The Flowr Corporation (TSXV: FLWR; OTC: FLWPF) (“Flowr” or the
“Company”), herein announces its financial and operational results
for the first quarter ended March 31, 2019.
Select highlights from the first quarter
of 2019 include:
- An additional four grow rooms were propagated as construction
of the purpose-built, indoor cultivation facility, Kelowna 1, is on
track to be completed in the third quarter of 2019;- 10 of a
planned 20 rooms are licensed and ready for use with 8 rooms
propagated with plants;
- Production increased 8% quarter over quarter as process
optimizations resulted in higher yields from core strains and
cultivation activities ramp up in tandem with construction;-
Production in the quarter excludes the four new grow rooms as their
first harvest occurred in the second quarter;
- Consumer demand for Flowr’s premium dried flower was strong and
average net realized price per gram was $7.70, a 9% quarter over
quarter increase; and
- Gross revenue of approximately $1.8 million and net revenue of
approximately $1.6 million, which excludes approximately $250,000
of design and construction fees from Hawthorne Canada Limited in
relation to construction of the R&D facility on the Kelowna
Campus.
The following table summarizes the
Company’s key financial and operational results:
|
|
In thousands of
Canadian dollars, |
Three months ended |
(except loss per
share and grams produced) |
March 31 |
December 31 |
|
2019 |
2018 |
2018 |
|
Grams produced* |
279,760 |
- |
259,091 |
|
Grams sold |
211,195 |
- |
405,584 |
** |
Average net realized
price per gram |
7.70 |
- |
7.08 |
|
Net revenue |
1,626 |
- |
2,870 |
|
Gross profit (loss)
before fair value adjustments |
114 |
(656) |
252 |
|
Selling, General and
Administrative expense |
3,701 |
1,214 |
4,286 |
|
Share-based
compensation |
2,103 |
386 |
3,356 |
|
Net loss |
(5,850) |
(2,582) |
(6,059) |
|
Loss per share (basic
and diluted) |
(0.06) |
(0.03) |
(0.10) |
|
Cash used in
investing activities |
(12,645) |
(5,098) |
(10,609) |
|
Cash from financing
activities |
2,110 |
783 |
2,267 |
|
*Grams produced refers to the grams of dried
cannabis harvested from plants in the period. The Company
calculates grams produced based on the final recorded weight of
dried harvested buds that have completed the drying stage net of
any weight loss during the drying process for the period.**
Includes the sale of inventory produced in prior quarters of
2018.
Management Commentary
Vinay Tolia, Flowr’s Chief Executive Officer
commented: “Our team in Kelowna is doing a tremendous job balancing
our construction schedule, propagating and harvesting from rooms as
they come online, and refining our cultivation process as we dial
in our facility. We doubled the number of rooms available for
propagation during the quarter and began harvesting from some of
the additional rooms in the second quarter. At the same time,
we continued to optimize processes and delivered improved yields
compared to last quarter."
Mr. Tolia continued, “Bottlenecks in processing
and packaging persisted during the quarter as we work from a
temporary setup during construction. We are implementing
improvements to reduce the impact of this situation and ultimately
expect to increase the level of automation involved in these
processes when our facility is complete later this year. Our
March run-rate was closer to where we expect to be. We exited
the quarter on a positive and accelerating trend.”
All results are reported in Canadian dollars unless otherwise
stated.
Operational Results for the Three Months
Ended March 31, 2019
Kelowna 1
In the quarter, the Company continued to advance
construction of its purpose-built, indoor cultivation facility,
Kelowna 1, at the same time as it ramped up production.
The Company produced approximately 280 kilograms
of cannabis in the first quarter, compared to 259 kilograms in the
fourth quarter of 2018.
By the end of the quarter, 10 of a planned total
20 rooms were licensed and ready for use, with plants propagated in
eight (8) of these rooms.
First quarter production does not reflect the
addition of four (4) rooms during the quarter. These rooms
were propagated during the quarter and the increased production
capacity is expected to be realized beginning in the second quarter
of 2019. The approximate 8% quarter over quarter production
increase reflects the Company’s continued optimization efforts as
the facility advances to full capacity.
The Company is currently processing and
packaging product in a temporary area as the permanent packaging
site is currently under construction. The challenges
associated with processing and packing in a temporary area
continued to impact sales during the quarter. Improvements,
including adding shifts, were made to the current process and the
Company expects to add automation as part of the move to the
permanent processing and packaging area later this year.
The Company spent approximately $4.4 million on construction
activities at Kelowna 1 in the first quarter. The total budget for
the project is $33.8 million, $18.3 million of which is anticipated
to be spent in 2019.
Construction remains on track to be completed by
the end of the third quarter of 2019, with all 20 grow rooms
anticipated to be propagated in the fourth quarter of 2019.
Flowr Forest
In the quarter, the Company advanced preparation
work for Flowr Forest, the greenhouse and outdoor production
project adjacent to Kelowna 1. The perimeter is now fenced,
and security is in place for the site, which is envisaged to
include 42 greenhouses, each approximately 4,500 square feet,
pending Health Canada approval.
Research and Development (“R&D”)
Facility
In 2018, Flowr was selected as the R&D
partner of choice for Hawthorne Canada Limited, a subsidiary of The
Scotts Miracle-Gro Company. Together with Hawthorne Canada, Flowr
is creating a cannabis cultivation R&D facility, which is
located adjacent to Kelowna 1. Construction remains on track
for completion in the third quarter of 2019, with operational
timing pending Health Canada approval.
Holigen Holdings Limited (“Holigen”)
The Company entered into an agreement to acquire
a 19.8% interest in Holigen, a European-based cannabis company in
the process of developing large-scale cannabis cultivation
facilities and Good Manufacturing Process (GMP) compliant
production facilities that are expected to provide finished medical
cannabis products, pharmaceutical ingredients, and plants and seeds
to medical cannabis markets globally. As disclosed in the
Company’s April 29, 2019, press release, Flowr is evaluating a
further acquisition and/or investment into Holigen. The
Company provides no assurances that any transaction with Holigen
will be completed as proposed or at all.
During the quarter, work continued at Holigen’s
Aljustrel facility in Portugal, an over seven million square foot
outdoor growing operation with an expected annual capacity of over
500,000 kilograms. Phase 1 of the project is fenced and
security monitored and is expected to be operational by mid-2019,
pending final approval by authorities. The initial phase has
an expected 968,800 square feet of growing space and an expected
annual capacity of 77,500 kilograms.
NASDAQ Listing
As previously disclosed, the Company submitted
an application to list its common shares on the NASDAQ Capital
Market (“NASDAQ”) and subsequently has been in contact with the
exchange. The submission is progressing through the approval
process and the Company will provide a trading date once all
regulatory formalities are satisfied.
Financial Results for the Three Months
Ended March 31, 2019
During the first quarter, the Company generated
gross revenue of approximately $1.8 million and net revenue of
approximately $1.6 million, both of which excludes an approximate
$250,000 of design and construction fees from Hawthorne Canada
Limited in relation to construction of the R&D facility on the
Kelowna Campus.
The Company sold approximately 211 kilograms of
premium cannabis products in the first quarter, at an average net
realized price per gram of $7.70. A comparison of quarter
over quarter sales may not be accurate as fourth quarter 2018
included the sale of inventory produced in prior quarters of
2018. Flowr believes it must grow its own product to deliver
the quality that its customers expect and does not source material
from third parties.
Net loss in the first quarter of 2019 was
approximately $5.8 million. Key costs contributing to a net loss in
the quarter were cost of sales, selling, general and administrative
expenses and share-based compensation, partially offset by
unrealized gains on changes in fair value of biological assets.
Cost of sales for the first quarter was
approximately $1.5, including the expensing of capitalized
inventory costs, as product was sold in the first quarter of
2019.
Selling, general and administrative
expenditures, consisting primarily of salaries and professional
fees, were approximately $3.7 million and share-based compensation
was approximately $2.1 million in the first quarter of 2019.
These amounts reflect the expansion across all functional areas to
support the increasing production platform of the Kelowna
Campus.
Adjusted EBITDA (Non-IFRS Measure)
Adjusted EBITDA is net loss, plus (minus) income
taxes (recovery), plus (minus) interest income (expense), net, plus
depreciation and amortization, plus share-based compensation, plus
(minus) non-cash fair value adjustments on biological assets and
inventory sold, plus listing expense costs and plus (minus) loss
(gain) on investments. Management believes this measure provides
useful information as it is a commonly used measure in the capital
markets and as it is a close proxy for repeatable cash used by
operations.
|
|
In thousands of CAD
dollars |
Three months ended |
|
March 31, |
|
|
|
|
2019 |
2018 |
Net loss |
(5,850) |
(2,582) |
|
|
|
Depreciation and
amortization |
469 |
175 |
Unrealized (gains)
losses on fair value adjustments of biological assets |
(206) |
210 |
Fair value
adjustments on inventory sold |
(42) |
- |
Share-based
compensation |
2,103 |
386 |
Unrealized loss on
valuation of warrant investment |
351 |
27 |
Interest
(income) expense |
40 |
2 |
Adjusted
EBITDA |
(3,135) |
(1,782) |
|
|
|
Adjusted EBITDA losses were higher for the three months
ended March 31, 2019 compared to 2018 by $1,353,000, due to the
ramp up of cultivation and operating activities in 2019.
For a full discussion of Flowr’s operational and
financial results, please refer to the Company’s first quarter 2019
Management’s Discussion & Analysis and Financial Statements,
which have been filed on SEDAR.
Management Update
The Company is also pleased to announce that
Ashley Thomson (nee Dalziel) has joined Flowr as Chief People
Officer. In this new role, Ms. Thomson will be the driving
force behind Flowr’s culture and employee experience. She will be
responsible to build and support world-class teams and create
environments that inspire people's best work. Ms. Thomson will
be an instrumental business partner in Flowr’s growth through the
creation and execution of best-in-class strategies to ensure that
Flowr is attracting, developing and maximizing high-quality talent
to fuel the expansion of the brand and address skill set gaps
created through rapid growth.
Ms. Thomson served as the Chief People Officer
of Freshii Inc. from May 2, 2017 to May 3, 2019, and previously as
Vice President of People Culture at Freshii Inc. from February 1,
2016 to May 2, 2017. Prior to joining Freshii, Ms. Thomson held a
number of positions at Lululemon Athletica Inc. from October 2006
to January 2016, where she served as the Global Manager of
Recruiting and Talent. Ms. Thomson holds a B.A. in Psychology from
the University of British Columbia and holds a Master of
Counseling Psychology from the City University of Seattle.
Conference Call and Webcast
Flowr will host a conference call and webcast
today at 8:30 a.m. Eastern Time. A question-and-answer session will
follow.
Toll Free: 1-877-705-6003Toll/International:
1-201-493-6725Webcast: flowr.ca/investors
A replay of the call will be available later
that same day beginning at 11:30 a.m. Eastern Time through midnight
on Friday, May 31, 2019. To listen to the archived call, dial Toll
Free 1-844-512-2921 or Toll/International 1-412-317-6671 and enter
replay pin number 13690749, or access the webcast replay via
Flowr’s website.
To access webcast information, please visit
www.flowr.ca/investors
About The Flowr Corporation
Flowr, through its subsidiaries, holds a
cannabis production and sales license granted by Health Canada.
With a head office in Toronto and a production facility in Kelowna,
BC, Flowr builds and operates large-scale, GMP-designed cultivation
facilities utilizing its own growing systems. Flowr’s investment in
research and development along with its sense of craftsmanship and
a spirit of innovation is expected to enable it to provide
premium-quality cannabis that appeals to the adult-use recreational
market and addresses specific patient needs in the medicinal
market.
For more information, visit flowr.ca. Follow
Flowr on Twitter: @FlowrCanada; Facebook: Flowr Canada; Instagram:
@flowrcanada; and LinkedIn: The Flowr Corporation.
On behalf of The Flowr Corporation:Vinay
ToliaCEO and Director
Non-IFRS
Financial Measures
This press release makes reference to certain
measures that are not recognized measures under International
Financial Reporting Standards (“IFRS”). These non-IFRS measures are
not recognized measures under IFRS and do not have a standardized
meaning prescribed by IFRS, and are therefore unlikely to be
comparable to similar measures presented by other companies. When
used, these measures are defined in such terms as to allow the
reconciliation to the closest IFRS measure. These measures are
provided as additional information to complement those IFRS
measures by providing further understanding of the Company’s
results of operations from management’s perspective. Accordingly,
they should not be considered in isolation nor as a substitute to
the Company’s financial information reported under IFRS. Management
uses non‐IFRS measures such as Adjusted EBITDA to provide investors
with supplemental information of the Company’s operating
performance and thus highlight trends in the Company’s core
business that may not otherwise be apparent when relying solely on
IFRS financial measures. Management believes that securities
analysts, investors and other interested parties frequently use
non‐IFRS measures in the evaluation of issuers. Management also
uses non‐IFRS measures in order to facilitate operating performance
comparisons from period to period, prepare annual operating
budgets, to assess its ability to meet future debt service
requirements, in making capital expenditures, and to consider the
business’s working capital requirements. Readers are cautioned that
the non‐IFRS measures contained herein may not be appropriate for
any other purpose.
Forward-Looking Information
This press release includes forward-looking
information within the meaning of Canadian securities laws
regarding Flowr and its business, which may include, but are not
limited to: statements with respect to the completion of
Kelowna 1 in the third quarter of 2019, the number of planned rooms
that will be licensed and used at Kelowna 1, the ramping up of
cultivation activities in tandem with construction, Flowr
continuing to optimize processes, Flowr implementing improvements
to reduce bottlenecks in processing, Flowr increasing levels of
automation in the future as part of its move to a permanent
processing and packaging area, expectations for the Company’s
run-rate, Flowr being on a positive and accelerating trend, Flowr
realizing increased production capacity, the total budget for the
construction of Kelowna 1 and the amount anticipated to be spent in
2019, the anticipated timeline for all grow rooms at Kelowna 1 to
be propagated, preparation work for Flowr Forest, the timeline for
completing the R&D facility, Health Canada approvals for the
R&D facility, Ms. Thomson building and supporting world-class
teams and creating environments that inspire people's best work,
Ms. Thomson creating and executing best-in-class strategies to
ensure that Flowr is attracting, developing and maximizing
high-quality talent to fuel the expansion of the brand and address
skill set gaps created through rapid growth, statements with
respect to Holigen, including the closing of the acquisition of a
19.8% interest in Holigen, Flowr’s evaluation of a further
acquisition and/or investment in Holigen, facilities Holigen is
proposing to complete, the products it proposes to produce and
sell, and the markets it proposes to operate and distribute its
products in, Holigen developing large-scale cannabis cultivation
facilities and GMP compliant facilities, Holigen’s facilities
providing finished medical cannabis products, pharmaceutical
ingredients, and plants and seeds to medical cannabis markets
globally, expected timelines for Holigen’s Aljustrel facility
becoming operational, the expected square footage of growing space
and expected annual capacity of the initial phase of Holigen’s
Aljustrel facility, Holigen potentially being among the lowest cost
producers in the world, Flowr intending to use the Flowr Forest for
greenhouse and outdoor production of cannabis and extraction of
such other form factors, the Company initiating its licensing
process with Health Canada and obtaining its license for Flowr
Forest, the Company planning to begin construction and growing the
Flowr Forest in 2019 and beyond, the products cultivated from the
Flowr Forest being used for extraction in developing edibles and
concentrates, the number of greenhouses, size of greenhouses, and
size of the outdoor grow at the Flowr Forest, the Company intending
to develop Kelowna 2, the planned size of Kelowna 2 and the number
of grow rooms expected in Kelowna 2, Flowr only getting started
with its planned operations and strategic direction, Flowr’s design
and cultivation expertise and superior IP know-how enabling it to
grow high quality cannabis on a large scale at
industry leading yields, Flowr’s operational efficiency
improving with the completion of the Kelowna 1 facility, Flowr
having 20 grow rooms fully constructed in the third quarter of
2019, the completion of the Kelowna
1 facility enabling Flowr to begin to capitalize on
strategic growth opportunities, the number of kilograms of capacity
on an annualized basis, the completion and timing of completion of
the Kelowna 1 facility, the additional grow rooms that will become
available upon completion of the Kelowna 1 facility,
the listing of the Company’s common shares on the NASDAQ, the
timing and progress thereof and trading of the common shares being
approved for listing, Flowr’s belief that it must grow its own
product to deliver the quality its customers expect, Flowr not
sourcing material from third parties, Flowr being well positioned
to complete its facilities build-out and ramp-up production in 2019
and capitalize on its strategic growth opportunities
globally, Flowr’s investment in research and development along
with its sense of craftsmanship and a spirit of innovation enabling
it to provide premium-quality cannabis that appeal to the adult-use
recreational market and address specific patient needs in the
medicinal market and other factors. Often, but not always,
forward-looking information can be identified by the use of words
such as “plans”, “is expected”, “expects”, “scheduled”, “intends”,
“contemplates”, “anticipates”, “believes”, “proposes” or variations
(including negative and grammatical variations) of such words and
phrases, or state that certain actions, events or results “may”,
“could”, “would”, “might” or “will” be taken, occur or be achieved.
Such statements are based on the current expectations of Flowr’s
management and are based on assumptions and subject to risks and
uncertainties. Although Flowr’s management believes that the
assumptions underlying these statements are reasonable, they may
prove to be incorrect. The forward-looking events and circumstances
discussed in this press release may not occur by certain specified
dates or at all and could differ materially as a result of known
and unknown risk factors and uncertainties affecting Flowr,
including, but not limited to, Flowr deciding to use third
party products to supplement any supply shortage, which could
impact Flowr’s brand and/or its ability to sell premium product,
other licensed producers selling third party product at a lower
cost that is premium and directly competes with Flowr’s products,
Flowr being delayed in closing the acquisition of a 19.8% interest
in Holigen or such acquisition not being completed, Flowr not
completing a further investment into and/or acquisition of Holigen,
which could materially impact Flowr’s strategy to expand globally,
Holigen being unable to complete construction of its proposed
facilities or being unable to get the required licenses to operate
such facilities, Holigen not being able to produce and/or sell the
products described herein or in the markets it proposes to sell
such products, Holigen not being among the lowest cost producers in
the world, resulting in decreased margins, higher costs and
additional financing requirements, Holigen not developing
large-scale cannabis cultivation and GMP compliant facilities,
Holigen not meeting expected timelines, or expectations for growing
space or expectations for annual capacity, the inability of Flowr
to use the Flowr Forest for greenhouse and outdoor production of
cannabis and extraction of such other form factors, as result of
the inability to receive required approvals and licenses, which
could have a material adverse impact on Flowr’s results of
operations, financial condition and business, the number of
greenhouses, size of greenhouses and/or size of outdoor production
being materially less than the numbers described herein, which
could materially adversely impact the products to be cultivated and
produced out of the Flowr Forest and the Company’s forecasts, the
Company failing to initiate its licensing process with Health
Canada and/or being unable to obtain its Health Canada license for
the Flowr Forest, the Company being delayed in initiating its
licensing process or Health Canada not approving the license for
the Flowr Forest, which could have a material adverse impact on its
financial condition, results of operations and business, the
Company being delayed in constructing the Flowr Forest or not being
able to construct or plant the Flowr Forest at all for any reason,
including as a result of not receiving required approvals or due to
weather conditions, which could have a material adverse impact on
Flowr’s financial condition, results of operations, business,
and/or ability to compete in the other form factor markets, the
products cultivated from the Flowr Forest not being used or the
inability to use such products for extraction in developing edibles
and concentrates, any delay in the timing that edibles and
concentrates are expected to be legally sold in Canada, which could
materially adversely impact Flowr’s future cash-flows and
forecasts, Flowr not being in a position to launch cannabis oils
and vape technologies in 2019 or not launching them at all, which
could have a material adverse impact on Flowr financial results,
operations and financial condition, including losing competitive
advantages over other licensed producers, the Company not being
able to construct the Kelowna 2 facility, which would reduce
Flowr’s capacity and have an impact on future financial results,
Kelowna 2 being smaller and/or containing fewer grow rooms, which
could materially reduce the Company’s future planned capacity and
forecasts, Flowr not being well positioned to execute
on its planned operational and strategic
direction, the inability of Flowr’s design and
cultivation expertise and superior IP
know-how enabling it to grow high quality cannabis on a
large scale at industry leading yields, Flowr’s operational
efficiency not improving as a result of
the completion of the Kelowna 1 facility, Flowr failing
to complete the 20 grow rooms or such rooms not
being fully operational on the timing described
herein, which could have a material adverse impact on Flowr’s
business, financial condition and results of operations, the
completion of the Kelowna 1 facility not allowing Flowr
to begin to capitalize on strategic growth
opportunities, Flowr not achieving or producing the
number of kilograms of capacity on an annualized basis as set
forth herein, which could have a material adverse
effect on Flowr’s business, financial condition and results of
operations, Flowr not being able to or being delayed
in selling a wide selection of cannabis cultivars in both
seed and clone form in 2019, which could have a material
adverse impact on Flowr’s business, financial condition and results
of operations, the Company’s cultivation process not
enabling it to produce high quality clones, Flowr not
being able to produce the anticipated number of clones
or at all on annualized basis upon completion of the
Kelowna 1 facility, which could have a material
adverse impact on Flowr’s business, financial condition and results
of operations, the clones that Flowr produces
not being incremental to the Company’s cultivation process and
in excess of what it needs for its retail and medical
production, which could have a material adverse impact on
Flowr’s business, financial condition and results of
operations, the Kelowna 1 facility not being completed or
completed in time or on the timeline contained herein, the Kelowna
1 facility not having the anticipated number of licensed and/or
operational grow rooms, the additional grow rooms that will
become available upon completion of the Kelowna 1 facility not
becoming available on time or at all, which could have a
material adverse impact on Flowr’s business, financial
condition and results of operations, cultivation activities
not ramping up in tandem with construction, Flowr being unable to
optimize process and reduce bottlenecks in processing, Flowr not
completing the R&D facility on the timeline herein, any delay
or inability to obtain Health Canada approvals for the R&D
facility, the listing of the Company’s common shares on the
NASDAQ not being approved or further delayed, which could
impact the liquidity of the
Company’s common shares or cause a significant
decline in the price of the common shares, Ms. Thomson not
being able to build and support world-class teams and create
environments that inspire people's best work, Ms. Thomson not being
able to create and execute best-in-class strategies to ensure that
Flowr attracts, develops and maximizes high-quality talent to fuel
the expansion of the brand and address skill set gaps created
through rapid growth, the steps taken by Flowr not preparing
it financially and/or operationally for the recreational use market
and/or to execute on its business strategy, Flowr not completing
the build out and/or ramp-up of production in 2019, which could
materially adversely impact Flowr’s
financial condition, results of operations and
business, Flowr not being able to execute on growth strategies,
including international opportunities, which could adversely impact
Flowr’s growth and future prospects, Flowr not being able to
sustain its competitive advantage in cultivation and being unable
to remain at the forefront of industry innovation, whether as a
result of failed construction of the facilities or otherwise, Flowr
not being able to meet demand or fulfill purchase orders, which
could materially impact revenues and its relationships with
purchasers, Flowr requiring additional financing from time to time
in order to continue its operations or expand domestically or
globally and such financing not being available when
needed or on terms and conditions acceptable to the Company, new
laws or regulations adversely affecting the Company’s business and
results of operations, results of operation activities and
development of projects, project cost overruns or unanticipated
costs and expenses, the inability of Flowr’s products to be high
quality, the inability of Flowr’s products to appeal to the
adult-use recreational market and address specific patient needs in
the medicinal market, the inability of Flowr to produce and
distribute premium, high quality products, the inability to supply
products or any delay in such supply, Flowr’s securities, the
inability to generate cash flows, revenues and/or stable margins,
the inability to grow organically, risks associated with the
geographic markets in which Flowr operates and/or distributes its
products, risks associated with fluctuations in exchange rates
(including, without limitation, fluctuations in currencies), risks
associated with the use of Flowr’s products to treat certain
conditions, the cannabis industry and the regulation thereof, the
failure to comply with applicable laws, risks relating to
partnership arrangements (including the Hawthorne partnership),
possible failure to realize the anticipated benefits of
partnership arrangements (including the Hawthorne partnership),
product launches (including, without limitation, unsuccessful
product launches), the inability to launch products, the failure to
obtain regulatory approvals, economic factors, market conditions,
risks associated with the acquisition and/or launch of products,
the equity and debt markets generally, risks associated with growth
and competition (including, without limitation, with respect to
Flowr’s products), general economic and stock market conditions,
risks and uncertainties detailed from time to time in Flowr’s
filings with the Canadian Securities Administrators and many other
factors beyond the control of Flowr. Although Flowr has attempted
to identify important factors that could cause actual actions,
events or results to differ materially from those described in
forward-looking information, there may be other factors that cause
actions, events or results to differ from those anticipated,
estimated or intended. No forward-looking information can be
guaranteed. Except as required by applicable securities laws,
forward-looking information speaks only as of the date on which it
is made and Flowr undertakes no obligation to publicly update or
revise any forward-looking information, whether as a result of new
information, future events, or otherwise.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this press release.
CONTACT INFORMATION:
MEDIA: Sean GriffinVice President, Communications & Public
Relations(877) 356-9726 ext. 1526sean.griffin@flowr.ca
INVESTORS:Thierry ElmalehHead of Capital Markets(877) 356-9726
ext. 1528thierry@flowr.ca
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