The Flowr Corporation (TSX.V: FLWR; OTC: FLWPF) (“Flowr” or the
“Company”) announced that its wholly-owned subsidiary in Europe
(“Holigen”) has received its Good Manufacturing Practice (GMP)
certification in accordance with European Union standards, for its
manufacturing facility in Sintra, Portugal. The GMP certification
was issued by Infarmed, the Portuguese National Authority of
Medicines and Health Products. In accordance with the certification
process, the Company is the process of responding to Infarmed’s
final queries that will demonstrate the Company’s ability to
continue to comply with GMP standards. This GMP certification
allows the facility to manufacture and export GMP-certified
finished medical cannabis products, specifically dried flower, from
Portugal to international markets with legal medical cannabis
regulations.
“We are very pleased to receive our GMP certification for our
Sintra facility in Portugal,” says Pauric Duffy, Flowr’s Managing
Director of Europe. “This is a critical license and step forward
which will enable us to release final product into the European
market. GMP is the worldwide standard by which pharmaceutical
manufacturers judge their supply partners.”
“Our international strategy is a key component in driving sales
growth and long-term value creation for our shareholders,” added
Vinay Tolia, Flowr’s CEO. “This certification is a testament to our
focus on quality and a huge accomplishment for the team in Europe
as well as the global organization.”
Located just outside of Lisbon, Holigen’s Sintra facility is a
purpose built facility with 6 grow rooms, a research and
development lab and an expected extraction processing facility.
Sintra is capable of producing approximately 1,800 kg of premium
dried flower when fully optimized. Holigen’s European operations
also include its Aljustrel site in Portugal which has more than
5,000,000 square feet of outdoor grow space, capable of producing
in excess of 500,000 kilograms of cannabis when fully operational.
The Company will require additional financing to complete the
Aljustrel site.
Conversion of Preferred Shares
The Company also announced that, pursuant to the
terms of a share conversion agreement entered into by DFT Trading
Limited, Pleiades Trading Ltd. (together, the “Vendors”) and the
Company in connection with the acquisition of Holigen (the
“Conversion Agreement”), the Portugal Planting Milestone (Sintra)
(as such term is defined in the Conversion Agreement) has been
deemed achieved. As a result, on or about April 1, 2020, 7.5% of
the 32,632,545 series 1 voting convertible redeemable preferred
shares in the capital of the Company (collectively, the
“Consideration Shares”) issued by the Company to the Vendors upon
the closing of the acquisition of Holigen will convert to 2,447,441
common shares in the capital of the Company (the “Conversion”). The
Company expects Pauric Duffy and Peter Comerford to issue early
warning reports, respectively, and a press release in connection
with the Conversion on April 1, 2020, in accordance with applicable
securities laws.
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.
Flowr aims to support improving outcomes through
responsible cannabis use and, as an established expert in cannabis
cultivation, strives to be the brand of choice for consumers and
patients seeking the highest-quality craftsmanship and product
consistency across a portfolio of differentiated cannabis
products.
For more information, please visit flowrcorp.com
or follow Flowr on Twitter: @FlowrCanada and LinkedIn: The Flowr
Corporation.
On behalf of The Flowr Corporation:
Vinay ToliaCEO and Director
Contact Info:
INVESTORS & MEDIA:Thierry ElmalehHead of
Capital Markets(877) 356-9726 ext. 1528thierry@flowr.ca
Forward-Looking Information and
Statements
This press release contains “forward-looking
information” within the meaning of Canadian Securities laws, which
may include but is not limited to: the Company’s ability to
continue to maintain GMP certification in Portugal; the GMP
certification being a step forward which will enable the Company to
release final product into the European market; the Company’s
international strategy being a key component in driving sales
growth and long-term value creation for our shareholders; the
Sintra facility including an extraction capability; the scale and
output of cannabis product coming out of the Sintra and Aljustrel
sites; Flowr servicing the global medical cannabis market and
operating GMP-designed manufacturing facilities in Portugal and
Australia; Flowr supporting improving outcomes through responsible
cannabis use and striving to be the brand of choice for consumers
and patients seeking highest-quality craftmanship and product
consistency; and Flowr’s business, production and products. 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 information and
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 such information and 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: the
inability of the Company to maintain GMP certification in Portugal;
the inability of the Company to use GMP certification as a step
forward to release final product into the European market; the
inability of the Company to be able to release product into the
European market or the market not demanding the Company’s products;
the Company’s international strategy not being the key to driving
sales and long-term value creation for shareholders; the fact that
the Company’s international business has not been profitable to
date and may not be profitable in the future despite the matters
disclosed herein; the Sintra facility not including an extraction
capability which would significantly limit the products and markets
available to the Company; the Sintra and Aljustrel sites not
producing the expected output of product described herein; the
Company being unable to grow; the Company being unable to execute
its business plan; the conversion of Consideration Shares into
common shares in the capital of the Company; the Company’s
expectations regarding early warning reports and a press release
being issued as a result of the Conversion; Flowr being unable to
service the global medical cannabis market and/or operate
GMP-designed manufacturing facilities in Portugal and Australia;
Flowr being unable to support improving outcomes through
responsible cannabis use and/or striving to be the brand of choice
for consumers and patients seeking highest-quality craftmanship and
product consistency; the construction and development of the
Company’s cultivation and production facilities; general economic
and stock market conditions; adverse industry events; loss of
markets; future legislative and regulatory developments in Canada
and elsewhere; the cannabis industry in Canada generally; the
ability of Flowr to implement its business strategies; Flowr’s
inability to produce or sell premium quality cannabis, risks and
uncertainties detailed from time to time in Flowr’s filings with
the Canadian Securities Administrators; the Company’s inability to
raise capital or have the liquidity to operate or advance its
strategic initiatives 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 or statements, there may be other
factors that cause actions, events or results to differ from those
anticipated, estimated or intended. No forward-looking information
or statement can be guaranteed. Except as required by applicable
securities laws, forward-looking information and statements speak
only as of the date on which they are made and Flowr undertakes no
obligation to publicly update or revise any forward-looking
information or statements, whether as a result of new information,
future events or otherwise. When considering such forward-looking
information and statements, readers should keep in mind the risk
factors and other cautionary statements in Flowr’s Annual
Information Form dated April 3, 2019 (the “AIF”) and filed with the
applicable securities regulatory authorities in Canada. The risk
factors and other factors noted in the AIF could cause actual
events or results to differ materially from those described in any
forward-looking information or statements.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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