Flowr's shares will be available for trading on the TSX Venture Exchange under the symbol FLWR at market open on September 26, 2018. This follows the recent completion by Flowr of both an oversubscribed $C36 million capital raise and reverse takeover of a capital pool company previously listed on the Exchange.
“This is an exciting day and important step toward our goal of becoming one of Canada’s top licensed producers,” said Vinay Tolia, Flowr’s CEO. “With the transaction behind us, we can increase our focus on executing our business plan.”
Flowr was founded by MedReleaf co-founder Tom Flow and a team of industry pioneers, start-up executives and industry scientists. Flowr’s purpose-built cultivation facilities are designed to generate high crop yields and produce premium and ultra-premium cannabis products. Company management believes that its focus on premium products and its highly efficient cultivation facilities create the potential for significant growth.
Flowr’s flagship 85,000-square-foot cultivation facility in Kelowna, British Columbia, employs proprietary cultivation systems and is engineered to meet pharmaceutical quality production standards allowing the Company to grow premium cannabis flower.
The Kelowna facility is presently approximately 20 percent operational with the remaining 80 percent slated to come online in early 2019. It is expected to produce upwards of 12,000 kilograms of cannabis flower annually once fully operational. The company expects to add more cultivation capacity and take steps designed to further increase crop yields in the near future.
Leading Flowr’s cultivation program is company co-founder and Flowr President Tom Flow. Flow co-founded MedReleaf and designed, built and set up SOPs for their flagship Markham, Ontario cultivation facility. MedReleaf was acquired by Aurora Cannabis for approximately C$3 billion. Flow and his team have designed and built a total of 17 cultivation facilities and secured three producer’s licences under Health Canada’s ACMPR.
Research & Development
In March 2018, Flowr and the Hawthorne Gardening Company, a subsidiary of The Scotts Miracle-Gro Company, announced an exclusive strategic R&D alliance. After evaluating numerous Canadian LPs, Hawthorne chose to partner with Flowr based on the experience and expertise of the company’s cultivation and R&D teams and the company’s advanced growing capabilities. This makes Flowr one of only three Canadian cannabis companies with a business partnership with a publicly traded U.S. company along with Canopy and Hexo.
Hawthorne will fund the construction of a 50,000-square-foot R&D facility that is integrated into Flowr’s Kelowna campus. This facility is North America’s first dedicated cannabis R&D facility focused on advancing cultivation techniques and systems. The facility will support researchers from both organizations and combine laboratories, indoor and greenhouse grow suites, training areas and genetics breeding areas in a single building. It is expected to open in 2019.
Products and sales
Flowr obtained its Health Canada Sales License earlier this year and has agreements with three provinces to supply premium cannabis for sale in the adult recreational use market that is expected to open October 17, 2018. The company recently announced it had started sales to the medical market via its website.
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