Flower One Announces Changes to the Board of Directors and Executive Management, Initial Debt Restructuring and the Initial Closing of over US$10 million and up to US$25 million in Convertible Debenture Financing
LAS VEGAS & TORONTO-January 27, 2021-(BUSINESS WIRE)–Flower One Holdings Inc. (“Flower One” or the “Company”) (CSE: FONE) (OTCQX: FLOOF) (FSE: F11), a leading cannabis cultivator, producer and innovator in Nevada, today announced: changes and additions to its Board of Directors (the “Board”) and executive management team; the completion of its initial debt restructuring; the agreement by the Southlands and Yaletown Trusts to retire 20,000,000 common shares of the Company (the “Retired Common Shares”) each, and the initial closing of US$10,100,000 of a non-brokered convertible debenture offering of up to US$25,000,000 convertible debenture units (the “Offering”).
A. Changes to the Board of Directors
Flower One is pleased to announce the newest additions to its Board: Mitchell Kahn, Eliza Gairard and Kellen O’Keefe, effective January 26, 2021. Mr. Kahn, Mrs. Gairard, and Mr. O’Keefe will join the Board in addition to current Directors, Salpy Boyajian and Nitin Kaushal. Nitin Kaushal, who was recently appointed to the board, will serve as the Chair of the Company’s Audit, Risk and Finance Committee. Effective January 26, 2021, Amit Varma, David Wesley and Ken Villazor have stepped down from the Board.
Mitchell Kahn co-founded Grassroots Cannabis, the largest private, vertically-integrated, multi-state operator in the United States at the time of its sale in July, 2020 to Curaleaf for approximately US$830,000,000. Mr. Kahn has more than 20 years of senior executive experience in areas including real estate and cannabis. He currently serves on the Board of Curaleaf and is Principal and CEO of Frontline Real Estate Partners, for which he is also a Founder, and previously served as President and CEO of Hilco