Flower One Provides Second Bi-Weekly Status Report in Relation to its Annual Filings
Flower One Holdings Inc. ("Flower One" or the "Company") (CSE: FONE) (OTCQX: FLOOF) (FSE: F11), the leading cannabis cultivator and producer in Nevada, today provides its second bi-weekly status report further to the Company’s press release dated May 3, 2021. The Company was granted a customary management cease trade order (the "MCTO") under National Policy 12-203 – Management Cease Trade Orders ("NP 12-203"). As previously announced, the application for the MCTO was made by the Company in order to secure additional time for the Company to file its audited annual financial statements for the year ended December 31, 2020, the related management’s discussion and analysis, certificates of its CEO and CFO and its annual information form (collectively the "Annual Filings"). The MCTO prohibits all trading in securities of the company, whether directly or indirectly, by the company’s CEO and CFO. The MCTO does not affect the ability of other shareholders to trade in the securities of the Company.
In connection with the issuance of the MCTO, and in accordance with its obligation to provide bi-weekly updates under the alternative information guidelines set out in NP 12-203, the Company confirms that (i) there has been no material change to the information relating to the company’s delay in making the Annual Filings since its news release on May 3, 2021 that has not been generally disclosed; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed. As previously announced, the Company anticipates filing the Annual Filings on or before May 28, 2021. During the MCTO, the Company confirms that it will comply with the provisions of the alternative information guidelines set out in NP 12-203 for as long as it remains in default, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a news release. The MCTO will remain in effect until the Company files the Annual Filings or the MCTO is otherwise revoked or varied.
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