The Flowr Corporation (TSX.V: FLWR; OTC: FLWPF), through its
subsidiary The Flowr Group (Okanagan) Inc. (collectively “Flowr” or
the “Company”), announced today that it has entered into an
agreement to supply medical cannabis to Shoppers Drug Mart
(Shoppers) on a purchase order basis. The term of the supply
agreement is three (3) years, with a two (2) year renewal
term. Flowr is
a Canadian Licensed
Producer of premium cannabis products and will supply Shoppers with
its FlowrRx brand of premium medical cannabis products. The
products initially will be sold online only as Canadian regulations
currently restrict the sale of medical cannabis in retail
pharmacies. Flowr also announced that Shoppers’ new ecommerce site
(shoppersdrugmart.ca/cannabis) will be the exclusive
direct-to-patient online provider of FlowRx products. Flowr
believes this agreement presents the opportunity to significantly
increase its sales of medical cannabis products in Canada, a market
that Deloitte has estimated could reach C$1.8 billion in sales in
2019.1 Currently FlowrRx products are available online to
patients registered via the Company’s website and in select
clinics.“We believe that partnering with Shoppers Drug Mart to
provide patients with premium medical cannabis is a game-changing
opportunity for Flowr’s medical business and we look forward to
working with their team,” said Tom Flow, Flowr’s Co-CEO.
“FlowrRx products are grown in facilities designed to
pharmaceutical industry manufacturing standards and using strict
processes that should enable us to provide patients with both the
high quality they seek and the consistent benefits they
need.”Flowr’s cultivation team employs exacting protocols
throughout the growing and curing process seeking to consistently
provide medical clients with their desired medicinal
benefits. Flowr’s products are grown in the world-famous
Okanagan Valley of British Columbia in facilities that employ
proprietary cultivation systems and are engineered to Good
Manufacturing Process standards. Flowr then carefully
harvests, hand trims and craft cures its products. Shoppers, a
division of Loblaw Companies Limited (TSE: L), is Canada’s leading
drug store retailer with approximately 1,300 pharmacist-owned
locations from coast-to-coast.
About Flowr
The Flowr Corporation (TSX.V: FLWR; OTC: FLWPF), through its
subsidiaries, holds a cannabis production and sales license granted
by Health Canada. With a head office in Markham, ON and a
production facility in Kelowna, BC, Flowr builds and operates
large-scale, GMP-designed cultivation facilities utilizing its own
patented growing systems. Flowr’s investment in research and
development along with its sense of craftsmanship and a spirit of
innovation is expected to enable it to provide premium-quality
cannabis that appeals to the adult-use recreational market and
addresses specific patient needs in the medicinal market.
For more information, visit www.flowr.ca Follow Flowr on
Twitter: @FlowrCanada; Facebook: Flowr Canada; Instagram:
@flowrcanada; and LinkedIn: The Flowr Corporation.
On behalf of The Flowr Corporation:
Tom Flow
Co-CEO
Forward-Looking Information
This press release includes forward-looking information within
the meaning of Canadian securities laws regarding Flowr and its
business, which may include, but are not limited to: the products
initially being sold online, adding Flowr’s products to Shoppers’
offerings will provide Shoppers’ clients with a premium option, the
track record of Flowr’s cultivation team, the agreement with
Shoppers presenting Flowr with the opportunity to significantly
increase sales of medical cannabis, the market for medical cannabis
in Canada for 2019, the belief that partnering with Shoppers being
game changing for Flowr’s business and sales, Flowr’s facilities
being designed in a way that should enable it to provide patients
with both high quality products and consistent benefits, Flowr’s
cultivation team employing exacting protocols throughout the
growing and curing process that seek to consistently provide
medical clients with their desired medicinal benefits, Flowr’s
investment in research and development along with its sense of
craftsmanship and a spirit of innovation enabling it to provide
premium-quality cannabis that appeals to the adult-use recreational
market and addresses specific patient needs in the medicinal market
and other factors. 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
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 these 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 inability to continue to supply
patients online, the inability of the Flowr products providing
Shoppers’ clients with a premium option, Flowr’s cultivation team
failing to achieve the standards or level of products described
herein, including with respect to quality and consistency of
product offerings, the supply agreement with Shoppers not being a
game changing opportunity for Flowr’s medical cannabis products in
Canada, including, without limitation, not increasing sales of
Flowr’s medical products, the inability of Flowr to capture any
portion of the expected Canadian market described herein, the
inability of Flowr to maintain its facilities at pharmaceutical
industry manufacturing standards and using strict processes to
enable it to provide patients with high quality and consistent
products, which could significantly impact sales of Flowr’s
products, Flowr’s cultivation team not employing exacting protocols
throughout the growing and curing process, which could impact the
quality of the products and the medicinal benefits for patients,
Flowr not being able to provide premium-quality cannabis that
appeals to the adult-use recreational market and addresses specific
patient needs in the medicinal market, Flowr’s inability to excel
at cultivating premium cannabis, Flowr’s inability to construct its
facilities, or in the time anticipated, Flowr requiring additional
financing from time to time in order to continue its operations and
such financing may not be available when needed or on terms and
conditions acceptable to the Company, new laws or regulations
adversely affecting the Company’s business and results of
operations, results of operation activities and development of
projects, project cost overruns or unanticipated costs and
expenses, the inability of Flowr’s products to be high
quality, the inability of Flowr to produce and distribute premium,
high quality products, the inability to supply products or any
delay in such supply, which could result in significant penalties
or costs being imposed on Flowr, Flowr’s securities, the inability
to generate cash flows, revenues and/or stable margins, the
inability to grow organically, risks associated with the geographic
markets in which Flowr operates and/or distributes its products,
risks associated with fluctuations in exchange rates (including,
without limitation, fluctuations in currencies), risks associated
with the use of Flowr’s products, the cannabis industry and the
regulation thereof, the failure to comply with applicable laws,
risks relating to partnership arrangements, possible failure to
realize the anticipated benefits of partnership arrangements,
including those described herein, product launches (including,
without limitation, unsuccessful product launches), the inability
to launch products, the failure to obtain regulatory approvals,
economic factors, market conditions, risks associated with the
acquisition and/or launch of products, the equity and debt markets
generally, risks associated with growth and competition (including,
without limitation, with respect to Flowr’s products), general
economic and stock market conditions, 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, there may be other factors that cause actions, events
or results to differ from those anticipated, estimated or intended.
No forward-looking information can be guaranteed. Except as
required by applicable securities laws, forward-looking information
speaks only as of the date on which it is made and Flowr undertakes
no obligation to publicly update or revise any forward-looking
information, whether as a result of new information, future events,
or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this press release.
- ends -
1 Deloitte, A Society in Transition, an Industry Ready to Bloom,
June 2018
Jim Walsh
The Flowr Corporation
+1-607-275-7141
jwalsh@flowr.ca
Bruce Dunbar
The Flowr Corporation
+1-917-756-4065
bdunbar@flowr.ca
For Investors Only: Bram Judd
The Flowr Corporation
+1.905.940.3993 ext.1520
bram@flowr.ca
The Flowr (TSXV:FLWR)
Historical Stock Chart
From Mar 2024 to Apr 2024
The Flowr (TSXV:FLWR)
Historical Stock Chart
From Apr 2023 to Apr 2024