The cannabis company released plans to raise C$125 million for its acquisition of Holigen Holdings Ltd, a European-based cannabis company developing large-scale GMP-compliant grow facilities in Portugal and Australia, of which Flowr owns 19.8%.
Shares of Flowr rocketed 22.8% higher in early trading at C$4.91 in Toronto and were trading at US$3.01 on OTC markets.
In a release, the company said that the decision not to proceed with the offering was based on current market conditions that were not conducive to raising money in the best interest of shareholders.
Flowr said that it would continue to monitor the market as it evaluates options to propel the company toward its vision of becoming a global licensed producer of premium cannabis.
Toronto-based Flowr builds and operates large-scale, GMP-designed facilities that utilize proprietary growing methods to produce high-quality cannabis for recreational and medicinal usage.
The licensed producer also said that it was evaluating the timing of its Nasdaq listing in light of prevailing market conditions.
Earlier this week, the company announced it had received a second site cultivation license from Health Canada for its Flowr Forest project, an expanded indoor and outdoor cultivation area with a total licensed grow space of over 530,000 square feet in Kelowna, British Columbia.
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