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The Flowr Corporation receives second round of funds from its C$3 million agreement with Terrace Global to fund Aljustrel outdoor cannabis facility

Flowr will receive C$500,000 as part its deal with Terrace, which will fund the operations and certain expenditures at Aljustrel in exchange for a stake in Flowr

The Flowr Corporation -
Aljustrel is a rapidly developing site for cannabis production, extraction, and manufacturing facilities in Portugal

The Flowr Corporation (CVE:FLWR) (OTCMKTS:FLWPF) has closed another round of funding under its agreement with Terrace Global to fund its outdoor medical cannabis site in Portugal.

The facility in Aljustrel is jointly operated with Terrace Global (CVE:TRCE), a Canadian company focused on the development and acquisition of international cannabis assets.

Under the second tranche, Flowr will receive C$500,000 as part of the equity line and profit share agreement with Terrace, which will fund the operations and certain expenditures at Aljustrel in exchange for a stake in Flowr.

READ: The Flowr Corporation generates C$1 million in revenue from premium product BC Pink Kush in its first quarter

“We are very pleased by the progress in Aljustrel and continue to work closely with Terrace Global towards a successful harvest later this year,” Flowr CEO Vinay Tolia said in a statement.

“Thus far the crops in Aljustrel look very promising and we continue to be on track to harvest the fields in 4Q 2020.  It’s exciting to be leading what we believe to be one of the largest outdoor THC cultivation projects in Europe to date.”

Aljustrel is a rapidly developing site for cannabis production, extraction, and manufacturing facilities in Portugal. It has been designated a project of national interest by the Portuguese government, a designation that cuts down bureaucratic red tape, allows for quick regulatory licensing, as well as access to funding.

As per the term sheet of the second tranche, Flowr issued Terrace 961,538 shares priced at C$0.52 and an equal amount of whole warrants exercisable $0.76 for a three-year term. The second tranche is subject to the final approval of the TSX Venture Exchange and all securities issued under are subject to a customary four-month hold period and may not be traded before December 6, 2020.

Terrace Global is expected to fund at least C$3 million under the agreement.  

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

Quick facts: The Flowr Corporation

Price: 0.455 CAD

TSX-V:FLWR
Market: TSX-V
Market Cap: $63.2 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