- 2018 major milestones included launch of medicinal and recreational sales channels
- Company sold nearly 406 kilograms of premium cannabis, despite having only 20 percent of Kelowna 1 grow rooms operational during Q4 2018
- Flowr optimizes yields, producing premium and ultra-premium cannabis products with a goal of no irradiation, to maximize profitability
The Flowr Corporation (TSX.V: FLWR) (OTC: FLWPF), a Canadian licensed producer of premium cannabis products, recently shared details of several milestones achieved during the fourth quarter of 2018 that included the company’s first recorded revenues, with nearly 260 kilograms of premium cannabis grown in-house during the period, despite only 20 percent of its facility being operational. Flowr Co-CEO Vinay Tolia noted the significance of the sale as he addressed shareholders during an April 4 conference call.
“The fourth quarter of 2018 marked a major milestone for Flowr, as we launched our medicinal and recreational sales channels after receiving our licenses in August 2018, and sold nearly 406 kilograms of premium cannabis, despite having only 20% of our grow rooms in Kelowna 1 operational during the quarter itself,” Tolia said in a news release (http://cnw.fm/0Tang).
Flowr’s cultivation facilities, built with proprietary, patent-pending systems, are designed to consistently generate high crop yields of premium and ultra-premium cannabis products. Flowr’s flagship facility, an 84,000-square-foot campus on seven acres in Kelowna, British Columbia, is engineered to meet pharmaceutical industry production standards for cleanliness without resorting to the taste- and smell-killing gamma irradiation that most other licensed producers use to clean their product (http://cnw.fm/f4lLK).
Flowr currently has 10 grow rooms in Kelowna 1 licensed for use, with eight rooms propagated with plants, and expects to have all 20 grow rooms fully constructed by the end of the third quarter of 2019. Completion of Kelowna 1 should enable the company to begin capitalizing on strategic growth opportunities for medicinal and recreational use, with approximately 10,000 kilograms of capacity for premium cannabis flower on an annualized basis.
“As a global leader in the premium cannabis industry, our design and cultivation expertise along with our superior IP know-how enables us to grow high quality cannabis on a large scale at what we believe will be industry-leading yields,” Tolia emphasized in a news release. “The revenue numbers reflect our ability to grow and process high quality product with only a fraction of our facility and packaging area complete. Once our Kelowna 1 facility is completed in Q3 2019, our operational efficiency will only improve.”
Flowr also plans to expand its product line by selling a selection of its premium, high-quality cannabis in clone and seed form to customers both at home and abroad. Company Co-CEO Tom Flow announced the venture in an earlier news release (http://cnw.fm/9UaR4), calling the move “an exciting and potentially very big market for Flowr that is a natural extension of our high-yield, high-quality approach to cultivation.”
“Growing great cannabis starts with great genetics and clean healthy plants, something few companies are able to provide,” Flow stated in the release. “As we ramp up production, we believe Flowr will be able to offer the select cultivars we use to produce our premium cannabis to cultivators globally.”
According to Stratistics MRC, the global cannabis market accounted for $10.39 billion in 2017 sales and is expected to reach $154.82 billion by 2026, growing at a compound annual growth rate of 35 percent during the forecast period. Some of the key factors propelling the market growth are the medicinal properties of cannabis, increasing legalization of cannabis and advances in genetic development and intellectual property related to cannabis (http://cnw.fm/n7W0s).
For more information, visit the company’s website at www.Flowr.ca
NOTE TO INVESTORS: The latest news and updates relating to FLPWF are available in the company’s newsroom at http://cnw.fm/FLWPF
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