The Flowr Corporation (TSX.V: FLWR) (OTC: FLWPF) on Tuesday announced a non-brokered private placement for gross proceeds of C$20,000,000, with, at the company’s discretion, the ability to upsize the amount to an aggregate gross proceeds of C$25,000,000. According to the update, the company expects to use the proceeds of the Offering for general working capital purposes. “Despite the challenging capital markets environment, we are extremely fortunate to announce this financing and to have continued support from management and insiders who have been instrumental in Flowr’s founding, strategic direction and financing since inception,” Flowr’s CEO Vinay Tolia stated in the news release. “This capital is expected to enable Flowr to become cash flow positive in H2 2020 as we build on our focus of delivering premium dry flower to the Canadian marketplace driven by our flagship product BC Pink Kush and other high THC strains we will be launching imminently as all of our 20 grow rooms in our Kelowna 1 facility will soon be in harvest cycles. We expect to continue to achieve premium price points in the market with our optimized library of high THC strains. Future revenue growth will be further enhanced with contributions from Holigen given the recent receipt of our EU GMP license in Portugal.”
In addition, Flowr announced that it will release its fourth quarter 2019 results after the close of the financial markets on Wednesday, April 29, 2020, followed by a 5:30 PM Eastern Time conference call and webcast to review these results. Interested parties may access the call by dialing 1-833-227-5845 (Toll Free) or 1-647-689-4072 (Toll/International). The webcast may be accessed by visiting www.FlowrCorp.com/Investors
To view the full press release, visit http://cnw.fm/l3KBT
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 operates GMP licensed 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 www.Flowr.ca.
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