The Flowr Corporation (“Flowr” or “the Company”)
(
TSXV: FLWR), a Canadian Licensed Producer of
premium cannabis products, announced today that the Company’s CEO,
Vinay Tolia, will join its Board of Directors effective October 26,
2018, replacing David Towill, who will step down from the Board
effective October 26, 2018.
“We are grateful to David for his contributions and guidance
during the early stages of building Flowr and our transition to a
public company,” said Steve Klein, Flowr’s Chairman and Chief
Strategist. “We wish him success in his future
endeavors.”
Mr. Tolia was an early investor in Flowr and served as an
advisor to the Company before being named CEO in September 2018.
He brings deep knowledge of the cannabis industry and
extensive financial and deal-making experience to the role.
Previously, he was the managing member of Bengal Capital
Trading LLC, a derivatives trading firm with a focus on listed
equity options, and held roles with investment banking firm Peter
J. Solomon Company and hedge fund Midtown Capital. Mr. Tolia
attended the University of Michigan where he obtained a BA in
economics and BSE in Industrial and Operations Engineering.
Independent Trading Group Inc. (ITG): Based in Toronto,
Canada, ITG will be providing market maintenance services
to Flowr in compliance with the policies and guidelines of the TSX
Venture Exchange, and other applicable
legislation. ITG will trade shares of Flowr on the TSX
Venture Exchange for the purposes of maintaining a reasonable
market and improving the liquidity of Flowr’s shares. Flowr has
agreed to pay ITG CAD$5,000 per month during the term of
the agreement between the parties. The agreement
between ITG and Flowr is for a minimum of three months,
and it may be terminated by either party on 30 days written notice.
The agreement is principally for the purposes of maintaining market
stability and liquidity for Flowr’s common shares. There are no
performance factors contained in the agreement
between ITG and Flowr, and ITG will not receive
any shares or options from Flowr as compensation for services it
will render. As at the date hereof, ITG does not have any
ownership interest in Flowr.About FlowrThe Flowr
Corporation (TSXV: FLWR), through its subsidiaries, is a vertically
integrated Canadian cannabis company focused on the natural science
of cannabis. With head offices in Markham, ON and production
in Kelowna, BC, Flowr builds and operates large-scale, GMP designed
cultivation facilities utilizing its own patented growing systems.
Flowr’s investment in research and development is expected to
enable its cultivation team to supply patients with consistent,
high-quality medicinal cannabis. With a sense of craftsmanship and
a spirit of innovation, Flowr is also well positioned with a line
of premium quality cannabis products for the upcoming adult-use
market.
For more information, visit www.flowr.ca Follow Flowr on
Twitter: @FlowrCanada; Facebook: Flowr Canada; Instagram:
@flowrcanada; and LinkedIn: The Flowr Corporation.
On behalf of The Flowr Corporation:
Steve KleinChairman & Chief Strategist
Forward-Looking Information This
press release includes forward-looking information within the
meaning of Canadian securities laws regarding Flowr and its
business, which may include, but are not limited to: the facilities
described herein, Flowr being well positioned with a line of
premium quality cannabis products for the upcoming adult-use
market, Flowr’s investment in research and development enabling its
cultivation team to supply patients with consistent, high quality
medicinal cannabis, statements with respect to Flowr’s management
team, the agreement between ITG and Flowr and other factors.
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 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 these
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 Flowr’s inability to construct the facilities described herein,
or in the time anticipated, Flowr requiring additional financing
from time to time in order to continue its operations and such
financing may not be available when needed or on terms and
conditions acceptable to the Company, new laws or regulations
adversely affecting the Company’s business and results of
operations, results of operation activities and development of
projects, project cost overruns or unanticipated costs and
expenses, the inability of Flowr’s products to be high
quality, the inability of Flowr to produce and distribute premium,
high quality products, the inability to supply products or any
delay in such supply, Flowr’s securities, the inability to generate
cash flows, revenues and/or stable margins, the inability to grow
organically, risks associated with the geographic markets in which
Flowr operates and/or distributes its products, risks associated
with fluctuations in exchange rates (including, without limitation,
fluctuations in currencies), risks associated with the use of
Flowr’s products to treat certain conditions, the cannabis industry
and the regulation thereof, the failure to comply with applicable
laws, risks relating to partnership arrangements, possible failure
to realize the anticipated benefits of partnership arrangements,
product launches (including, without limitation, unsuccessful
product launches), the inability to launch products, the failure to
obtain regulatory approvals, economic factors, market conditions,
risks associated with the acquisition and/or launch of products,
the equity and debt markets generally, risks associated with growth
and competition (including, without limitation, with respect to
Flowr’s products), general economic and stock market conditions,
risks and uncertainties detailed from time to time in Flowr’s
filings with the Canadian Securities Administrators 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, there may be other
factors that cause actions, events or results to differ from those
anticipated, estimated or intended. No forward-looking information
can be guaranteed. Except as required by applicable securities
laws, forward-looking information speaks only as of the date on
which it is made and Flowr undertakes no obligation to publicly
update or revise any forward-looking information, whether as a
result of new information, future events, or otherwise.Neither the
TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this press
release.- ends -
Jim Walsh
The Flowr Corporation
+1-607-275-7141
jwalsh@flowr.ca
Bruce Dunbar
The Flowr Corporation
+1-917-756-4065
bdunbar@flowr.ca
For investors: Alex Dann
The Flowr Corporation
+1-416-464-4067
adann@flowr.ca
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