The Flowr Corporation (TSX.V: FLWR) (OTC: FLWPF), a Canadian-licensed producer of premium cannabis products, late Monday issued a corporate update on various matters. The company first outlined its intention to complete a non-brokered private placement of up to 2.4 million common shares, at a price of C$6.25 per share, for aggregate gross proceeds of up to C$15 million. Flowr also affirmed its support of Holigen’s proposed €45 million investment in Portugal to produce medicinal cannabis outdoors. Other topics covered in the corporate update included changes to the company’s board of directors and its appointment of Thierry Elmaleh as its new head of capital markets. Notably, Elmaleh brings more than 15 years of progressively more senior leadership experience in capital markets to the Flowr team. “Through leading each round of financing for the Company, Core Flow has a strong conviction in Flowr’s edge in designing and constructing highly efficient facilities and producing high quality cannabis products,” Steve Klein of Core Flow Canada Holdings Inc., an investor participating in the proposed private placement, stated in the news release. “Moreover, Flowr is building a company, from its management team to cultivators, that I believe is second to none.”
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About The Flowr Corporation
Flowr, through its subsidiaries, holds a cannabis production and sales license granted by Health Canada. With a head office in Toronto and a production facility in Kelowna, British Columbia, Flowr builds and operates large-scale, GMP-designed cultivation facilities utilizing its own growing systems. Flowr’s investment in research and development along with its sense of craftsmanship and spirit of innovation is expected to enable the company 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 the company’s website at www.Flowr.ca
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