The Flowr Corporation Appoints New CFO and Announces Management Changes for Next Stage of Global Growth
The Flowr Corporation welcomes Irina Hossu as Chief Financial Officer and announces management changes.
- Irina Hossu to join Flowr as Chief Financial Officer
- Irina bring over 15 year of experience in progressively senior finance leadership roles across a variety of global industries including consumer-packaged goods, beverage and alcohol, and financial technology
- Alex Dann, Flowr’s current CFO, will remain with the Company until Irina joins Flowr
- Three other C-Suite executives will step down as the Company continues to seek operational and financial efficiencies
The Flowr Corporation (TSXV:FLWR, OTC:FLWPF) (“Flowr” or the “Company”) is pleased to announce that Ms. Irina Hossu will be joining the Company as its new Chief Financial Officer on March 29, 2020. Current Chief Financial Officer, Alex Dann, will remain with the Company until the end of March, 2020. The Company is also announcing the departures of Chief Research and Innovation Officer, Jason Broome, and Chief Strategy Officer, Laurence Levi. Current Chief Policy and Medical Officer, Dr. Lyle Oberg, will transition to an advisory role and remain on the Board of Directors of Flowr (the “Board”). Board Chairman Steve Klein will again assume the title of Chief Strategist, and oversee the strategic direction of the Company moving forward.
“As the Company continues to grow and execute on its business plan, Flowr is realigning its leadership structure to drive improved operational and financial efficiencies. Ms. Hossu, as CFO, will be responsible for the stewardship of Flowr’s finance department, with an emphasis on financial strategy, capital allocation planning and growing Flowr’s domestic and international businesses,” said Flowr’s Chief Executive Officer Vinay Tolia.
“We are thrilled to welcome Irina to the Flowr family where her extensive experience in strategic finance leadership roles with multinational organizations will have a positive impact at all levels of our Company as we move forward through our next phase of growth. Furthermore, her experience across a variety of industries, including consumer-packaged goods and beverage and alcohol, will better enable Flowr to execute on our ambitious international growth plans.”
“On behalf of the Board we would like to thank Alex Dann, Jason Broome, Laurence Levi and Lyle Oberg, most of whom joined Flowr around the time of its founding and have been integral members of the management team. They each played a significant role in taking the Company from a startup to a public company with operations across several continents. We are very excited to have our Chairman Steve Klein return to overseeing the strategic direction of the Company. Steve has been instrumental in funding the Company as well as guiding its strategic direction since inception. With the recent acquisition of Holigen, we have advanced our efforts to become a major global player in the years to come and are ready to embark on the next phase of growth for the Company.”
About Ms. Hossu
Ms. Hossu brings over 15 years of experience in the consumer-packaged goods, beverage and alcohol and financial technology industries, holding senior roles in finance and strategic planning. Most recently, Ms. Hossu served as Vice President Finance, Corporate Payments & Emerging Markets of WEX, a global leader in financial technology solutions. In that role she led the finance organizations across five continents, and was responsible for developing the strategic five-year plan, the integration of two global acquisitions, multinational financial reporting and controls, including SOX compliance, and continuous process improvement including forecasting, capital allocation and financial strategy. Prior to WEX, she was Director of Finance at Revlon where she was a member of the Canadian Leadership team setting strategic direction for Revlon Canada. Additionally, Ms. Hossu has held senior finance roles at Molson Coors & Xerox Canada.
Ms. Hossu holds an MBA from Wilfrid Laurier University, a Bachelor of Commerce from McMaster University, is a Chartered Professional Accountant and a Certified Management Accountant.
In addition, Flowr also announced today that the Company has agreed to grant, subject to the approval of the Board, an aggregate of 275,000 incentive stock options (the “Options”) to an officer of the Company. The exercise price for each Option shall be the closing price of the Company’s common shares on the trading day immediately preceding the officer’s first day of employment. The Options will vest as to thirty-three and one-third percent (33⅓%) on each anniversary of the date of commencement of employment for the officer.
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 that is currently under construction. 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 will operate GMP-designed manufacturing facilities in 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 flowr.ca or follow Flowr on Twitter: @FlowrCanada and LinkedIn: The Flowr Corporation.
On behalf of The Flowr Corporation:
CEO and Director
INVESTORS & MEDIA:
Head of Capital Markets
(877) 356-9726 ext. 1528
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: the Company’s next stage of global growth; Flowr continuing to grow and execute on its business plan; Flowr realigning its leadership structure to drive improved operational and financial efficiencies; Ms. Irina Hossu joining Flowr as Chief Financial Officer, and the timing with respect thereto; Ms. Hossu’s responsibilities at Flowr including stewardship of Flowr’s finance department, with an emphasis on financial strategy, capital allocation planning and growing Flowr’s domestic and international businesses; Ms. Hossu having a positive impact at all levels of the Company; Ms. Hossu’s experience helping Flowr execute its ambitious global growth plans; Flowr advancing its efforts to become a major global player; Mr. Alex Dann’s departure from the Company, and the timing with respect thereto; Mr. Steve Klein acting in the role of Chief Strategist and overseeing the strategic direction of the Company; Dr. Lyle Oberg transitioning to an advisory role and remaining a member of the Board; the granting of Options; Option vesting terms; Flowr servicing the global medical cannabis market and operating GMP-designed manufacturing facilities in Portugal and Australia; Flowr supporting improving outcomes through responsible cannabis use and striving to be the brand of choice for consumers and patients seeking highest-quality craftmanship and product consistency; and Flowr’s business, production and products. 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: the Company being unable to grow; the Company being unable to execute its business plan; the Company’s realigned leadership structure not driving improved operational and financial efficiencies; Ms. Hossu not joining the Company as Chief Financial Officer on the anticipated timeline, or at all; Ms. Hossu being unable to fulfill her responsibilities at Flowr; Ms. Hossu not being able to positively impact all levels of the Company; Mr. Dann not remaining with the Company until the end of March, 2020; Ms. Hossu’s being unable to help Flowr execute its growth plans; Flowr being unable to become a major global player; Mr. Klein being unable to oversee the strategic direction of the Company; Mr. Oberg being unable to transition to an advisory role or remain a member of the Board; Flowr being unable to service the global medical cannabis market and/or operate GMP-designed manufacturing facilities in Portugal and Australia; Flowr being unable to support improving outcomes through responsible cannabis use and/or striving to be the brand of choice for consumers and patients seeking highest-quality craftmanship and product consistency; the construction and development of the Company’s cultivation and production facilities; 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; 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 3, 2019 (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.