Proactiveinvestors USA & Canada The Flowr Corporation https://www.proactiveinvestors.com Proactiveinvestors USA & Canada The Flowr Corporation RSS feed en Sun, 21 Jul 2019 05:40:49 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Buds & Duds: Cannabis stocks level out Friday; Flowr shares soar as CannTrust shares continue to slip ]]> https://www.proactiveinvestors.com/companies/news/224228/buds--duds-cannabis-stocks-level-out-friday-flowr-shares-soar-as-canntrust-shares-continue-to-slip-224228.html Cannabis stocks cruised into Friday with a healthy mix of green and red across North American markets.

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was up 0.3% to 220.6 points on Friday. The Horizons Marijuana Life Sciences Index ETF was up 0.1% to C$16.95. The OTCQX Cannabis Index was up 0.5% at 716.2 points.

Buds

The Flowr Corporation (CVE:FLWR) (OTCMKTS:FLWPF) shares soared on Friday after announcing that it has decided not to proceed with an equity offering.

The cannabis company had released plans to raise C$125 million for its acquisition of Holigen Holdings Ltd, a European-based cannabis company developing large-scale GMP-compliant grow facilities in Portugal and Australia, of which Flowr owns 19.8%.

Shares of Flowr jumped on Friday, up 18.3% at C$4.73 in Toronto, and up 18.6% at US$3.64 in New York. 

Earlier this week, the company announced it had received a second site cultivation license from Health Canada for its Flowr Forest project, an expanded indoor and outdoor cultivation area with a total licensed grow space of over 530,000 square feet in Kelowna, British Columbia.

READ: Flowr says it is not proceeding with equity offering; shares soar

Shares of CBD manufacturer Isodiol International Inc (CSE:ISOL) (OTCQB:ISOLF) were on the rise Friday, up 7.5% to US$0.48 in US trading. 

The firm announced Thursday it was terminating its deal to acquire multiple assets under the Carlsbad Naturals LLC umbrella. The assets were to be acquired by Iso International, a wholly owned subsidiary of Isodiol International.

The firm said the cancellation of the deal came came "as a result of Carlsbad New Mexico and Carlsbad Wyoming’s failure to perform their respective obligations under the agreements, including the obligation to transfer to the company the intellectual properties, brands and other assets that formed the subject matter of the transactions," noted the firm in a statement. 

READ: Curaleaf has big plans to build the largest cannabis brand in the United States

Other gainers Friday included Curaleaf Holdings (CSE:CURA) (OTCMKTS:CURLF) which had a busy week, after announcing a mammoth US$875 million deal to acquire private producer GR Companies Inc (Grassroots) earlier in the week.

The deal expands Curaleaf’s footprint to 19 states from 12, including Illinois, which recently became the 11th state to legalize recreational marijuana. The combined entity will have 131 dispensary licences, 68 operational locations and 20 cultivation sites.

Shares were up 7.7% at C$10.72 in Canadian trading, up 6.7% at US$8.16 in New York.

Duds

CannTrust Holdings Inc (TSE:TRST) (OTCMKTS:CNTTF) stock continued to sink Friday, following a tumultous few weeks after the company was dinged by Health Canada for cultivating cannabis in grow rooms that didn't have a licence to operate at its Pelham, Ontario facility.

It's estimated the company grew 12,700 kgs of cannabis illegally. Health Canada federal inspectors are currently auditing the firm. According to reports, CannTrust's board has hired a Bay Street law firm, while appointing a sporting goods executive Robert Marcovitch to lead a special committee to figure out how the breach occurred. 

Shares were down 4.7% at C$3.66 in Toronto, and down 4.8% at US$2.79 in New York. Since the news broke, CannTrust shares have dropped by more than 40%. 

Other laggards Friday included Terra Tech Corp (OTCMKTS:TRTC), down 2.7% at US$0.39, and cannabis packaging company KushCo Holdings Inc (OTCMKTS:KSHB), which was down 5.7% at US$4.65 in New York.

Contact Katie Lewis at katie@proactiveinvestors.com

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Fri, 19 Jul 2019 11:20:00 -0400 https://www.proactiveinvestors.com/companies/news/224228/buds--duds-cannabis-stocks-level-out-friday-flowr-shares-soar-as-canntrust-shares-continue-to-slip-224228.html
<![CDATA[News - Flowr says it is not proceeding with equity offering; shares soar ]]> https://www.proactiveinvestors.com/companies/news/224224/flowr-says-it-is-not-proceeding-with-equity-offering-shares-soar-224224.html The Flowr Corporation (CVE:FLWR) (OTCMKTS:FLWPF) shares soared on Friday after announcing that it had decided not to proceed with its equity offering.

The cannabis company released plans to raise C$125 million for its acquisition of Holigen Holdings Ltd, a European-based cannabis company developing large-scale GMP-compliant grow facilities in Portugal and Australia, of which Flowr owns 19.8%.

Shares of Flowr rocketed 22.8% higher in early trading at C$4.91 in Toronto and were trading at US$3.01 on OTC markets.

READ: Flowr wins second site cultivation license for Flowr Forest project

In a release, the company said that the decision not to proceed with the offering was based on current market conditions that were not conducive to raising money in the best interest of shareholders. 

Flowr said that it would continue to monitor the market as it evaluates options to propel the company toward its vision of becoming a global licensed producer of premium cannabis.

Toronto-based Flowr builds and operates large-scale, GMP-designed facilities that utilize proprietary growing methods to produce high-quality cannabis for recreational and medicinal usage.

The licensed producer also said that it was evaluating the timing of its Nasdaq listing in light of prevailing market conditions.

Earlier this week, the company announced it had received a second site cultivation license from Health Canada for its Flowr Forest project, an expanded indoor and outdoor cultivation area with a total licensed grow space of over 530,000 square feet in Kelowna, British Columbia.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

 

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Fri, 19 Jul 2019 10:20:00 -0400 https://www.proactiveinvestors.com/companies/news/224224/flowr-says-it-is-not-proceeding-with-equity-offering-shares-soar-224224.html
<![CDATA[News - Flowr wins second site cultivation license for Flowr Forest project ]]> https://www.proactiveinvestors.com/companies/news/223918/flowr-wins-second-site-cultivation-license-for-flowr-forest-project-223918.html The Flowr Corporation (CVE: FLWR) OTCMKTS:FLWPF) announced Monday that it has received a second site cultivation license from Health Canada for its Flowr Forest project. 

The British Columbia-based cannabis company has begun transplanting select cultivars and is on track for a first harvest in the fourth quarter of 2019, and expects to produce about 10,000 kilograms per annum from Flowr Forest once fully optimized and operational, according to a statement.

Flowr Forest, which is located on the company’s Kelowna campus, has 42 greenhouses totaling 189,000 square feet situated within a total licensed outdoor grow area of more than 530,000 square feet. 

The outdoor cultivation area planted is expected to be 150,000 square feet and can be expanded to include an incremental 160,000 square feet. 

READ:Flowr develops proprietary protocol to ensure cannabis clones are free of pests and pathogens

The company in total has over 750,000 square feet dedicated to Flowr Forest’s current and future operations and has a right of first refusal on an additional 850,000 square feet located immediately to the north and contiguous with the currently licensed area.

“Getting a second site license required a tremendous effort from our whole team as well as working collaboratively with Health Canada to get to this stage in a timely manner,” said CEO Vinay Tolia.

“By having our outdoor and greenhouse areas on the same campus as our indoor facilities, our cultivation team works from a single location and this is a key to driving efficiency and optimization in our Canadian operations.”

Once fully optimized and operational, the 10,000 kilograms per annum doubles the expected capacity of grow areas currently operating and/or under development at Flowr’s Kelowna campus. The Company’s Kelowna 1 indoor facility is expected to produce 10,000 kilograms per annum once construction is complete and the operation is fully optimized. 

Construction of the K1 Facility is on track for completion by the end of the third quarter of 2019.  

In addition, the company said cannabis cultivated within Flowr Forest is expected to support Flowr’s forthcoming extract busines. Its first new product launch from Flowr Forest is expected to be a live resin vape offering. 

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

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Mon, 15 Jul 2019 08:24:00 -0400 https://www.proactiveinvestors.com/companies/news/223918/flowr-wins-second-site-cultivation-license-for-flowr-forest-project-223918.html
<![CDATA[News - Flowr develops proprietary protocol to ensure cannabis clones are free of pests and pathogens ]]> https://www.proactiveinvestors.com/companies/news/222887/flowr-develops-proprietary-protocol-to-ensure-cannabis-clones-are-free-of-pests-and-pathogens-222887.html The Flowr Corporation (CVE:FLWR) (OTCMKTS:FLWPF) announced Wednesday it has launched a clean stock protocol: a proprietary process to certify the company's cannabis clones are free of pests and pathogens. 

The Toronto-headquartered cannabis firm said the use of the clean stock protocol is in addition to the industry-standard certificates of authenticity that attest to THC and CBD content.

In other encouraging news, the firm also announced it has made the first delivery shipment of clones.

"Growers in Saskatchewan will have the opportunity to benefit from genetics that are certified under the Clean Stock Protocol during the first growing season in Canada," noted the firm in a statement. 

READ: Flowr announces plans to raise C$125 million for Holigen acquisition

As only licenced cannabis retailers are permitted to sell clones in Saskatchewan, the firm is working with Railway Distributing as its wholesale and distribution partner in the province. Railway will oversee the retail availability of Flowr’s clones throughout the province.

“We are excited to partner with Railway to bring our trusted cannabis cultivars to the Saskatchewan market as an initial phase of our planned nursery business,” said Jason Broome, Flowr’s Chief Research and Innovation Officer. “Growing cannabis is challenging and by providing clones that are certified clean, we are aiming to assist growers by reducing uncertainty and enhancing the likelihood of a successful harvest.”

The company said the clean stock protocol was developed in partnership with Hawthorne Canada Limited, a subsidiary of The Scotts Miracle-Gro Company (NYSE:SMG) the well-known supplier of lawn, garden and hydroponics products.

WATCH: Flowr releases financials, sees production increase and rise in price per gram

Flowr, through its subsidiaries, holds a cannabis production and sales licence granted by Health Canada.

Headquartered in Toronto with a production facility in Kelowna, British Columbia, Flowr builds and operates large-scale, cultivation facilities utilizing its own patented growing systems. When fully completed, Flowr’s Kelowna campus is expected to produce over 50,000 kg of premium flower annually.

Flowr is expanding globally in Portugal and Australia, and is developing a 50,000 sq/ft R&D facility in partnership with Hawthorne. 

Shares of Flowr were up 8.3% at C$6.16 on Wednesday. 

Contact Katie Lewis at katie@proactiveinvestors.com

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Wed, 26 Jun 2019 18:44:00 -0400 https://www.proactiveinvestors.com/companies/news/222887/flowr-develops-proprietary-protocol-to-ensure-cannabis-clones-are-free-of-pests-and-pathogens-222887.html
<![CDATA[News - Flowr inks deal to acquire rest of Holigen ]]> https://www.proactiveinvestors.com/companies/news/222712/flowr-inks-deal-to-acquire-rest-of-holigen-222712.html The Flowr Corporation (CVE:FLWR) (OTCMKTS:FLWPF) announced Monday afternoon it has plans to fully acquire Holigen Holdings with a remaining 80.2% share purchase of Holigen Holdings Ltd.

The Toronto-based cannabis cultivator said the firm previously announced its intention to acquire 19.8% of Holigen. Upon closing, the firm will own 100% of the issued and outstanding shares of Holigen. The acquisition has been approved by each board of directors and is strongly supported by both management teams

"The full acquisition of Holigen is a natural evolution of our global cannabis strategy. The combination of Flowr's leading cultivation know-how and facility design with Holigen's global footprint, expertise in GMP and deep pharmaceutical experience is an excellent fit. The opportunities in the European and Australian-Asian medical cannabis markets are enormous and Holigen brings unmatched scale to service these regions," said CEO Vinay Tolia.

READ: Flowr approved to list on Nasdaq

Holigen Holdings Ltd is a European-based cannabis company developing large-scale GMP-compliant grow facilities in Portugal and Australia. Flowr's strategic investment in Holigen provides the firm the ability to dramatically increase global scale.

"Over the course of this year, we have worked closely with Holigen's management to help develop their incredible assets, notably Aljustrel, their Portuguese outdoor cultivation facility. Aljustrel, which is expected to be operational in the second half of 2019, is a planned seven-million-square-foot outdoor cultivation footprint with an expected ability to produce over 500,000 kilos annually and was deemed a project of national interest by the Portuguese government. This acquisition positions us to be successful with two distinct and economically sustainable strategies, the premium dried flower market in Canada and the low-cost, large-scale extract medical market globally," added Tolia in a statement. 

Deal details

The company said the purchase price for the acquisition is expected to be satisfied by the issuance to DFT Trading Ltd. and Pleiades Trading Ltd, the vendors under the agrreement through 32 million series 1 voting convertible redeemable preferred shares of the company, cash values at 4.27 million euros. Flowr has agreed to pay the aggregate amount of 1.4 million euros to a numberr of Holigen's creditors, subject to closing. The company said the purchase price is subject to adjustment based on the working capital of Holigen at closing.

Shares of Flowr were at C$7.10 on Monday.

Contact Katie Lewis at katie@proactiveinvestors.com

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Mon, 24 Jun 2019 20:33:00 -0400 https://www.proactiveinvestors.com/companies/news/222712/flowr-inks-deal-to-acquire-rest-of-holigen-222712.html
<![CDATA[News - Flowr gets C$50 million loan commitment ]]> https://www.proactiveinvestors.com/companies/news/222276/flowr-gets-c50-million-loan-commitment-222276.html The Flowr Corporation (CVE:FLWR) (OTCMKTS:FLWPF) announced news Monday that it has received a loan commitment of up to $50 million from a syndicate of lenders, led by ATB Financial. 

Shares of Flowr jumped 9.5% at C$7.50 in Canadian trading on Monday.

Flowr will be permitted to use both a recapitalization term facility and a revolving operating credit facility for general working capital purposes and development for its Kelowna 1 facility, Kelowna 2 facility and Flowr Forest. The credit facilities will have a maturity date of three years. 

READ: Flowr approved to list on Nasdaq

Under the terms, the corporation will be subject to certain financial, positive and negative covenants. In addition, the ATB Credit Facilities provide for an accordion of up to $50,000,000.

The firm said margins will be based on performance-pricing grids, ranging from  250-325 basis points for bank acceptances and letters of credit, 125-200 basis points for prime loans, and certain standby fees.

Flowr, through its subsidiaries, holds a cannabis production and sales licence granted by Health Canada. Headquartered in Toronto with a production facility in Kelowna, British Columbia, Flowr builds and operates large-scale, cultivation facilities utilizing its own patented growing systems. When fully completed, Flowr’s Kelowna campus is expected to produce over 50,000 kg of premium flower annually.

Flowr is expanding globally in Portugal and Australia, and recently broke ground on a 50,000 square feet R&D facility in partnership with Hawthorne, a subsidiary of Scotts Miracle Gro.

Contact Katie Lewis at katie@proactiveinvestors.com

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Mon, 17 Jun 2019 17:51:00 -0400 https://www.proactiveinvestors.com/companies/news/222276/flowr-gets-c50-million-loan-commitment-222276.html
<![CDATA[News - Flowr approved to list on Nasdaq ]]> https://www.proactiveinvestors.com/companies/news/220889/flowr-approved-to-list-on-nasdaq-220889.html The Flowr Corporation (CVE:FLWR) (OTCMKTS:FLWPF) announced encouraging news Thursday that its application has been approved to have its common shares listed on the Nasdaq Capital Market.

The company noted in a release that its common shares will be listed on the Nasdaq under the symbol FLWR and the company's shares listed on the TSX Venture Exchange will continue to trade under the symbol FLWR.

The firm said a trading date will be announced when the company's Form 40-F registration statement becomes effective with the United States Securities and Exchange Commission.

READ: Flowr Corp's 1Q production jumps 8%, boosted by higher yields as it ramps up cultivation

"We have made tremendous progress against our strategic priorities in 2019, and the approval of our listing on the Nasdaq further enhances our capital markets objectives. This listing provides us with broader access to investors around the world and is a natural progression for Flowr," said Vinay Tolia, CEO of Flowr in a statement. "Later this year, we expect to complete construction of our purpose-built indoor cannabis facility, Kelowna 1, which will position us to pursue further expansion at our Kelowna campus, while at the same time advancing our global plans through our announced partnership with Holigen Holdings Ltd."

Flowr, through its subsidiaries, holds a cannabis production and sales licence granted by Health Canada.

READ: Flowr is cultivating the future of cannabis

Headquartered in Toronto with a production facility in Kelowna, British Columbia, Flowr builds and operates large-scale, cultivation facilities utilizing its own patented growing systems. When fully completed, Flowr’s Kelowna campus is expected to produce over 50,000 kg of premium flower annually.

Flowr is expanding globally in Portugal and Australia, and recently broke ground on a 50,000 square feet R&D facility in partnership with Hawthorne, a subsidiary of Scotts Miracle Gro.

Shares of Flowr were at C$6.96 in Canadian trading on Thursday. 

Contact Katie Lewis at katie@proactiveinvestors.com

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Thu, 23 May 2019 17:47:00 -0400 https://www.proactiveinvestors.com/companies/news/220889/flowr-approved-to-list-on-nasdaq-220889.html
<![CDATA[Media files - Flowr releases financials, sees production increase and rise in price per gram ]]> https://www.proactiveinvestors.com/companies/stocktube/13405/flowr-releases-financials-sees-production-increase-and-rise-in-price-per-gram-13405.html Fri, 17 May 2019 11:27:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/13405/flowr-releases-financials-sees-production-increase-and-rise-in-price-per-gram-13405.html <![CDATA[News - Flowr Corp's 1Q production jumps 8%, boosted by higher yields as it ramps up cultivation ]]> https://www.proactiveinvestors.com/companies/news/220518/flowr-corp-s-1q-production-jumps-8-boosted-by-higher-yields-as-it-ramps-up-cultivation-220518.html The Flowr Corporation (TSX-V:FLWR) (OTC:FLWPF) announced Friday that production increased 8% in the first-quarter boosted by higher yields from core strains and ramping up cultivation activities in tandem with construction.

For the quarter ended March 2019, the company posted gross revenue of $1.8 million and net revenue of $1.6 million, which excludes $250,000 in design and construction fees from Hawthorne Canada Limited linked to the construction of the R&D facility on the company’s Kelowna Campus.

READ: Flowr Corp’s medical cannabis available to patients online at Shoppers Drug Mart

During the quarter, 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 this year.

Ramping up 

At least 10 out of a planned 20 rooms are licensed and ready for use with eight rooms propagated with plants, said the company in a statement.

“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,” said Flowr’s CEO Vinay Tolia. “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." 

The company said 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.

Flowr through its subsidiaries, holds a cannabis production and sales licence granted by Health Canada.

Headquartered in Toronto with a production facility in Kelowna, British Columbia, Flowr builds and operates large-scale, cultivation facilities utilizing its own patented growing systems. When fully completed, Flowr’s Kelowna campus is expected to produce over 50,000 kg of premium flower annually.

Flowr is expanding globally in Portugal and Australia, and recently broke ground on a 50,000 square feet R&D facility in partnership with Hawthorne, a subsidiary of Scotts Miracle Gro.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

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Fri, 17 May 2019 07:35:00 -0400 https://www.proactiveinvestors.com/companies/news/220518/flowr-corp-s-1q-production-jumps-8-boosted-by-higher-yields-as-it-ramps-up-cultivation-220518.html
<![CDATA[News - Flowr raises C$13.5 million to advance Holigen operations ]]> https://www.proactiveinvestors.com/companies/news/220078/flowr-raises-c135-million-to-advance-holigen-operations-220078.html The Flowr Corporation (CVE:FLWR) (OTCMKTS:FLWPF) announced Friday it has completed a non-brokered private placement of  2.2 million shares at C$6.25 per share for proceeds of $13.5 million.

The Toronto-based cannabis cultivator said proceeds will go towards general working capital purposes and administration expenditures, including the financing of construction of certain operations of Holigen Holdings Ltd. Flowr is closing a nearly 20% interest in Holigen. 

READ: Flowr is cultivating the future of cannabis

Holigen Holdings Ltd is a European-based cannabis company developing large-scale GMP-compliant grow facilities in Portugal and Australia. Flowr's strategic investment in Holigen provides the firm the ability to dramatically increase global scale.

The firm said the private placement remains subject to the final acceptance of the TSX Venture Exchange

Shares of Flowr were up 7.5% at C$6.90 on Friday. 

Contact Katie Lewis at katie@proactiveinvestors.com

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Fri, 10 May 2019 20:10:00 -0400 https://www.proactiveinvestors.com/companies/news/220078/flowr-raises-c135-million-to-advance-holigen-operations-220078.html
<![CDATA[News - Flowr to raise C$15 million to advance Holigen operations; announces C-suite changes ]]> https://www.proactiveinvestors.com/companies/news/219375/flowr-to-raise-c15-million-to-advance-holigen-operations-announces-c-suite-changes-219375.html The Flowr Corporation (CVE:FLWR) (OTCMKTS:FLWPF) is raising C$15 million to help fund construction of cultivation facilities in Portugal and Australia, the company announced Tuesday.

Flower is planning to complete a non-brokered private placement of up to 2.4 million shares at C$6.25 per share for proceeds of $15 million.

READ: Flowr reports revenue bump in 4Q as it scales up Kelowna facility

The financing is led by the cannabis company’s management team, which is investing an aggregate of $3.6 million, including CEO Vinay Tolia and Chairman Steve Klein through the Core Flow subsidiary.

“Through leading each round of financing for the company, Core Flow has a strong conviction in Flowr’s edge in designing and constructing highly efficient facilities and producing high quality cannabis products,” said Klein.  “Moreover, Flowr is building a company, from its management team to cultivators, that I believe is second to none."

Personnel changes

Amid a flutter of changes, it was announced that Tom Flow is transitioning from his role as co-CEO and board member to the position of founder and managing partner.

Personnel changes at the board of directors and management level include Thierry Elmaleh joining Flowr as head of capital markets, having spent nearly 15 years in investment banking at BMO Capital Markets and Bank of America Merrill Lynch.

And Don Duet, former technology partner at Goldman Sachs, joins Flowr’s board of directors.

Current lead independent director Rishi Shah is stepping down from the role to be replaced by Karen Basian.

Updates on Holigen investment

The Toronto-based cannabis cultivator is closing a nearly 20% investment in Holigen Holdings Ltd, a European-based cannabis company developing large-scale GMP-compliant grow facilities in Portugal and Australia.

In Portugal, Holigen is building a 21,500 square foot installation for cultivation, processing, GMP manufacturing and R&D operations. The company is also initiating the installation of one of the largest outdoor cultivation areas for cannabis sativa (THC).

In Australia, Holigen is expected to begin construction on a manufacturing facility for medicinal cannabis, with the aim to be in production by the end of 2019.

Flowr shares were trading at C$6.58 in Toronto and at US$4.90 in the US at Monday’s close.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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Tue, 30 Apr 2019 08:48:00 -0400 https://www.proactiveinvestors.com/companies/news/219375/flowr-to-raise-c15-million-to-advance-holigen-operations-announces-c-suite-changes-219375.html
<![CDATA[News - Flowr reports revenue bump in 4Q as it scales up Kelowna facility ]]> https://www.proactiveinvestors.com/companies/news/218081/flowr-reports-revenue-bump-in-4q-as-it-scales-up-kelowna-facility-218081.html The Flowr Corporation (CVE:FLWR) (OTCMKTS:FLWPF) released its fourth-quarter and annual 2018 financial results on Thursday, reporting a bump in revenue as it continues to bolster its Kelowna facility. 

"2018 was an incredibly eventful year at Flowr and we are only just getting started. As a global leader in the premium cannabis industry, our design and cultivation expertise along with our superior IP know-how enables us to grow high quality cannabis on a large scale at what we believe will be industry-leading yields," said Co-CEO Vinay Tolia in a statement. "The revenue numbers reflect our ability to grow and process high-quality product with only a fraction of our facility and packaging area complete. Once our Kelowna 1 facility is completed in Q3 2019, our operational efficiency will only improve."

The company reported net revenues of C$2.87 million for the three months ended December 31, 2018, up from reporting no revenue over the same period in 2018. 

WATCH: Flowr Corporation prepares to become major cannabis supplier to Shoppers Drug Mart

"The fourth quarter of 2018 marked a major milestone for Flowr, as we launched our medicinal and recreational sales channels after receiving our licenses in August 2018, and sold nearly 406 kilograms of premium cannabis, despite having only 20% of our grow rooms in Kelowna 1 operational during the quarter itself. As of today, we have 10 grow rooms in Kelowna 1 licensed for use and expect to have all 20 grow rooms fully constructed in the third quarter of 2019. Completion of Kelowna 1 should enable us to begin capitalizing on strategic growth opportunities for medicinal and recreational use with approximately 10,000 kilograms of capacity for premium cannabis flower on an annualized basis," added Tolia. 

Flowr, through its subsidiaries, holds a cannabis production and sales licence granted by Health Canada, with its flagship production facility in Kelowna, British Columbia. 

READ: Horizon Marijuana Life Sciences Index bolstered with new additions

The company is also building a 50,000 sq/ft research and development facility in partnership with Hawthorne, a subsidiary of The Scotts Miracle-Gro Co (NYSE:SMG), as well expanding globally into Australia and Flowr builds and operates large-scale, cultivation facilities utilizing its own patented growing systems. The company is also expanding globally in Portugal and Australia. 

For the fourth quarter, the company reported a net loss of C$6.05 million, or C$0.10 a share, driven mainly by the ramp-up of activities related to cultivation operations, harvests and sales. The company sold nearly 406 kilograms of cannabis in the fourth quarter of 2018.

Contact Katie Lewis at katie@proactiveinvestors.com

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Fri, 05 Apr 2019 12:58:00 -0400 https://www.proactiveinvestors.com/companies/news/218081/flowr-reports-revenue-bump-in-4q-as-it-scales-up-kelowna-facility-218081.html
<![CDATA[Media files - Flowr Corporation prepares to become major cannabis supplier to Shoppers Drug Mart ]]> https://www.proactiveinvestors.com/companies/stocktube/12706/flowr-corporation-prepares-to-become-major-cannabis-supplier-to-shoppers-drug-mart-12706.html Fri, 22 Mar 2019 15:34:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/12706/flowr-corporation-prepares-to-become-major-cannabis-supplier-to-shoppers-drug-mart-12706.html <![CDATA[News - Horizon Marijuana Life Sciences Index bolstered with new additions ]]> https://www.proactiveinvestors.com/companies/news/216693/horizon-marijuana-life-sciences-index-bolstered-with-new-additions-216693.html A number of new cannabis players have been added to the quarterly rebalance of the Horizon Marijuana Life Sciences Index (HMMJ) ETF.

HMMJ bolstered its portfolio as more firms have become eligible for inclusion in its underlying index – the North American Marijuana Index.

Companies added to the list include: Flowr Corp (CVE:FLWR), Heritage Cannabis Holdings Corp (CSE:CANN), ICC International Cannabis Corp (CSE:WRLD.U), Zenabis Global Ltd (CVE:ZENA), PharmaCielo Ltd (CVE:PCLO) and Westleaf Inc (CVE:WL).

HMMJ was up 1.1% at C$23.73 on Tuesday afternoon. 

READ: Empower Clinics gleans key patient insights from its artificial intelligence pilot program

Additionally, AgraFlora Organics International Inc (CSE:AGRA), Cannara Biotech Inc (CSE:LOVE), Charlotte's Web Holdings Inc (CSE:CWEB) and 48North Cannabis Corp (CVE:NRTH) were added to the portfolio. 

"HMMJ is the best-performing equity ETF in Canada, with a year-to-date return of 58.95%*, as at last Friday's close," said Steve Hawkins, President and CEO of Horizons ETFs. "As the number of listings and the market-capitalization of cannabis stocks continues to grow so dramatically, so too have the number of eligible issuers to be included in HMMJ. This is why the ETF has added 10 new names to its portfolio, bringing the total number of investee companies in HMMJ to 59."

READ: Flowr Corp’s medical cannabis available to patients online at Shoppers Drug Mart

HMMJ is rebalanced each quarter and is an Index ETF that seeks to replicate the performance of the North American Marijuana Index. The index is designed to provide investors with exposure to a basket of North American publicly listed life sciences companies with significant business activities in the cannabis industry.

--Index performance updated--

Contact Katie Lewis at katie@proactiveinvestors.com

Follow her on Twitter: @kelewis

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Mon, 18 Mar 2019 17:14:00 -0400 https://www.proactiveinvestors.com/companies/news/216693/horizon-marijuana-life-sciences-index-bolstered-with-new-additions-216693.html
<![CDATA[News - Flowr Corp’s medical cannabis available to patients online at Shoppers Drug Mart ]]> https://www.proactiveinvestors.com/companies/news/216652/flowr-corps-medical-cannabis-available-to-patients-online-at-shoppers-drug-mart-216652.html The Flowr Corporation (TSX-V:FLWR) (OTC:FLWPF) announced Monday that its FlowrRx products are now available for purchase through Shoppers Drug Mart’s online medical cannabis site.

On January 9, the two companies confirmed a sales agreement. Under the pact, Shoppers Drug Mart will be the exclusive direct-to-patient online provider of FlowrRx products. Previously, FlowrRx products were available online to patients registered via Flowr’s website.

READ: Harvest One to supply medical cannabis to Shoppers Drug Mart

Shares in the Toronto-headquartered company climbed nearly 1% to US$5.21 in the OTC Markets, while they were up 1.8% to C$6.94 in Canada. 

The company said the relationship with Shoppers Drug Mart represents a "milestone in the de-stigmatization of medical cannabis."

Shoppers Drug Mart bills itself as the first Canadian retail pharmacy chain to offer a variety of cannabis products to medical cannabis patients, but while product information is available nationally, it can initially only sell medical cannabis to patients in Ontario, through its shoppersdrugmart.ca/cannabis site.

“We’re pleased to provide patients with the high quality and consistent products they seek, now with access to the world class patient care team that Shoppers Drug Mart has assembled,” said Flowr Corp co-CEO Vinay Tolia. “Flowr’s premium medical cannabis is grown in what we believe is the industry’s most advanced Good Manufacturing Practice (GMP)-designed cultivation facility. This relationship is testament to our commitment to ultra-high-quality cannabis cultivation and further solidifies Flowr’s role in Canada’s medical cannabis landscape.”

To order, patients must submit a completed medical document from a healthcare practitioner to Shoppers Drug Mart directly to begin the process.

Medical documents can be dropped off at Shoppers Drug Mart pharmacies in Ontario, provided by mail, or directly by a healthcare practitioner via secure fax.

Specialized advisers from the “Shoppers Cannabis Care team” will then contact the patients, review their medical history, and provide support with online registration and product selection.

Flowr through its subsidiaries, holds a cannabis production and sales licence granted by Health Canada. Headquartered in Toronto with a production facility in Kelowna, British Columbia, Flowr builds and operates large-scale, cultivation facilities utilizing its own patented growing systems. When fully completed, Flowr’s Kelowna campus is expected to produce over 50,000 kg of premium flower annually.

Flowr is expanding globally in Portugal and Australia, and recently broke ground on a 50,000 square feet R&D facility in partnership with Hawthorne, a subsidiary of Scotts Miracle Gro.

—(Story updated with stock price)—

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

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Mon, 18 Mar 2019 12:50:00 -0400 https://www.proactiveinvestors.com/companies/news/216652/flowr-corps-medical-cannabis-available-to-patients-online-at-shoppers-drug-mart-216652.html