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.
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 [email protected]