Flower One Closes Canadian Restructuring Transaction and Implements Plan Under the Companies' Creditors Arrangement Act (Canada)

Dec 31, 2022

Flower One Holdings Inc. (“Flower One” or the “Canadian Company”). Today the Canadian parent company, together with its Canadian subsidiaries Flower One Corp. and FO Labour Management Ltd. (collectively, the “Canadian Companies”), announces: (i) the implementation of its previously announced plan of compromise, arrangement and reorganization (the “Plan”) presented to affected creditors pursuant to the Companies’ Creditors Arrangement Act (Canada) (“CCAA”) and a Meeting Order of the Supreme Court of British Columbia ( “Canadian Court”) granted on November 25, 2022, which Plan was approved by the requisite majorities of affected creditors at a meeting on December 19, 2022 and sanctioned by the Canadian Court on December 21, 2022; and (ii) the closing of the transactions contemplated by the Plan, including a Canadian restructuring transaction pursuant to which the Canadian Company has ceased to own any U.S. operating subsidiaries.

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