The Flowr Corporation Announces Leadership Transition and Changes to Board of Directors

Aug 10th, 2022 8:22 EST

TORONTO, Aug. 10, 2022 (GLOBE NEWSWIRE) -- The Flowr Corporation (TSX.V: FLWR; OTC: FLWPF) (“Flowr” or the “Company”) today announced leadership and governance changes with the appointments of Darren Karasiuk to the role of Chief Executive Officer (“CEO”) and Director and the additions of Stephen Arbib as Chairman and Marvin Singer to the Board of Directors (the “Board”). Tom Flow, who has acted as Interim CEO of Flowr since March, remains on the Board along-side incumbents Joanne Lee and Ryan Roebuck.

Darren Karasiuk, CEO commented:

“I’d like to thank both the Board for the opportunity to lead Flowr and Tom for his leadership while serving as Interim CEO. With a renewed focus on leveraging the Company’s core assets and addressing markets it’s best capable of competing and winning in, I’m excited about what Flowr, its team of committed professionals and highly-engaged Board will be able to achieve.”

Stephen Arbib, Chairman of the Board commented:

“This is an exciting time for Flowr with the addition of Darren as CEO. I’ve known Darren for many years and couldn’t be any happier to have him lead Flowr. We see a huge opportunity in this space and believe Flowr is well positioned with its world-class assets and team.” 

Darren is a veteran of the cannabis industry with experience and success in all aspects of the value chain. Prior to joining Flowr, Darren was CEO of Nova Cannabis, one of Canada’s largest cannabis retailers, disrupting the industry with the launch of the Value Buds banner. Prior to Nova, Darren was Chief Commercial Officer at Aurora Cannabis, leading it to become market share leader in Canada’s recreational and medical markets as well as in Europe. Before joining Aurora, Darren was VP Strategy and later SVP and GM, Recreational for MedReleaf, a Canadian LP sold to Aurora in 2018.

Stephen Arbib is a Canadian entrepreneur, philanthropist and significant shareholder of Flowr. Mr. Arbib is the founder and CEO of Momentum Solutions, one of the world’s leading logistics and life support service providers, specializing in humanitarian and emergency operations for government agencies, militaries and non-profit organizations. Momentum provides services from passenger and cargo air movements, freight forwarding, construction equipment leasing, labour force and staffing and housing. In 2013, Mr. Arbib founded MedReleaf, the first ISO 9001 certified cannabis producer in North America and one of the global leaders in the production and research of medicinal cannabis which was sold to Aurora for CAD $3.2Bn in 2018. Mr. Arbib is the Director of the Arbib Foundation, a charitable foundation that allocates personal funds to charities across the globe. 

Marvin Singer currently works as a director and corporate consultant. Mr. Singer has acted as a consultant to private and public companies since January 2020, after retiring from practising corporate and securities law for 40 years, most recently as a senior partner in the international law firm of Norton Rose Fulbright Canada LLP from 2005 until 2019. Mr. Singer has extensive experience in equity and debt financings, governance, and mergers and acquisitions. Mr. Singer served as a director for Nova Cannabis and is currently a director of Osino Resources Corp. (TSXV:OSI.V) and Psyence Group Inc. (CNSX: PSYG).

About The Flowr Corporation

The Flowr Corporation is a Canadian cannabis company with its operating campus, located in Kelowna, British Columbia. 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 flowrcorp.com or follow Flowr on Twitter: @FlowrCanada and LinkedIn: The Flowr Corporation.

On behalf of The Flowr Corporation:

Darren KarasiukChief Executive Officer

CONTACT INFORMATION:

INVESTORS & MEDIA:[email protected]

Forward-Looking Information:

Certain statements made in this press release may constitute “forward-looking information”, (collectively, “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information may relate to anticipated events or results including, but not limited to: the Company’s expectation that it will build on its achievements as it continues to invest in sales and marketing;; Flowr’s business, production and products; Flowr’s plans to provide premium quality cannabis to adult use recreational and medical markets;; the Company’s ability to obtain licensing from Health Canada and other regulatory authorities with respect to its properties and facilities; future legislative and regulatory developments in Canada and elsewhere; the cannabis industry in Canada generally; the ability of Flowr to implement its business strategies; and the ability of Flowr to produce or sell premium quality cannabis. Particularly, information regarding our expectations of future results, targets, performance achievements, prospects or opportunities is forward-looking information. Often, but not always, forward-looking statements can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “believe”, “estimate”, “plan”, “could”, “should”, “would”, “outlook”, “forecast”, “anticipate”, “foresee”, “continue” or the negative of these terms or variations of them or similar terminology. Forward-looking information is current as of the date it is made and is based on reasonable estimates and assumptions made by us at the relevant time in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable in the circumstances. We do not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws in Canada. There can be no assurance that such estimates and assumptions will prove to be correct. Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking information as discussed in the Company’s other publicly filed documents, which can be accessed under the Company’s profile on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com, Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information.

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.

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