- Flowr has exported its first shipment of premium medicinal cannabis to Israel for $825,000.
- The shipment represented the company’s first export to the international market.
- Holigen in Portugal expects its first indoor-grown cannabis harvest in mid-January 2022 with initial testing in process of over 29% THC content.
TORONTO, January 13, 2022 (GLOBE NEWSWIRE) – The Flowr Corporation (“Flor“or the”company(TSXV: FLWR, OTC: FLWPF) to announce that it has completed its first shipment from Canada to Israel, as part of a previously announced international supply agreement (“)supply agreementwith Focus Medical Herbs Ltd. (“)Medical Focus“), a company owned by 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 represented the company’s first entry into the Israeli market and the first significant international export. Additional exports of fine cannabis are expected to be exported to Israel in 2022 in accordance with the supply agreement.
“We are very pleased to complete our first shipment to Israel as part of our partnership with IMC and Focus Medical,” said Daryl Brooker, CEO 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 distribute internationally. As a result, we view this first shipment and this partnership as an important next step in becoming an important 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, a world-class facility capable of producing award-winning THC strains, with a high level of consistency. The company expects the second shipment to be available in the Israeli market in the first half of 2022. The partnership with Focus Medical will run for a period of three years, subject to certain early termination provisions and applicable regulatory requirements including import and export receipt permits.
The Company is also pleased to announce today that in Portugal, its wholly owned subsidiary, Holigen Holdings Limited (“Holligen”), expects to harvest at least 300 kilograms of indoor-grown medicinal cannabis in the first quarter of 2022. Holigen is in the final stages of growing BC Black Cherry and BC Strawnana strains, and expects to begin harvesting at its purpose-built indoor facility in Sintra, Portugal by the end of January 2022. Initial testing in progress for medical cannabis indicates THC levels above 29%.
“Our strategy in Portugal appears to be paying off. We have worked hard to improve the operational experience at our in-house facility in Sintra and are now seeing results. Daryl Brooker commented that the EU market is thirsty for premium medicinal cannabis, and our team in Portugal, led by Tom Flo, is on the cusp of an operational breakthrough. Senior company “We are very much looking forward to the near-term results in Portugal and see the EU as an underappreciated part of our business.”
The Flowr Corporation is a Canadian cannabis company operating in Canada and the European Union. Its Canadian operating campus, located in Kelowna, British Columbia, houses a purpose-built, GMP-designed indoor growing facility; outdoor planting site and greenhouse; and a modern R&D facility. From this campus, Flowr produces recreational and medical products. Internationally, Flowr serves the global medical cannabis market through its subsidiary, Holigen Holdings Limited, which has a license to grow cannabis in Portugal and operates a GMP-licensed facility in Portugal. In 2020, Flowr’s BC Pink Kush was recognized as the Best Indica strain in Canada by KIND magazine.
Flowr aims to support improved outcomes through the responsible use of hemp and, as an established expert in cannabis cultivation, strives to be the brand of choice for consumers and patients who seek the highest quality of craftsmanship and product consistency across a range 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 quality products to medical patients and adult recreational consumers. IM Cannabis is one of the very few companies that operates in Israel, Germany and Canada, the three largest federal legal markets. The ecosystem built through its international operations benefits from the company’s unique data-driven perspective and product supply chain globally. Through its commitment to responsible growth and financial prudence, and the ability to operate within the most stringent regulatory environments, the company has quickly become one of the world’s leading growers and distributors of high-quality cannabis.
The IM Cannabis ecosystem operates in Israel through its business relationship with Focus Medical, which grows, imports and distributes cannabis to medical patients, benefiting from years of proprietary data and patient insights. The company also operates pharmacies selling medical cannabis, online platforms, distribution centers and logistics centers in Israel that enable 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”), which also distributes cannabis to pharmacies for 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 hemp is grown and processed for the adult use market in Ontario, Nova Scotia, and Quebec. Facilities under the WAGNERS and Highland Grow brands.
On behalf of Flowr:
chief executive officer
Investors and the media:
Certain statements in this press release may constitute “forward-looking information”, “forward-looking financial information” or “financial projections” (together referred to as “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information may relate to expected events or results including, but not limited to: meeting all conditions under a supply agreement; The projected size of the European medical cannabis market; The company anticipates that it will build on its achievements as it continues to invest in sales and marketing; Flowr to serve the global market for medical cannabis and operate GMP facilities in Portugal; Flowr’s business, production and products; Flowr plans to provide high-quality cannabis to the adult recreational and medical markets; EU-GMP certification opens an opportunity for the company’s medical cannabis in global markets; The company is in a good position to distribute EU and GMP compliant products to underserved markets; Flowr’s ability to generate revenue from the company’s European operations within the expected time frame or at all; Flowr’s ability to establish more sales and distribution channels in Europe to deliver medical cannabis to underserved markets; future legislative and regulatory developments in Canada, Europe, and elsewhere; The cannabis industry in Canada and Europe in general; Flowr’s ability to implement its business strategies; Capacity may be identified by the use of forward-looking terms such as “may,” “will,” “expect,” “believe,” “estimate,” “plan,” “could,” “should,” “will,” “expect,” Predict “,” Anticipate “,” Expect “,” Communicate “or Flowr for the production or sale of high quality cannabis. In particular, information regarding our expectations of results, objectives, performance achievements, expectations or future opportunities is forward-looking information. Often, but not always, forward-looking statements are negative for these terms, variants thereof, or similar terms. Forward-looking information is current as of the date on which it was prepared and is based on reasonable estimates and assumptions we have made in a timely manner in light of our experience and understanding of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable under the circumstances. To the extent any forward-looking information in this press release constitutes “future-oriented financial information” or “financial expectations,” within the meaning of applicable securities laws, the purpose of such information provided is to demonstrate the company’s potential and readers caution that such information It may not be suitable for any other purpose. However, we undertake no obligation to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities laws of Canada.
There can be no assurance that these estimates and assumptions will prove correct. Many factors could cause our actual results, level of activity, performance, achievements, future events or developments to differ materially from those expressed or implied by forward-looking information as discussed in the “Risk Factors” section of the Company’s annual information form for 2020 dated April 28, 2021 (“AIFA copy of the AIF and other company documents publicly filed under the company profile can be accessed in the Electronic Document Analysis and Retrieval System (“).Realize”) at www.sedar.com. The company cautions that the list of risk and uncertainty factors described in the AIF is not exhaustive and that other factors can adversely affect its results. Readers are encouraged to consider risks, uncertainties and assumptions carefully in evaluating forward-looking information and are cautioned against undue reliance on such information.
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