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
TORONTO and LAS VEGAS, Jan. 28, 2020 /PRNewswire/ - 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.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR THEIR REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE Flower One Holdings Inc.