Proactiveinvestors USA & Canada The Flowr Corporation https://www.proactiveinvestors.com Proactiveinvestors USA & Canada The Flowr Corporation RSS feed en Mon, 27 May 2019 04:17:54 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![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