Flower One Holdings Inc. (OTCQX:FLOOF) (CSE:FONE) (FSE:F11) has extended the maturity date of its $6 million short-term debt from July 24, 2022 to December 31, 2022. The remaining terms of the short-term debt remain in place.
The company has determined that the extension of the maturity date of the short-term debt is exempt from the formal valuation and minority approval requirements applicable to related party transactions under Multilateral Instrument 61-101 – Protection of minority security holders in special transactions pursuant to the financial hardship exemptions set forth in sections 5.5(g) and 5.7(1)(e) of MI 61-101.
About Flower One Holdings Inc.
Flower One is cannabis cultivator, producer, and full-service brand fulfillment partner in the state of Nevada. Flower One offers consistent, reliable, and scalable fulfillment to a growing number of industry-leading cannabis brands (Cookies, Kiva, Old Pal, Heavy Hitters, Lift Ticket’s, The Clear, HUXTON, and Flower One’s leading in-house brand, NLVO, and more). Flower One currently produces a wide range of products from flower, full-spectrum oils, and distillates to finished consumer packaged goods, including a variety of: pre-rolls, concentrates, edibles, topicals, and more for top-performing brands in cannabis. Flower One’s Nevada footprint includes the company’s flagship facility, a 400,000 square-foot high-tech greenhouse and 55,000 square-foot production facility, as well as a second site with a 25,000 square-foot indoor cultivation facility and commercial kitchen.
Photo: Benzinga; Sources: courtesy of Kindel Media via Pexels
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