TORONTO, July 30, 2019 (GLOBE NEWSWIRE) — The Flowr Corporation (TSXV: FLWR; OTC: FLWPF) (“Flowr” or the “Company”) is pleased to announce that Holigen Holdings Limited (“Holigen”), which Flowr is in the process of acquiring the remaining 80.2% interest, subject to regulatory approval, has through its subsidiary RPK Biopharma, Unipessoal Lda, received permission from INFARMED to plant cannabis at the Aljustrel project in Portugal.
In addition, Flowr received a Health Canada export permit that allowed it to make an initial shipment of clones from its Kelowna Campus to Portugal. The Company leveraged its proprietary clean stock protocol and carried out an intensive, nine-week integrated pest management program that led to the receipt of the required phytosanitary certification to ship the clones. Flowr also utilized innovations to packaging to ensure the clones arrived healthy and ready for operations at Aljustrel.
In the coming weeks, Flowr expects to deliver a significantly larger shipment of clones, upon receipt of applicable export permits, which will position Aljustrel well for the planned 2019 planting and, ultimately, an expected first harvest later this year, pending final licensing.
“INFARMED’s authorization to plant cannabis at Aljustrel is a major milestone in the development of this project, a cornerstone of our effort to service the global medical cannabis market. Aljustrel is one of the largest outdoor THC cultivation licenses in the developed world, and will be instrumental in providing large-scale, low-cost cannabis extract for pharmaceutical APIs, as well as oils to service the European medical markets,” commented Vinay Tolia, Flowr’s Chief Executive Officer. “Congratulations to the team at Holigen for advancing this project to this stage in such an efficient manner. This is a testament to their expertise in permitting and licensing and we look forward to bringing our cultivation expertise to this impressive opportunity, the first step of which was our successful initial shipment of healthy clones.”
Aljustrel is a developing site for cannabis production, extraction, and manufacturing facilities in Portugal. Designated a Project of National Interest (“PIN”) by the Portuguese government, this designation provides the ability to quickly move the project through regulatory licensing processes, as well as potential access to funding. The plan is to build and operate a cannabis cultivation site on the 7,000,000 square foot property with a combined potential annual dried cannabis flower capacity of approximately 500,000 kilograms. Holigen is in the process of receiving all required licenses to operate the Aljustrel site in Portugal.
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, BC, 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 a spirit of innovation is expected to enable it 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 flowr.ca. Follow Flowr on Twitter: @FlowrCanada; Facebook: Flowr Canada; Instagram: @flowrcanada; and LinkedIn: The Flowr Corporation.
On behalf of The Flowr Corporation:
CEO and Director
Vice President, Communications & Public Relations
(877) 356-9726 ext. 1526
Head of Capital Markets
(877) 356-9726 ext. 1528
This press release includes forward-looking information within the meaning of Canadian securities laws regarding Flowr, Holigen and their respective businesses, which may include, but are not limited to: Flowr delivering a significantly larger shipment of clones to Aljustrel, which will position Aljustrel well for the planned planting and an expected first harvest later this year; INFARMED’s authorization to plant cannabis at Aljustrel being a major milestone in the development of the project and a cornerstone of Flowr’s efforts to service the global medical cannabis market; Aljustrel being instrumental in providing large-scale, low cost cannabis extract for pharmaceutical APIs and oils to service the European medical market; Holigen’s expertise in permitting and licensing; Flowr bringing cultivation expertise to Aljustrel; Aljustrel’s designation as a PIN and the benefits associated therewith, including quicker licensing pathways and access to funding; Flowr’s plans on building and operating at the Aljustrel site; the size and capacity of the Aljustrel site; the business, production and products of Flowr, Holigen building what is expected to be one of the largest cannabis cultivation projects in the world; and Flowr’s investment in research and development, along with its sense of craftsmanship and spirit of innovation enabling it to provide premium-quality cannabis that appeals to the adult-use recreational market and addresses specific patient needs in the medicinal market.
Often, but not always, forward-looking information can be identified by the use of words such as “potential”, “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative and grammatical variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such statements are based on the current expectations of Flowr’s management and are based on assumptions and subject to risks and uncertainties. Although Flowr’s management believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this press release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting Flowr, including risks relating to Flowr failing to deliver clones to Holigen, including as a result of failing to receive the required import permits; Holigen not being able to import the clones, plant the clones or harvest them on the timelines described in this press release or at all; the authorization from INFARMED to plant at Aljustrel not proving to be a major milestone in the development of the project and a cornerstone of Flowr’s efforts to service the global medical cannabis market; Aljustrel failing to provide large-scale, low cost cannabis extract for pharmaceutical APIs and oils to service the European medical market, which would have a material impact on Flowr’s expansion efforts and ability to expand into these markets; Flowr failing to bring its cultivation expertise to Aljustrel or not having the expertise to grow outdoors, which could result in crop failures and the inability of Flowr to enter into the global medical markets; Aljustrel’s designation as PIN not providing the benefits described in this press release or the failure of Holigen to maintain its PIN designation, which could impact Holigen’s licensing pathways and access to funding; Flowr’s not having the funds, capacity or expertise to build and operate at the Aljustrel site; the size and capacity of the Aljustrel site not achieving the amounts and/or size described in this press release; Aljustrel not receiving its final licences or Holigen being delayed in receiving them; the failure to obtain regulatory approvals (including approval of Health Canada and/or INFARMED); risks relating to the use of Flowr’s or Holigen’s products; risks relating to the markets in which Flowr and Holigen operate and/or distribute their respective products; risks associated with operating in the markets in which Flowr and Holigen operate; the failure to receive licenses and/or construct Flowr’s and/or Holigen’s facilities and sites; Holigen’s license and/or product applications being delayed or not completed; general economic and stock market conditions; Flowr’s investment in research and development, along with its sense of craftsmanship and spirit of innovation failing to provide and distribute premium-quality cannabis that appeals to the adult-use recreational market and addresses specific patient needs in the medicinal market; risks and uncertainties detailed from time to time in Flowr’s filings with the Canadian Securities Administrators; and many other factors beyond the control of Flowr.
Although Flowr has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking information can be guaranteed. Except as required by applicable securities laws, forward-looking information speaks only as of the date on which it is made and Flowr undertakes no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events, or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
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