Kelowna 1 facility fully licensed with an estimated potential of annual capacity of 10,000 kilograms of premium cannabis flower once fully propagated.
Newly licensed area also includes automated packaging equipment anticipated to reduce labor costs and COGS.State of the art irrigation system built for delivering essential nutrient feeds to produce clean, consistent, premium flower.TORONTO, Feb. 24, 2020 (GLOBE NEWSWIRE) — The Flowr Corporation (TSX.V: FLWR; OTC: FLWPF) (“Flowr” or the “Company”) is pleased to announce that it has received approval from Health Canada to open 10 additional grow rooms at its Kelowna 1 cultivation facility, bringing the total to 20, doubling the Company’s capacity to grow premium, indoor flower at the facility and enabling automation to lower COGS. This is the final approval required for full operation of the facility.Kelowna 1 is Flowr’s premier purpose-built indoor cultivation facility located in the Okanagan Valley of British Columbia. Following receipt of the new Health Canada approval, the Company plans to immediately begin phasing in the propagation of these additional grow rooms and expects the 85,000 square foot facility to produce, at ultimate capacity, approximately 10,000 kilograms of premium cannabis flower on an annualized basis.“The full licensing of Kelowna 1 is a major milestone for Flowr. For the first time since we broke ground on the facility we won’t be operating out of a construction site. We continue to see growing demand for our premium cannabis products led by our flagship strain, Pink Kush. Furthermore, we expect to see an improvement in operating efficiency as we reach scale coupled with the commissioning of our automated packaging line,” said Vinay Tolia, CEO of Flowr.Flowr’s cultivation facilities are being constructed to Good Manufacturing Practice (GMP) standards. They employ proprietary designs and systems to create a highly controlled growing environment that the Company expects will enable it to produce a large portion of its premium cannabis without requiring irradiation to meet Health Canada standards. The Company’s cultivation team follows exacting protocols throughout the growing process then carefully harvests, trims and cures its products, seeking to deliver a premium experience for consumers.About The Flowr CorporationThe Flowr Corporation is a Toronto-headquartered cannabis company with operations in Canada, Europe, and Australia. Its Canadian operating campus, located in Kelowna, BC, includes a purpose-built, GMP-designed indoor cultivation facility; an outdoor and greenhouse cultivation site; and a state-of-the-art R&D facility that is currently under construction. From this campus, Flowr produces recreational and medicinal products. Internationally, Flowr intends to service the global medical cannabis market through its subsidiary Holigen, which has a license for cannabis cultivation in Portugal and will operate GMP-designed manufacturing facilities in Portugal and Australia.Flowr aims to support improving outcomes through responsible cannabis use and, as an established expert in cannabis cultivation, strives to be the brand of choice for consumers and patients seeking the highest-quality craftsmanship and product consistency across a portfolio of differentiated cannabis products.For more information, please visit flowr.ca or follow Flowr on Twitter: @FlowrCanada and LinkedIn: The Flowr Corporation.On behalf of The Flowr Corporation:Vinay Tolia
CEO and DirectorCONTACT INFORMATION:
INVESTORS & MEDIA:
Thierry Elmaleh
Head of Capital Markets
(877) 356-9726 ext. 1528
[email protected]Forward-Looking Information and StatementsThis press release contains “forward-looking information” within the meaning of Canadian Securities laws, which may include but is not limited to: the estimated annual capacity of the Company’s Kelowna 1 facility once fully propagated; expectations that automated packaging equipment will reduce costs, including labour costs; the anticipated timeline for propagating additional grow rooms at the Kelowna 1 facility; growing demand for the Company’s premium cannabis products, including Pink Kush; expectations that the Company will see improvement in operating efficiency as it reaches scale and with the commissioning of an automated packaging line; Flowr’s cultivation facilities being constructed to GMP standards; Flowr’s ability to produce a large portion of its premium cannabis without requiring irradiation to meet Health Canada standards; Flowr delivering a premium experience for customers; Flowr servicing the global medical cannabis market and operating GMP-designed manufacturing facilities in Portugal and Australia; Flowr supporting improving outcomes through responsible cannabis use and striving to be the brand of choice for consumers and patients seeking highest-quality craftsmanship and product consistency; and Flowr’s business, production and products. Often, but not always, forward-looking information can be identified by the use of words such as “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 information and 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 such information and 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: the Kelowna 1 facility not achieving the estimated annual production amount once fully propagated; the use of automated packaging equipment not resulting in a reduction in costs, including labour costs; the Company being unable to propagate additional grow rooms at the Kelowna 1 facility within the anticipated timeline, or at all; g demand for the Company’s premium cannabis products, including Pink Kush, not growing; the Company being unable to realize improvement in operating efficiency as it reaches scale and/or with the commissioning of an automated packaging line; Flowr’s cultivation facilities, once completed, not meeting GMP standards; Flowr being unable to produce a large portion of its premium cannabis without requiring irradiation to meet Health Canada standards; Flowr being unable to deliver a premium experience for customers; Flowr being unable to service the global medical cannabis market and/or operate GMP-designed manufacturing facilities in Portugal and Australia; Flowr being unable to support improving outcomes through responsible cannabis use and/or striving to be the brand of choice for consumers and patients seeking highest-quality craftsmanship and product consistency; the construction and development of the Company’s cultivation and production facilities; general economic and stock market conditions; adverse industry events; loss of markets; future legislative and regulatory developments in Canada and elsewhere; the cannabis industry in Canada generally; the ability of Flowr to implement its business strategies; Flowr’s inability to produce or sell premium quality cannabis, 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 or statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking information or statement can be guaranteed. Except as required by applicable securities laws, forward-looking information and statements speak only as of the date on which they are made and Flowr undertakes no obligation to publicly update or revise any forward-looking information or statements, whether as a result of new information, future events or otherwise. When considering such forward-looking information and statements, readers should keep in mind the risk factors and other cautionary statements in Flowr’s Annual Information Form dated April 3, 2019 (the “AIF”) and filed with the applicable securities regulatory authorities in Canada. The risk factors and other factors noted in the AIF could cause actual events or results to differ materially from those described in any forward-looking information or statements.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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