TORONTO, Dec. 16, 2021 (GLOBE NEWSWIRE) -- The Flowr Corporation (“Flowr” or the “Company”) (TSXV: FLWR, OTC: FLWPF) is pleased to provide an update on its Canadian and European operations.
New Product Launches
Following the successful launch of our latest high-THC strain, BC Strawnana, in October 2021, Flowr is pleased to announce that three new genetics, BC Lemon Ice, BC Spiced Grape and BC Mango Melon OG, have been approved for listing with the Ontario Cannabis Store in Q1 and Q2 of 2022 with additional provincial listings in progress. These additional listings will continue to offer consumers premium cannabis choices based on high-THC, strong sensory profiles and high quality buds.
In addition, we recently released a new genetic, Sour Sis, as part of our Underground Series campaign. Sour Sis is an exotic high-THC strain which tested at 28% THC and 3.2% terpenes. The Underground Series is meant to provide consumers with unique product offerings that are, rare, diverse, and only available on a limited time basis.
We have established a robust pipeline of new cultivars that are under R&D trial at our facilities in Kelowna, ensuring that Flowr will continue to grow its revenue base by bringing rare and in-demand products to consumers.
The Company is pleased to announce the successful launch of BC Dogwalkers pre-rolls after the first shipment sold out in under twenty-one days in British Columbia. BC Dogwalkers provide consumers with Flowr’s flagship strains in a 0.35 gram pre-roll format that prioritizes convenience and accessibility. The addition of BC Dogwalkers also complements our existing 0.5 gram pre-rolls to maximize revenue generation across formats. BC Dogwalkers will also launch in the Ontario Cannabis Store in January 2022, offering Ontario consumers an expanded range of Flowr products.
Sale of Non-Core Asset and Debt Repayment
The Company has successfully closed the previously announced sale of unused industrial land located in Kelowna, BC for gross sale price of $6.3 million in cash, including $5.3 million paid on closing and a further $1.0 million cash receivable within six months upon satisfaction of certain conditions. Pursuant to the credit agreement with a syndicate of senior lenders led by ATB Financial (the “Credit Facility”), the Company has made an early principal repayment of $3 million towards the Credit Facility using proceeds from the land sale, reducing the principal amount outstanding to $5.7 million by the end of 2021. In exchange for the $3 million paydown, ATB Financial has agreed to release its security over Holigen Holdings Limited (“Holigen”), providing the Company greater flexibility over Holigen’s capitalization.
Holigen Facility Fully Operational
Holigen’s indoor facility in Sintra, Portugal is now fully operational with all grow rooms planted and producing E.U. GMP medical cannabis. Currently two strains, BC Black Cherry and BC Strawnana, are in production with more genetics planned for 2022. The first harvest is scheduled to take place in January 2022.
Resignation of Director
Flowr would like to announce that Jrg Cieslok has resigned from the Board of Directors in order to pursue other opportunities. The Company wishes Mr. Cieslok all the best in his future endeavours.
About The Flowr Corporation
The Flowr Corporation is a Canadian cannabis company with operations in Canada and the European Union. Its Canadian operating campus, located in Kelowna, BC, includes a purpose-built, GMP-designed indoor cultivation facility; an outdoor cultivation site; and a state-of-the-art R&D facility. From this campus, Flowr produces recreational and medicinal products. Internationally, Flowr intends to service the global medical cannabis market through its subsidiary Holigen Holdings Limited, which has a license for cannabis cultivation in Portugal and operates a GMP licensed facility in Portugal. In 2020, Flowr’s BC Pink Kush was recognized as the top indica strain in Canada by KIND magazine.