The Flowr Corporation Enhances Executive Leadership Team
Toronto, ON, July 23, 2019
The Flowr Corporation (TSX.V: FLWR; OTC: FLWPF) (“Flowr” or the “Company”) is pleased to announce Mr. David Aronowitz, a former senior executive at The Scotts Miracle-Gro Company (“Scotts”), has joined the Company as Chief of Staff. In this new role, Mr. Aronowitz will be based at the Company’s Kelowna Campus and work closely with Tom Flow, Flowr’s Founder and Managing Partner, across a range of strategic and tactical areas critical to the successful ramp-up of the business.
Mr. Aronowitz brings over 30 years’ experience as a Board member, chief executive officer and Board counselor, chief legal officer and corporate secretary for both public and private companies in a variety of industries including service, consumer goods, retail and manufacturing businesses with significant experience internationally, both in Europe and Asia.
“We are excited for David to join our team and are looking forward to the contributions he can make based on his vast experience across numerous sectors applicable to the cannabis industry,” commented Mr. Flow. “We worked closely with David when he was a senior executive at Scotts, where he devised the concept of teaming with Flowr to build and operate a one-of-its-kind cannabis research and development facility on our Kelowna Campus. Without his creativity and determination, this innovative facility would never have come into existence.”
Prior to joining Flowr and since 2013, Mr. Aronowitz served as Head of Mergers & Acquisitions (“M&A”) of the Scotts where he led all M&A activities including the deployment of over USD$1 billion in capital. Concurrently, he also served as Chief of Staff to Scotts’ Chief Executive Officer. Between 2008 and 2013, Mr. Aronowitz was the Chief Executive Officer and President of the Gnoêsis Group, LLC, a legal staffing and consulting company. He was a Director of Glimcher Realty Trust, which traded on the New York Stock Exchange, from 2006 until 2015, when the company was acquired by Washington Prime Group.
Mr. Aronowitz holds a Bachelor of Arts from Haverford College and a Juris Doctor from Yale Law School.
In addition, Flowr also announced today that the board of directors of the Company has approved the granting of 150,000 incentive stock options (the “Options”) and 50,000 restricted share units (the “RSUs”) to an officer of the Company. The Options are exercisable at a price of CAD$4.00 per share for a period of five years. The Options and RSUs 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
Flowr, through its subsidiaries, holds cannabis production and sales licenses granted by Health Canada. With a head office in Toronto and a production facility in Kelowna, BC, Flowr builds and operates large-scale, GMP-designed cultivation facilities utilizing its own growing systems. Flowr expects to provide premium-quality cannabis to the adult-use recreational market and the medicinal market.
On behalf of The Flowr Corporation:
CEO and Director
Vice President, Communications & Public Relations
(877) 356-9726 ext. 1526
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 and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other applicable United States safe harbor laws, which may include, but are not limited to: Mr. Aronowitz’s working closely with Tom Flow across a range of strategic and tactical areas which are critical to successful ramp up of the business; Mr. Aronowitz’s experience, including, in businesses with significant experience internationally, both in Europe and Asia; Mr. Aronowitz making contributions to Flowr based on his vast experience across numerous sectors applicable to the cannabis industry; Flowr providing premium-quality cannabis to the adult-use recreational market and the medicinal market; 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 inability of Mr. Aronowitz to work closely with Tom Flow across a range of strategic and tactical areas; Mr. Aronowitz not having the experience that can be utilized in the cannabis industry or that can make Flowr successful; the construction and development of the Company’s cultivation and production facilities; general economic and stock market conditions; adverse industry events; the inability of Flowr to produce and distribute premium cannabis; loss of markets; future legislative and regulatory developments in Canada, the United States and elsewhere; the cannabis industry in Canada generally; the ability of Flowr to implement its business strategies; 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 and the United States. 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.