannabis market update: Volatility continues to rule as industry foundations build

Despite the industry’s current potential and the growing pains it has gone through as a whole in both the US and Canada, volatility remains a key factor in the cannabis investment scene.

Butt explained that the current shareholder base, which is dominated by hedge funds and retail investors, still lacks enough institutional support to avoid the day-to-day volatility cannabis has come to be known for.

These two investor groups, Butt said, can be easily spooked and excited by the news of the day when it comes to their investments.

“A lot of these institutions’ strategies are not about short-term profits, but they’re about long-term sustainability of the businesses themselves,” Butt said.

“That’s why you see a lot of volatility in the space, and that’s essentially what we’ve seen over the past, I’d say, three to two months as well,” he added.

That means investors shouldn’t expect an end to volatility anytime soon.

“It’s not about whether we continue to expect volatility, because we do,” Butt said. “We really think that the volatility will be taken out when the shareholder base becomes more institutional, but it’s really about understanding why there is volatility in the first place.”

Cannabis market update: Canadians talk up US business potential, but questions remain

A surge of mergers and acquisitions has taken over the Canadian cannabis sector recently as more producers see potential in America.

One of the biggest announcements in this regard came when Organigram Holdings (NASDAQ:OGI,TSX:OGI) secured a C$221 million investment deal from British American Tobacco (NYSE:BTI,LSE:BATS).

Using the funds, the two will work in tandem to develop new branded products designed to work on the international stage, including in the US. Organigram CEO Greg Engel previously told INN that the US represents a critical opportunity for Canadian companies, but the entry point isn’t as clean as it could be at the moment.

 

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While the long-term potential may be exciting for investors, Butt told INN he’s still unsure how the approach will work for Canadian companies.

The Purpose Investments expert said there will be plenty of space for the biggest Canadian names to pursue US market entries, beyond the initial hemp-derived CBD moves some operators have mde, since the US represents the biggest market in the world.

“But there’s just way too many unknowns right now to say exactly what that participation is going to look like, or when that participation will happen,” he said.

“What we do know is that currently the US MSOs are in a wonderful sort of position to expand on their market leadership that they have. And it will be tough for Canadians to come in and compete with them,” Butt said.

Canadian players still retain the upper hand at times in terms of valuation, which is confusing for both Butt and Dan Ahrens, chief operating officer and portfolio manager at AdvisorShares.

“The performance in quarterly earnings of US companies has been rather spectacular. They’ve knocked it out of the park in most instances,” Ahrens told INN.

Butt praised the recent performance reports from MSOs across the board, pointing to year-over-year growth lines and projections for continued positive performance.

In his view, share prices still don’t reflect company value. “Those are really being discounted at this point,” Butt told INN.

“We’ve seen the Canadian licensed producers be really hot stock performance-wise, outpacing the US (MSOs), and I’ll say it’s rather nonsensical to me,” said Ahrens, who oversees the AdvisorShares Pure Cannabis ETF (ARCA:YOLO) and the recently launched AdvisorShares Pure US Cannabis ETF (ARCA:MSOS).

Cannabis market update: Investor takeaway

The cannabis investment proposition finds itself at an interesting moment in time, as the entire sector eagerly awaits confirmation in the US at the federal level.

While for the Canadians waiting on the sidelines, this development may feel like a major necessity to address current financial struggles, for US-based operators, the heat around the corner could represent an increase to their already thriving operations.

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Ayurcann has commenced trading on the Canadian Securities Exchange (” CSE “) on April 8, 2021 and subsequently announced a private placement of up to $500,000 (” Financing “), as per the Company’s press release dated April 12, 2021. The proceeds of the Financing are intended to be used to further pursue Phase 2 of the expansion of the production capacity of the Company’s Pickering facility.

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