The Flowr Corporation (OTCPK:FLWPF) (TSXV:FLWR) provided a business update and announced the departure of director and CEO Darryl Brooker and the appointment of Tom Flow as interim CEO.
In the last six months, Flowr has increased its product offerings significantly with the launch and success of Strawnana, Sour Sis, BC Dog Walkers, and the recently introduced strains of BC Clementine Crush, BC Lemon Ice, BC Spiced Grape and BC Mango Melon OG.
Q2 will see the introduction of seven new SKU’s across the provinces of Ontario, Quebec, British Columbia, Alberta and Saskatchewan. The genetic and innovation pipeline continues to expand and new product launches are planned for Q3 and Q4.
Over the past year, the company has significantly reduced its overhead costs and paid down much of its senior indebtedness. Since January 1, 2021, the company has reduced the amount of principal indebtedness under its overall debt from $43.5 million to $27.9 million and has repaid its senior secured indebtedness from $18.5 million to $5.7 million to date. The sale of the KRS R&D facility as previously announced will further reduce the company’s indebtedness by $12 million.
Brooker resigned as director and CEO in order to pursue other opportunities.
In the short-term, Tom Flow has been appointed Interim CEO to help support the leadership transition of the company. As the founder and former CEO of the company, Flow has an intimate knowledge of the business and is well-positioned to help guide Flowr through its leadership transition.
The board of directors will be providing additional support to management during the leadership transition to ensure effective leadership and decision-making as the company continues its focus on streamlining the business and works towards its goal of becoming cash-flow positive during 2022.
