The Flowr Corporation, whose primary cannabis cultivation facility is located in Kelowna, is going global.
The company announced Friday it has acquired a 19.8 per cent interest of large-scale Portuguese and Australian cannabis producer Holigen. The move, which included a $6 million cash payment, will give Flowr a footprint in the EU market, and it will significantly accelerate the completion of Holigen’s construction and licensing projects.
“The combination of Holigen’s strong management team and incredible assets along with our cultivation, design and construction IP will create what we believe will be a worldwide leader in production,” Flowr co-CEO Tom Flow said in a press release.
Holigen has a wide variety of facilities that are either completed or in the planning stages, including a seven-million-square-foot outdoor cultivation site in Portugal that is expected to be partly operational in the second quarter of 2019 and fully operational in the first quarter of 2021, with potential production of more than 500,000 kilograms annually.
“Flowr has the high-quality, high-yield growing technology and experience that we believe will quickly allow Holigen to execute on the very significant licences we hold and are obtaining in both Portugal and Australia,” Holigen co-founder Peter Comerford said. “With the partnerships we are developing, we believe we will be positioned perfectly within the Australian government’s ambitious strategy for significant export of medicinal cannabis announced in January.
“With the licenses we are obtaining, combined with Flowr’s proven cultivation technology, we believe this transaction places both companies in a unique position to act as a true medicinal cannabis multinational.”
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