The Flowr Corporation Receives Health Canada Approval to Double Current Capacity at Flagship Kelowna 1 Facility Which is Now ...
February 24 2020 - 6:00AM
The Flowr Corporation (TSX.V: FLWR; OTC: FLWPF) (“Flowr” or the
“Company”) is pleased to announce that it has received approval
from Health Canada to open 10 additional grow rooms at its Kelowna
1 cultivation facility, bringing the total to 20, doubling the
Company’s capacity to grow premium, indoor flower at the facility
and enabling automation to lower COGS. This is the final approval
required for full operation of the facility.
Kelowna 1 is Flowr’s premier purpose-built
indoor cultivation facility located in the Okanagan Valley of
British Columbia. Following receipt of the new Health Canada
approval, the Company plans to immediately begin phasing in the
propagation of these additional grow rooms and expects the 85,000
square foot facility to produce, at ultimate capacity,
approximately 10,000 kilograms of premium cannabis flower on an
annualized basis.
“The full licensing of Kelowna 1 is a major
milestone for Flowr. For the first time since we broke ground on
the facility we won’t be operating out of a construction site. We
continue to see growing demand for our premium cannabis products
led by our flagship strain, Pink Kush. Furthermore, we expect to
see an improvement in operating efficiency as we reach scale
coupled with the commissioning of our automated packaging line,”
said Vinay Tolia, CEO of Flowr.
Flowr’s cultivation facilities are being
constructed to Good Manufacturing Practice (GMP) standards. They
employ proprietary designs and systems to create a highly
controlled growing environment that the Company expects will enable
it to produce a large portion of its premium cannabis without
requiring irradiation to meet Health Canada standards. The
Company’s cultivation team follows exacting protocols throughout
the growing process then carefully harvests, trims and cures its
products, seeking to deliver a premium experience for
consumers.
About The Flowr Corporation
The Flowr Corporation is a Toronto-headquartered
cannabis company with operations in Canada, Europe, and Australia.
Its Canadian operating campus, located in Kelowna, BC, includes a
purpose-built, GMP-designed indoor cultivation facility; an outdoor
and greenhouse cultivation site; and a state-of-the-art R&D
facility that is currently under construction. From this campus,
Flowr produces recreational and medicinal products.
Internationally, Flowr intends to service the global medical
cannabis market through its subsidiary Holigen, which has a license
for cannabis cultivation in Portugal and will operate GMP-designed
manufacturing facilities in Portugal and Australia.
Flowr aims to support improving outcomes through
responsible cannabis use and, as an established expert in cannabis
cultivation, strives to be the brand of choice for consumers and
patients seeking the highest-quality craftsmanship and product
consistency across a portfolio of differentiated cannabis
products.
For more information, please visit flowr.ca or
follow Flowr on Twitter: @FlowrCanada and LinkedIn: The Flowr
Corporation.
On behalf of The Flowr Corporation:
Vinay ToliaCEO and Director
CONTACT INFORMATION:INVESTORS &
MEDIA:Thierry ElmalehHead of Capital Markets(877) 356-9726 ext.
1528thierry@flowr.ca
Forward-Looking Information and
Statements
This press release contains “forward-looking
information” within the meaning of Canadian Securities laws, which
may include but is not limited to: the estimated annual capacity of
the Company’s Kelowna 1 facility once fully propagated;
expectations that automated packaging equipment will reduce costs,
including labour costs; the anticipated timeline for propagating
additional grow rooms at the Kelowna 1 facility; growing demand for
the Company’s premium cannabis products, including Pink Kush;
expectations that the Company will see improvement in operating
efficiency as it reaches scale and with the commissioning of an
automated packaging line; Flowr’s cultivation facilities being
constructed to GMP standards; Flowr’s ability to produce a large
portion of its premium cannabis without requiring irradiation to
meet Health Canada standards; Flowr delivering a premium experience
for customers; Flowr servicing the global medical cannabis market
and operating GMP-designed manufacturing facilities in Portugal and
Australia; Flowr supporting improving outcomes through responsible
cannabis use and striving to be the brand of choice for consumers
and patients seeking highest-quality craftsmanship and product
consistency; and Flowr’s business, production and products. Often,
but not always, forward-looking information can be identified by
the use of words such as “plans”, “is expected”, “expects”,
“scheduled”, “intends”, “contemplates”, “anticipates”, “believes”,
“proposes” or variations (including negative and grammatical
variations) of such words and phrases, or state that certain
actions, events or results “may”, “could”, “would”, “might” or
“will” be taken, occur or be achieved. Such information and
statements are based on the current expectations of Flowr’s
management and are based on assumptions and subject to risks and
uncertainties. Although Flowr’s management believes that the
assumptions underlying such information and statements are
reasonable, they may prove to be incorrect. The forward-looking
events and circumstances discussed in this press release may not
occur by certain specified dates or at all and could differ
materially as a result of known and unknown risk factors and
uncertainties affecting Flowr, including risks relating to: the
Kelowna 1 facility not achieving the estimated annual production
amount once fully propagated; the use of automated packaging
equipment not resulting in a reduction in costs, including labour
costs; the Company being unable to propagate additional grow rooms
at the Kelowna 1 facility within the anticipated timeline, or at
all; g demand for the Company’s premium cannabis products,
including Pink Kush, not growing; the Company being unable to
realize improvement in operating efficiency as it reaches scale
and/or with the commissioning of an automated packaging line;
Flowr’s cultivation facilities, once completed, not meeting GMP
standards; Flowr being unable to produce a large portion of its
premium cannabis without requiring irradiation to meet Health
Canada standards; Flowr being unable to deliver a premium
experience for customers; Flowr being unable to service the global
medical cannabis market and/or operate GMP-designed manufacturing
facilities in Portugal and Australia; Flowr being unable to support
improving outcomes through responsible cannabis use and/or striving
to be the brand of choice for consumers and patients seeking
highest-quality craftsmanship and product consistency; the
construction and development of the Company’s cultivation and
production facilities; general economic and stock market
conditions; adverse industry events; loss of markets; future
legislative and regulatory developments in Canada and elsewhere;
the cannabis industry in Canada generally; the ability of Flowr to
implement its business strategies; Flowr’s inability to produce or
sell premium quality cannabis, risks and uncertainties detailed
from time to time in Flowr’s filings with the Canadian Securities
Administrators; and many other factors beyond the control of
Flowr.
Although Flowr has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking information or statements, there may be other
factors that cause actions, events or results to differ from those
anticipated, estimated or intended. No forward-looking information
or statement can be guaranteed. Except as required by applicable
securities laws, forward-looking information and statements speak
only as of the date on which they are made and Flowr undertakes no
obligation to publicly update or revise any forward-looking
information or statements, whether as a result of new information,
future events or otherwise. When considering such forward-looking
information and statements, readers should keep in mind the risk
factors and other cautionary statements in Flowr’s Annual
Information Form dated April 3, 2019 (the “AIF”) and filed with the
applicable securities regulatory authorities in Canada. The risk
factors and other factors noted in the AIF could cause actual
events or results to differ materially from those described in any
forward-looking information or statements.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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