TORONTO, Oct. 20, 2020 (GLOBE NEWSWIRE) — The Flowr Corporation (TSX.V: FLWR; OTC: FLWPF) (“Flowr” or the “Company”) is pleased to announce that the Company has entered into a definitive agreement (the “Definitive Agreement”) dated October 19, 2020 to acquire all of the issued and outstanding common shares in the capital of Terrace Global Inc. (TSX.V: TRCE) (“Terrace Global”), a multi-country operator (MCO) led by experienced cannabis entrepreneurs focused on the development and acquisition of international cannabis assets (the “Acquisition” or the “Transaction”). The all-share Acquisition is valued at approximately $63 million based on Flowr’s closing share price as of October 19, 2020. The Transaction provides the Company with additional capital to execute on its growth strategy, improves its overall financial position and seeks to merge together two teams of successful cannabis entrepreneurs. The Transaction is expected to close by the end of 2020.
To read the full press release from The Flowr Corporation, click here.
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