Proactive Investors - Run By Investors For Investors

Flowr raises C$13.5 million to advance Holigen operations

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
cannabis
Flowr's strategic investment in Holigen provides the firm the ability to dramatically increase global scale.

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 [email protected]

Join Proactive’s Crypto, Blockchain and Cannabis Telegram group here
View full FLWR profile View Profile

The Flowr Corporation Timeline

Newswire
May 23 2019

Related Articles

cannabis plant
March 08 2019
The Vancouver company's recent move into Jamaica, which covers the acquisition of 145 acres of cultivation property, will pave the way for the development of cannabis brands for the island nation
cannabis
August 28 2018
Tidal Royalty provides capital to help grow licenced US cannabis firms in exchange for receiving a percentage of future top-line revenues.
data graphic
March 22 2019
The Toronto company is busy meeting what it says is significant demand by building a data asset covering the medical cannabis sector
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use