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- Flowr exported first shipment of premium medical cannabis to Israel for $825,000.
- The shipment represents the Company's first export into an international market.
- Holigen in Portugal expects first harvest of indoor grown cannabis in mid-January 2022 with initial in-process testing at more than 29% THC content.
TORONTO, Jan. 13, 2022 (GLOBE NEWSWIRE) -- The Flowr Corporation (“ Flowr ” or the“ Company ”) (TSXV: FLWR, OTC: FLWPF) is pleased to announce that it has completed its first shipment from Canada to Israel, as part of the previously announced international supply agreement (the“ Supply Agreement ”) with Focus Medical Herbs Ltd. (“ Focus Medical ”), a company which IM Cannabis Corp. (NASDAQ: IMCC) (CSE:IMCC) (“ IMC ”) has an exclusive commercial agreement with in Israel.
The first shipment consisted of premium cannabis across two strains for a total of $825,000. The shipment represents the Company's debut into the Israeli market and the first significant international export. Additional exports of premium cannabis to Israel are expected in 2022 pursuant to the Supply Agreement.
“We are extremely pleased to have completed our first shipment to Israel as part of our partnership with IMC and Focus Medical,” commented Darryl Brooker, Chief Executive Officer of Flowr.“As the Israeli medical cannabis industry continues to grow, we expect the market to be an important destination for us to grow our brand and distribution reach internationally. As a result, we view this first shipment, and this partnership as an important next step to becoming a significant international producer of cannabis with a globally recognized brand.”
The first shipment of cannabis was from the Company's K1 facility located in Kelowna, British Columbia, which is a world-class facility capable of producing award winning high-THC strains, with a high level of consistency. The Company expects a second shipment to be available in the Israeli market in the first half of 2022. The partnership with Focus Medical is for a period of three years, subject to certain early termination provisions and applicable regulatory requirements including the receipt of import and export permits.
The Company is also pleased to announce today that in Portugal, its wholly-owned subsidiary, Holigen Holdings Limited (“ Holigen ”), expects to harvest at least 300 kilograms of indoor grown medical cannabis in the first quarter of 2022. Holigen is in the final stages of cultivating BC Black Cherry and BC Strawnana strains and expects to commence harvesting at its purpose-built indoor facility in Sintra, Portugal by the end of January 2022. Initial in-process testing for its medical cannabis are indicating THC content levels above 29%.
“Our strategy in Portugal is appearing to pay dividends. We have worked very hard to improve the operational expertise at our indoor facility in Sintra and we are now seeing the results. The E.U. market is starved for premium medical cannabis and our team in Portugal, led by Tom Flow, is on the cusp of achieving a significant operational milestone for the Company,” commented Darryl Brooker.“We are very much looking forward to the near-term results in Portugal and see the E.U. as an under-valued and under-appreciated part of our business.”
About The Flowr Corporation
The Flowr Corporation is a Canadian cannabis company with operations in Canada and the European Union. 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 services 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.
IM Cannabis (NASDAQ: IMCC, CSE: IMCC) is a leading international cannabis company providing premium products to medical patients and adult-use recreational consumers. IM Cannabis is one of the very few companies with operations in Israel, Germany, and Canada, the three largest federally legal markets. The ecosystem created through its international operations leverages the Company's unique data-driven perspective and product supply chain globally. With its commitment to responsible growth and financial prudence, and the ability to operate within the strictest regulatory environments, the Company has quickly become one of the leading cultivators and distributors of high-quality cannabis globally.
The IM Cannabis ecosystem operates in Israel through its commercial relationship with Focus Medical, which cultivates, imports, and distributes cannabis to medical patients, leveraging years of proprietary data and patient insights. The Company also operates medical cannabis retail pharmacies, online platforms, distribution centres and logistical hubs in Israel that enable the safe delivery and quality control of IM Cannabis products throughout the entire value chain. In Germany, the IM Cannabis ecosystem operates through Adjupharm GmbH (“Adjupharm”), where it also distributes cannabis to pharmacies to medical cannabis patients. In Canada, IM Cannabis operates through Trichome Financial Corp. (“Trichome”) and its subsidiaries Trichome JWC Acquisition Corp and MYM Nutraceuticals Inc., where it cultivates and processes cannabis for the adult-use market at its Ontario, Nova Scotia, and Quebec facilities under the WAGNERS and Highland Grow brands.
On behalf of The Flowr Corporation:
Chief Executive Officer
INVESTORS & MEDIA:
Chief Financial Officer
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 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 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 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 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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