Here at Flowr, we’ve been working hard to be the leader in the medical cannabis industry. Our focus has always been on developing quality cannabis products that will help improve the lives of our patients. We are committed to helping you meet your goals with organized, reliable, and consistent medical cannabis products.
Flowr Corp. (OTCQB: FLWR), a medical cannabis company focused on the export of high-quality cannabis products to international markets, today announced a distribution and export agreement with Focus Medical Herbs and IM Cannabis, two Israeli companies specializing in the distribution and export of products for the medical cannabis industry. The two companies will work together to develop a distribution network in Israel, which will include Flowr products to be distributed and sold by Focus Medical Herbs and IM Cannabis. Initial products to be shipped to Israel will include Flowr’s premium medical cannabis brands, Flowr Prime, Flowr Haze, and Flowr Drop.
Flowr exports up to 500 kilos of high quality medicinal cannabis to Israel.
The supply contract is the company’s first opportunity to export products to the international market.
TORONTO, June 07, 2021 (GLOBE NEWSWIRE) — Flowr Corporation (TSX.V:FLWR; OTC:FLWPF) (Flowr or the Company) is pleased to announce that it has entered into a supply agreement (supply agreement) with Focus Medical Herbs Ltd. (Focus Medical Herbs Ltd.). (Focus Medical), a company with which IM Cannabis Corp. (NASDAQ:IMCC) (CSE:IMCC) (IMC) has entered into an exclusive commercial agreement with Israel. As part of the supply agreement, Flowr’s wholly owned subsidiary has agreed to export up to five hundred kilograms of the highest quality dried flowering cannabis in bulk to Israel. The supply agreement is the company’s first major international distribution agreement and its first export opportunity to Israel. In 2020, the Israeli medical cannabis market was characterized by significant year-on-year growth. According to Prohibition Partners, the number of active patients increased by about 17% between 2019 and 2020, to more than 70,000 people, which translates to more than 7 tons of imports into Israel by July 2020. Israel has also announced its intention to legalize cannabis for recreational use by the end of 2020, which will further increase demand for high-quality cannabis products. Brightfield estimates that the market will exceed $130 million by 2021 and reach more than $230 million by 2025. We are very excited to bring our cannabis to the Israeli market in partnership with IMC and Focus Medical, said Darryl Brooker, CEO of Flowr. We believe that the Israeli market will be an important area for the development of our brand and international distribution. Combined with our ability to grow high quality THC-rich dried flowers in our GMP facility in Portugal, we see this partnership as an important next step in becoming a leading international cannabis producer with a globally recognized brand. IMC and Focus Medical chose to partner with Flowr because of the company’s reputation in Canada and beyond as a leading cannabis producer, said Oren Schuster, CEO of IMC. We are convinced that the Israeli market will welcome the famous Flowr BC Pink Kush and BC Black Cherry with open arms. We look forward to working with the Flowr team to promote and sell these premium and ultra-premium offers. The company expects the first batch of BC Pink Kush to be available in the Israeli market in the second half of 2021. The partnership with Focus Medical is for a period of three years, subject to certain early termination conditions and applicable regulatory requirements, including import and export licenses. About Flowr Flowr Corporation is a Toronto-based cannabis company with operations in Canada and Europe. The Canadian operations center in Kelowna, British Columbia, includes a purpose-built indoor growing facility designed to meet GMP requirements, an outdoor growing area and greenhouse, and a state-of-the-art research facility. Flowr produces recreational and medical products on this campus. Internationally, Flowr aims to serve the global medical cannabis market through its subsidiary Holigen Holdings Limited, which is licensed to grow cannabis in Portugal and operates a GMP-approved facility in Portugal. In 2020, Flowr’s BC Pink Kush was named Canada’s best indica variety by KIND magazine. Flowr is dedicated to improving outcomes through responsible use of cannabis and, as a recognized expert in cannabis cultivation, aims to become the brand of choice for consumers and patients seeking the highest quality of treatment and product consistency in a portfolio of differentiated cannabis products. For more information, visit flowrcorp.com or follow Flowr on Twitter: @FlowrCanada and LinkedIn: Flowr Corporation. About Focus Medical Focus Medical is one of the first eight licensed producers of medicinal cannabis in Israel and has over 10 years of experience in growing high quality medicinal cannabis for the Israeli market. Focus Medical has an exclusive commercial agreement with IMC for the distribution of its products under the IMC brand. In addition to its own facilities, Focus Medical has supply agreements with other breeders for additional supplies using its own genetics that will be sold under the IMC brand. About BMI IMC is an MCO in the field of medical and commercial cannabis for adults, headquartered in Israel with branches in Israel, Germany and Canada. The company believes that over the past decade, the IMC brand has become synonymous with quality and consistency in the Israeli medicinal cannabis market. The company has also expanded into intellectual property services for the medical cannabis industry. In Europe, IMC operates through Adjupharm GmbH (Adjupharm), a subsidiary based in Germany and an EU-certified processor and distributor of medicinal cannabis. IMC’s European presence is complemented by strategic alliances with several pan-European growers and distributors operating under EU GMP standards to capitalize on the increased demand for medicinal cannabis products in Europe and to bring the IMC brand and product line to European patients. In Canada, IMC operates through Trichome JWC Acquisition Corp. (d/b/a JWC). JWC is a licensed manufacturer based in Kitchener, Ontario that distributes cannabis flower, prerolls, hashish and kief in the Canadian recreational cannabis market under the JWC and Wagners brand names. JWC operates to high standards, providing clean, stable, air-grown, high-quality cannabis products to medical patients and the adult market in Canada and around the world. The 31st. In March 2021, IMC entered into a definitive agreement to acquire MYM and its licensed subsidiary, Highland Grow Inc. If concluded, this agreement would support IMC’s goal of becoming the world’s largest producer and supplier of premium cannabis. On behalf of The Flowr Corporation: Darryl Brooker Executive Director CONTACT INFORMATION : INVESTORS AND THE MEDIA: John Chow Chief Financial Officer [email protected] Prediction Information: Certain statements in this press release may constitute forward-looking information, forward-looking financial information or financial projections (collectively, forward-looking information) within the meaning of applicable securities laws. Forward-looking information may relate to expected events or results, including, but not limited to: the Company’s expectation that it will develop its achievements while continuing to invest in sales and marketing; the Company’s expectations of product sales in Quebec; servicing Flowr of the global medical cannabis market and the operation of GMP enterprises in Portugal; Flowr business, manufacturing and products; Flowr’s plans to provide superior quality cannabis to the adult recreational and medical markets; EU-GMP certification opens up opportunities for the company to use medical cannabis in global markets; the company has every opportunity to distribute products that meet EU-GMP requirements in underserved markets; Flowr’s ability to generate income from the company’s operations in Europe within the expected time frame or at all; Flowr’s ability to establish marketing and distribution channels in Europe to bring medical cannabis to underserved markets; expectations regarding the expected timing of harvesting, breeding, completion and installation of the extraction infrastructure at the company’s Sintra site; the inability of the company to proceed with GMP packaging and commercial sales within the expected time frame or at all; Flowr’s ability to serve the global medical cannabis market and / or operate GMP-designed manufacturing facilities in Portugal; the sale of medical cannabis in pharmacies in Portugal, representing a watershed moment for cannabis in the EU; the Company’s ability to complete the placement of its securities under the Final Offshore Prospectus; the expected impact of the decisions of the strategic review on the Company; the actual cost of savings from the Company’s restructuring initiatives, including in relation to its workforce; the Company’s plans to sell its stakes in certain subsidiaries; the Company’s ability to obtain a license from Health Canada and other regulatory agencies with respect to its property and facilities; future legislative and regulatory changes in Canada and other countries; the cannabis industry in Canada as a whole; Flowr’s ability to deliver on its business strategies; and Flowr’s ability to produce or sell superior quality cannabis. In particular, information about our expectations for future results, objectives, performance, prospects or opportunities is forward-looking. Often, but not always, forward-looking statements can be identified by the use of forward-looking terminology, such as. B. may, will, expects, believes, estimates, plans, may, will, prospects, anticipates, foresees, continues, or denies these terms or variations thereof or similar terminology. Forward-looking information is relevant at the time it is provided and is based on reasonable estimates and assumptions made by us at that time in light of our experience and perception of historical trends, current conditions and expected future events, as well as other factors we consider relevant and appropriate under the circumstances. To the extent that any forward-looking information contained in this press release constitutes forward-looking financial information or financial projections within the meaning of applicable securities laws, such information is intended to demonstrate the potential of the Company and readers are cautioned that such information may not be appropriate for other purposes. However, we undertake no obligation to update this forward-looking information, whether as a result of new information, future events or otherwise, unless required to do so by applicable Canadian securities laws. There can be no assurance that these estimates and assumptions will prove to be correct. Many factors could cause our actual results, level of activity, performance or achievements, or future events or developments, to differ materially from those expressed or implied by the forward-looking information, as described in the Risk Factors section of the Company’s 2020 Annual Information Form dated June 28, 2020. April 2021 (AIF) described. A copy of the Company’s Annual Information Form and other publicly filed documents are available on the Company’s profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com. The Company cautions that the list of risk factors and uncertainties described in the AIF is not exhaustive and other factors could also adversely affect the Company’s results of operations. Readers are advised to carefully consider the risks, uncertainties and assumptions when evaluating forward-looking information and are advised not to place undue reliance on such information. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this disclosure.