May 27, 2019
Flowr Corp. Secures Nasdaq Listing
Canadian cannabis producer The Flowr Corporation (TSXV: FLWR) has been approved to have its shares listed on the Nasdaq Capital Market. #marijuanastocks #potstocks Read the full article
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Flowr Corp. Secures Nasdaq Listing
Canadian cannabis producer The Flowr Corporation (TSXV: FLWR) has been approved to have its shares listed on the Nasdaq Capital Market. #marijuanastocks #potstocks Read the full article
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Flowr Corp. Secures Nasdaq Listing
Canadian cannabis producer The Flowr Corporation (TSXV: FLWR) has been approved to have its shares listed on the Nasdaq Capital Market. The firm will commence trading under the ticker FLWR when its 40-F becomes effective, and it will continue trading on the TSX Venture under the same symbol. A Nasdaq listing is the Holy Grail for many pot stocks and Flowr chief executive Vinay Tolia was excited to reveal the news. “We have made tremendous progress against our strategic priorities in 2019, and the approval of our listing on the Nasdaq further enhances our capital markets objectives,” he said. “This listing provides us with broader access to investors around the world and is a natural progression for Flowr.” Flowr’s share price was C$7.09 when trading closed on Thursday, May 24, and it opened at C$7.60 today after news of the uplisting began to spread.
A High-Quality Offering
MedReleaf co-founder Tom Flow set up Flowr after spotting a gap for an ultra-premium offering within the nascent cannabis sector. It is based in Toronto, but it has a production facility in Kelowna, British Columbia, and it waxes lyrical about the majestic terroir of the surrounding Okanagan Valley on its website. The stated aim of the company is to produce the finest cannabis in Canada by investing in talent, equipment and high-quality raw materials, and essentially treating it with the same respect afforded to the region’s wines. It claims that poor quality, rather than high prices, has driven consumers to the black market. It plans to educate Canadians about the risks of the pesticide-ridden, mould-laden marijuana on the black market and champion the benefits of choosing a clean, regulated, premium product instead. Capacity is currently small, standing at just 5,000kg right now. However, it is expected to hit 52,000kg per year when expansion is complete. The site is currently 49,000 sq. ft. and it will be able to produce 10,200kg of flower on an annualized basis once it expands to 85,000 sq. ft. The next stage in the expansion is to add a 140,000 sq. ft. canopy, which can yield a further 42,000kg per year. It then plans to focus on launching in-house extraction, while it is creating a research and development facility dedicated to advancing cultivation techniques in partnership with Scotts Miracle-Gro.
A Global Operation
Not only does it strive to offer the highest quality cannabis, Flowr also claims it can achieve higher yields than its peers. It expects to realize yields of 300g to 450g per sq. ft., whereas the industry standard is around 100g. It believes its premium positioning can shield it against rampant consolidation in a cannabis sector beset by acquisitions. Flowr has a three-year supply deal in place with Shoppers Drug Mart, and that can potentially be expanded by another two years. It has further listings in Ontario, British Columbia, Nova Scotia, Manitoba and Saskatchewan. It has also gone global. Flowr owns 19.8% of Holigen after making a C$6 million investment in Dec. 2018. Holigen is building out a mammoth facility that should yield 600,000kg per year in Portugal’s Alentejo region. That will make Holigen one of the world’s largest cannabis producers, while it also has a 350,000 sq. ft. facility in Australia. Flowr has pledged to use its expertise to help Holigen produce high-quality cannabis at scale, and it could reap the benefits. The facility will be GMP-certified and that will allow it to target the European medicinal cannabis market, which is tipped to become the world’s largest in the near future. Flowr has been on a tear this year, increasing from C$4.32 on Jan. 2 to C$7.60 today, and it should gain greater exposure when it commences trading on the Nasdaq, boosts production capacity and gains further listings. Last week it delivered Q1 2019 financials, revealing gross revenue of C$1.8 million and net revenue of C$1.6 million, which excludes $250,000 of design and construction fees in relation to construction of the R&D facility in Kelowna. It sold 211,195g of cannabis at an average net realized price of C$7.70 per gram in the three months to Mar. 31, 2019. Read the full article
Flowr Corp. Taps Into the Power of Premium
The Flowr Corporation (TSXV: FLWR) has been on a tear this year and it has great potential if it can deliver on its ambition to establish an ultra-premium tier in the cannabis market. #marijuanastocks #potstocks $FLWR Read the full article