The Flowr Corporation (TSXV: FLWR; OTC: FLWPF) (“Flowr” or the
“Company”) is pleased to announce that Holigen Holdings Limited
(“Holigen”), which Flowr is in the process of acquiring the
remaining 80.2% interest, subject to regulatory approval, has
through its subsidiary RPK Biopharma, Unipessoal Lda, received
permission from INFARMED to plant cannabis at the Aljustrel project
in Portugal.
In addition, Flowr received a Health Canada
export permit that allowed it to make an initial shipment of clones
from its Kelowna Campus to Portugal. The Company leveraged
its proprietary clean stock protocol and carried out an intensive,
nine-week integrated pest management program that led to the
receipt of the required phytosanitary certification to ship the
clones. Flowr also utilized innovations to packaging to
ensure the clones arrived healthy and ready for operations at
Aljustrel.
In the coming weeks, Flowr expects to deliver a
significantly larger shipment of clones, upon receipt of applicable
export permits, which will position Aljustrel well for the planned
2019 planting and, ultimately, an expected first harvest later this
year, pending final licensing.
“INFARMED’s authorization to plant cannabis at
Aljustrel is a major milestone in the development of this project,
a cornerstone of our effort to service the global medical cannabis
market. Aljustrel is one of the largest outdoor THC
cultivation licenses in the developed world, and will be
instrumental in providing large-scale, low-cost cannabis extract
for pharmaceutical APIs, as well as oils to service the European
medical markets,” commented Vinay Tolia, Flowr’s Chief Executive
Officer. “Congratulations to the team at Holigen for advancing this
project to this stage in such an efficient manner. This is a
testament to their expertise in permitting and licensing and we
look forward to bringing our cultivation expertise to this
impressive opportunity, the first step of which was our successful
initial shipment of healthy clones.”
Aljustrel is a developing site for cannabis
production, extraction, and manufacturing facilities in Portugal.
Designated a Project of National Interest (“PIN”) by the
Portuguese government, this designation provides the ability to
quickly move the project through regulatory licensing processes, as
well as potential access to funding. The plan is to build and
operate a cannabis cultivation site on the 7,000,000 square foot
property with a combined potential annual dried cannabis flower
capacity of approximately 500,000 kilograms. Holigen is in
the process of receiving all required licenses to operate the
Aljustrel site in Portugal.
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
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
Forward-Looking Information
This press release includes forward-looking
information within the meaning of Canadian securities laws
regarding Flowr, Holigen and their respective businesses, which may
include, but are not limited to: Flowr delivering a significantly
larger shipment of clones to Aljustrel, which will position
Aljustrel well for the planned planting and an expected first
harvest later this year; INFARMED’s authorization to plant cannabis
at Aljustrel being a major milestone in the development of the
project and a cornerstone of Flowr’s efforts to service the global
medical cannabis market; Aljustrel being instrumental in providing
large-scale, low cost cannabis extract for pharmaceutical APIs and
oils to service the European medical market; Holigen’s expertise in
permitting and licensing; Flowr bringing cultivation expertise to
Aljustrel; Aljustrel’s designation as a PIN and the benefits
associated therewith, including quicker licensing pathways and
access to funding; Flowr’s plans on building and operating at the
Aljustrel site; the size and capacity of the Aljustrel site; the
business, production and products of Flowr, Holigen building what
is expected to be one of the largest cannabis cultivation projects
in the world; and Flowr’s investment in research and development,
along with its sense of craftsmanship and spirit of innovation
enabling it to provide premium-quality cannabis that appeals to the
adult-use recreational market and addresses specific patient needs
in the medicinal market.
Often, but not always, forward-looking
information can be identified by the use of words such as
“potential”, “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 risks relating to Flowr failing to
deliver clones to Holigen, including as a result of failing to
receive the required import permits; Holigen not being able to
import the clones, plant the clones or harvest them on the
timelines described in this press release or at all; the
authorization from INFARMED to plant at Aljustrel not proving to be
a major milestone in the development of the project and a
cornerstone of Flowr’s efforts to service the global medical
cannabis market; Aljustrel failing to provide large-scale, low cost
cannabis extract for pharmaceutical APIs and oils to service the
European medical market, which would have a material impact on
Flowr’s expansion efforts and ability to expand into these markets;
Flowr failing to bring its cultivation expertise to Aljustrel or
not having the expertise to grow outdoors, which could result in
crop failures and the inability of Flowr to enter into the global
medical markets; Aljustrel’s designation as PIN not providing
the benefits described in this press release or the failure of
Holigen to maintain its PIN designation, which could impact
Holigen’s licensing pathways and access to funding; Flowr’s not
having the funds, capacity or expertise to build and operate at the
Aljustrel site; the size and capacity of the Aljustrel site not
achieving the amounts and/or size described in this press release;
Aljustrel not receiving its final licences or Holigen being delayed
in receiving them; the failure to obtain regulatory approvals
(including approval of Health Canada and/or INFARMED); risks
relating to the use of Flowr’s or Holigen’s products; risks
relating to the markets in which Flowr and Holigen operate and/or
distribute their respective products; risks associated with
operating in the markets in which Flowr and Holigen operate; the
failure to receive licenses and/or construct Flowr’s and/or
Holigen’s facilities and sites; Holigen’s license and/or product
applications being delayed or not completed; general economic and
stock market conditions; Flowr’s investment in research and
development, along with its sense of craftsmanship and spirit of
innovation failing to provide and distribute premium-quality
cannabis that appeals to the adult-use recreational market and
addresses specific patient needs in the medicinal market; 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.
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