The Flowr Corporation Announces First Sale of Medical Cannabis in Portugal
July 28 2021 - 5:30PM
The Flowr Corporation (TSX.V: FLWR; OTC: FLWPF)
(“
Flowr” or the “
Company”) is
pleased to announce that its wholly-owned subsidiary, RPK Biopharma
Unipessoal, Ltd., has entered into a medical cannabis supply
agreement (the “
Supply Agreement”) with
Galaxiavertical - Unipessoal Lda. (the “
Galaxia”).
Pursuant to the terms of the Supply Agreement, Galaxia has agreed
to purchase from RPK the high THC medical cannabis biomass at a
price of approximately $750,000 (€500,000).
“This Supply Agreement is a major step forward
in the development of the Company’s European strategy. Last year,
we were able to successfully grow medical cannabis outdoors over
more than 30 acres. The results showed that the Aljustrel site is
the ideal location to grow outdoor medical cannabis and with a cost
structure that will make our product very competitive as an input
for medical cannabis derivative products, such as tinctures,”
commented Darryl Brooker, Chief Executive Officer of the Company.
“We expect Galaxia to take receipt of the product by year-end and
look forward to working with them in the future as they develop
their extraction business in Portugal.”
The European medical cannabis market has
continued to grow as additional countries have updated their
regulations to legalize the use of medical cannabis. Brightfield
estimates the market will generate over U.S.$570 million in 2021
and reach over U.S.$3.11 billion by 2025.(1) In October 2020,
Flowr completed the harvest of the largest known outdoor medical
cannabis project in the European Union. Flowr grew more than 40,000
plants and was able to achieve high THC results from its Aljustrel
site.
The Supply Agreement is subject to certain
conditions precedent, including the requisite approvals from
INFARMED, I.P. and receipt by Galaxia of a final certificate of
analysis.
To view the highlights of the Aljustrel project, please visit:
https://flowrcorp.com/operations/europe/default.aspx.
(1) Source: Brightfield Cannabis Group annual
report 2020.
About Flowr
The Flowr Corporation is a Toronto-headquartered
cannabis company with operations in Canada and Europe. 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. From
this campus, Flowr produces recreational and medicinal products.
Internationally, Flowr intends to service the global medical
cannabis market through its subsidiary Holigen Holdings Limited,
which has a license for cannabis cultivation in Portugal and
operates a GMP licensed facility in Portugal. In 2020, Flowr’s BC
Pink Kush was recognized as the top indica strain in Canada by KIND
magazine.
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 flowrcorp.com
or follow Flowr on Twitter: @FlowrCanada and LinkedIn: The Flowr
Corporation.
On behalf of The Flowr Corporation:
Darryl BrookerChief Executive Officer
CONTACT INFORMATION:
INVESTORS & MEDIA:John ChouChief Financial
OfficerJohn.chou@flowr.ca
Forward-Looking Information:
Certain statements made in this press release
may constitute “forward-looking information”, “future oriented
financial information” or “financial outlooks” (collectively,
“forward-looking information”) within the meaning
of applicable securities laws. Forward-looking information may
relate to anticipated events or results including, but not limited
to: the satisfaction of all of the conditions under the Supply
Agreement; the anticipated size of the European medical cannabis
market; the Company’s expectation that it will build on its
achievements as it continues to invest in sales and marketing;
Flowr servicing the global medical cannabis market and operating
GMP facilities in Portugal; Flowr’s business, production and
products; Flowr’s plans to provide premium quality cannabis to
adult use recreational and medical markets; EU-GMP certification
opening the medicinal cannabis opportunity for the Company in
global markets; the Company being well positioned to distribute
EU-GMP compliant product into underserviced markets; Flowr’s
ability to realize revenue from the Company’s European operations
within the anticipated timeframe or at all; Flowr’s ability to
establish further sales and distribution channels in Europe to
deliver medicinal cannabis to underserviced markets; future
legislative and regulatory developments in Canada, in Europe and
elsewhere; the cannabis industry in Canada and Europe, generally;
the ability of Flowr to implement its business strategies; and the
ability of Flowr to produce or sell premium quality cannabis.
Particularly, information regarding our expectations of future
results, targets, performance achievements, prospects or
opportunities is forward-looking information. Often, but not
always, forward-looking statements can be identified by the use of
forward-looking terminology such as “may”, “will”, “expect”,
“believe”, “estimate”, “plan”, “could”, “should”, “would”,
“outlook”, “forecast”, “anticipate”, “foresee”, “continue” or the
negative of these terms or variations of them or similar
terminology. Forward-looking information is current as of the date
it is made and is based on reasonable estimates and assumptions
made by us at the relevant time in light of our experience and
perception of historical trends, current conditions and expected
future developments, as well as other factors that we believe are
appropriate and reasonable in the circumstances. To the extent any
forward-looking information in this press release constitutes
“future oriented financial information” or “financial outlooks”,
within the meaning of applicable securities laws, the purpose of
such information being provided is to demonstrate the potential of
the Company and readers are cautioned that this information may not
be appropriate for any other purpose. However, we do not undertake
to update any such forward-looking information whether as a result
of new information, future events or otherwise, except as required
under applicable securities laws in Canada. There can be no
assurance that such estimates and assumptions will prove to be
correct. Many factors could cause our actual results, level of
activity, performance or achievements or future events or
developments to differ materially from those expressed or implied
by the forward-looking information as discussed in the “Risk
Factors” section of the Company’s 2020 Annual Information Form
dated April 28, 2021 (the “AIF”). A copy of the
AIF and the Company’s other publicly filed documents can be
accessed under the Company’s profile on the System for Electronic
Document Analysis and Retrieval (“SEDAR”) at
www.sedar.com. The Company cautions that the list of risk factors
and uncertainties described in the AIF is not exhaustive and other
factors could also adversely affect its results. Readers are urged
to consider the risks, uncertainties and assumptions carefully in
evaluating the forward-looking information and are cautioned not to
place undue reliance on such information.
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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