The Toronto-based cannabis company and its partner Terrace Global (CVE:TRCE) jointly operate the outdoor growing environment in Aljustrel.
Flowr has shipped nearly 14,000 clones, including BC Pink Kush, BC Tahoe OG and BC Louis XII, from its Flowr Forest outdoor operation in Kelowna to Portugal.
READ: The Flowr Corporation partners with Terrace Global to fund development and operations of Holigen cannabis products
Terrace, a Canadian cannabis company, has contributed around 30,000 seeds consisting of eight different strains including Gorilla Glue #4, Zkittles, Gelato, Wedding Cake, KC33, Brains Choice, Spontanica and Mango.
Flowr said it is in the process of importing harvesting equipment and a custom-built combine harvester from Terrace to the Aljustrel site for automated harvesting of high-THC biomass, which is expected to yield a “robust depth” of cannabis products suitable for medical markets in Europe, according to the company.
“We are very pleased by the early results in Aljustrel and look forward to continuing to work closely with Terrace Global to ensure a successful harvest later this year,” Flowr CEO Vinay Tolia said in a statement.
“Our two companies have mobilized very quickly to begin planting in Aljustrel. We are very excited to be moving forward with what we believe to be one of the largest outdoor THC cultivation projects in Europe to date.”
Closes financing tranche
Under the partnership agreement, which was first announced in May, Terrace will fund the operations and certain capital expenditures at the Aljustrel facility in exchange for a stake in Flowr. As part of the first tranche of funding, Flowr issued 1,472,308 shares priced at C$0.52 and an equal amount of warrants exercisable into one full common share at C$0.76 for a period of 36 months from June 24, 2020.
Terrace is expected to fund at least C$3 million under the partnership.
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