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The Flowr Corporation and Terrace Global make early progress with Portuguese partnership

The cannabis companies planted a variety of high THC strains on nearly 1 million square feet of land at its Portuguese cultivation facility

The Flowr Corporation -
Flowr has shipped nearly 14,000 clones from its Flowr Forest outdoor operation in Kelowna to Portugal

The Flowr Corporation (CVE:FLWR) (OTCMKTS:FLWPF) revealed Thursday that it has planted a variety of high THC strains on nearly 1 million square feet of land at its Portuguese cultivation facility.

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.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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Price: 0.47 CAD

TSX-V:FLWR
Market: TSX-V
Market Cap: $58.76 m
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Full interview: Flowr announces joint deal to develop outdoor cannabis...

The Flowr Corporation (CVE: FLWR) CEO Vinay Tolia joined Steve Darling from Proactive Vancouver to bring news the company has agreed to an equity line and profit-sharing agreement with Terrace Global for their cannabis project in Portugal. Tolia telling Proactive Terrace Global will fund...

on 15/5/20

2 min read