Mr. Vinay Tolia reports
THE FLOWR CORPORATION WELCOMES IRINA HOSSU AS CHIEF FINANCIAL OFFICER AND ANNOUNCES MANAGEMENT CHANGES
The Flowr Corp. has appointed Irina Hossu as its new chief financial officer on March 29, 2020. Current chief financial officer Alex Dann will remain with the company until the end of March, 2020. The company is also announcing the departures of chief research and innovation officer, Jason Broome, and chief strategy officer, Laurence Levi. Current chief policy and medical officer Dr. Lyle Oberg will transition to an advisory role and remain on the board of directors of Flowr. Board chairman Steve Klein will again assume the title of chief strategist and oversee the strategic direction of the company moving forward.
"As the company continues to grow and execute on its business plan, Flowr is realigning its leadership structure to drive improved operational and financial efficiencies. Ms. Hossu, as CFO, will be responsible for the stewardship of Flowr's finance department, with an emphasis on financial strategy, capital allocation planning and growing Flowr's domestic and international businesses," said Flowr's Chief Executive Officer Vinay Tolia.
"We are thrilled to welcome Irina to the Flowr family where her extensive experience in strategic finance leadership roles with multinational organizations will have a positive impact at all levels of our Company as we move forward through our next phase of growth. Furthermore, her experience across a variety of industries, including consumer-packaged goods and beverage and alcohol, will better enable Flowr to execute on our ambitious international growth plans."
"On behalf of the Board we would like to thank Alex Dann, Jason Broome, Laurence Levi and Lyle Oberg, most of whom joined Flowr around the time of its founding and have been integral members of the management team. They each played a significant role in taking the Company from a startup to a public company with operations across several continents. We are very excited to have our Chairman Steve Klein return to overseeing the strategic direction of the Company. Steve has been instrumental in funding the Company as well as guiding its strategic direction since inception. With the recent acquisition of Holigen, we have advanced our efforts to become a major global player in the years to come and are ready to embark on the next phase of growth for the Company."
About Ms. Hossu
Ms. Hossu brings over 15 years of experience in the consumer-packaged goods, beverage and alcohol and financial technology industries, holding senior roles in finance and strategic planning. Most recently, Ms. Hossu served as Vice President Finance, Corporate Payments & Emerging Markets of WEX, a global leader in financial technology solutions. In that role she led the finance organizations across five continents, and was responsible for developing the strategic five-year plan, the integration of two global acquisitions, multinational financial reporting and controls, including SOX compliance, and continuous process improvement including forecasting, capital allocation and financial strategy. Prior to WEX, she was Director of Finance at Revlon where she was a member of the Canadian Leadership team setting strategic direction for Revlon Canada. Additionally, Ms. Hossu has held senior finance roles at Molson Coors & Xerox Canada.
Ms. Hossu holds an MBA from Wilfrid Laurier University, a Bachelor of Commerce from McMaster University, is a Chartered Professional Accountant and a Certified Management Accountant.
In addition, Flowr also announced today that the Company has agreed to grant, subject to the approval of the Board, an aggregate of 275,000 incentive stock options (the "Options") to an officer of the Company. The exercise price for each Option shall be the closing price of the Company's common shares on the trading day immediately preceding the officer's first day of employment. The Options will vest as to thirty-three and one-third percent (33-1/3 per cent) on each anniversary of the date of commencement of employment for the officer.
About The Flowr Corporation
The Flowr Corporation is a Toronto-headquartered cannabis company with operations in Canada, Europe, and Australia. Its Canadian operating campus, located in Kelowna, BC, includes a purpose-built, GMP-designed indoor cultivation facility; an outdoor and greenhouse cultivation site; and a state-of-the-art R&D facility that is currently under construction. From this campus, Flowr produces recreational and medicinal products. Internationally, Flowr intends to service the global medical cannabis market through its subsidiary Holigen, which has a license for cannabis cultivation in Portugal and will operate GMP-designed manufacturing facilities in Portugal and Australia.