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The Flowr Corp reaches major milestone with EU GMP licence for Portugal facility

Holigen, the firm's subsidiary in Europe has received its Good Manufacturing Practice (GMP) certification in accordance with European Union standards

The Flowr Corporation -
Holigen's Sintra facility, just outside Lisbon, is a purpose built facility with six grow rooms, a research and development lab and is capable of producing aroumd 1,800 kg of premium dried flower.

The Flowr Corporation (CVE:FLWR) (OTCMKTS:FLWPF) has received a key licence, which now allows it to release final product into the European market, the cannabis firm told investors on Tuesday.

The group said Holigen, it's subsidiary in Europe, has received Good Manufacturing Practice (GMP) certification in accordance with European Union standards, for its manufacturing facility in Sintra, Portugal.

READ: Flowr Corp's restructuring program aligns strategic goals to meet challenges of the coronavirus outbreak

"This is a critical license and step forward which will enable us to release final product into the European market. GMP is the worldwide standard by which pharmaceutical manufacturers judge their supply partners," Pauric Duffy, Flowr’s managing director of Europe said in a statement.

"Our international strategy is a key component in driving sales growth and long-term value creation for our shareholders," added Vinay Tolia, Flowr’s CEO. "This certification is a testament to our focus on quality and a huge accomplishment for the team in Europe as well as the global organization.”

Flowr intends to service the global medical cannabis market via Holigen, which has a license to grow cannabis in Portugal and will operate GMP-designed manufacturing facilities in Portugal and Australia.

The Sintra facility, just outside Lisbon, is a purpose-built facility with six grow rooms, a research and development lab and is capable of producing approximately 1,800 kilograms (kg) of premium dried flower.

Holligen's operations also include its Aljustrel site in Portugal which has more than 5 million square feet of outdoor grow space, capable of producing in excess of 500,000 kg of cannabis when fully operational.

The company will require additional financing to complete the Aljustrel site.

Flowr shares in Toronto gained nearly 24% to C$0.77 each.

Contact the author at giles@proactiveinvestors.com

Quick facts: The Flowr Corporation

Price: 0.46 CAD

TSX-V:FLWR
Market: TSX-V
Market Cap: $63.89 m
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