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Share Name | Share Symbol | Market | Type |
---|---|---|---|
The Flowr Corporation | TSXV:FLWR | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.025 | 0.02 | 0.02 | 0 | 01:00:00 |
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Forward-Looking Information
This press release includes forward-looking information within the meaning of Canadian securities laws regarding Flowr, Holigen and their respective businesses, which may include, but are not limited to: the Private Placement, including the size of the Private Placement, dilution, use of proceeds, closing date and required approvals, statements with respect to Core Flow’s conviction in Flowr’s edge in designing and constructing highly efficient facilities and producing high quality cannabis products, Core Flow’s views on Flowr building a company that is second to none, the transactions described herein, statements with respect to Holigen developing large-scale GMP compliant cultivation facilities that will provide medical cannabis products, ingredients, plants and seeds to markets globally, Holigen’s markets, Holigen having the ability to raise and invest €45 million into Portugal, Holigen producing cannabis outdoors and generating 200 jobs over the next four years, the production capacity of Holigen, the scale of Holigen, including with respect to Holigen having one of the largest outdoor cultivation facilities for cannabis sativa, the status of Holigen’s licensing and inspection process, including the timing of receipt of all required licenses and the timing of all inspection, the partnerships Holigen is forming with distributors globally, including the partnership with the distributor described herein, Holigen’s facilities, Holigen seeking to have GMP compliant facilities, the dates for inspections and final granting of licenses for Holigen’s facilities and properties, the completion and operational dates for Holigen’s facilities and properties, including the timing thereof, the production capacity of such facilities and properties, the extraction of dried flower at Holigen’s facilities, the designation of Holigen’s Portuguese projects being a Project of National Interest, which allows special handling and prioritization by government agencies and access to low cost financing, the completion of construction of Holigen’s facilities in Australia, including each phase of completion and the timing thereof, the timing in which Holigen expects to begin manufacturing products in each of its facilities, the closing of Flowr’s 19.8% interest in Holigen, including the timing thereof, the Company evaluating a further acquisition and/or investment into Holigen, the Company continuing to focus on scaling its operations globally and pursuing its goal of growing cannabis at the highest possible quality, Mr. Duet’s and Mr. Elmaleh’s appointment, including the appointment of Mr. Duet highlighting Flow’s focus on governance and diverse skillsets, Mr. Elmaleh’s enabling Flowr to be better positioned to execute on its capital markets strategy, Flowr’s investment in research and development along with its sense of craftsmanship and spirit of innovation enabling it to provide premium-quality cannabis that appeals to the adult-use market and addresses specific patient needs in the medicinal market and other factors. Often, but not always, forward-looking information can be identified by the use of words such as “potential”, “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative and grammatical variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such statements are based on the current expectations of Flowr’s management and are based on assumptions and subject to risks and uncertainties. Although Flowr’s management believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this press release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting Flowr, including risks relating to the failure to obtain regulatory approvals, the failure to complete the transactions described herein, including as a result of certain conditions not being satisfied, the failure to complete the Private Placement or a reduction in the amount of the Private Placement, which could result in lack of funds available to Flowr for further development and/or result in Flowr having to raise capital by alternative means on less favourable terms, the dilution to shareholders as a result of the Private Placement, Flowr not using the proceeds of the Private Placement as described herein, the closing of the Private Placement being delayed, Flowr not having an edge in designing and constructing highly efficient facilities and producing high quality cannabis products, which could result in Flowr losing a competitive advantage over its peers, Flowr not building a company that is second to none, Holigen’s inability to develop large-scale GMP compliant cultivation facilities that will provide medical cannabis products, ingredients, plants and seeds to markets globally, which could have a significant impact on Flowr’s investment in Holigen, Holigen not having access to the markets described herein, Holigen not being able to raise and invest €45 million into Portugal, which would significantly delay Holigen’s business plans, and materially impact Flowr’s investment in Holigen, Holigen being unable to produce jobs at the scale described herein, which would materially impact its status with as a Project of National Interest and materially affect Holigen’s ability to grow, the production capacity and scale of Holigen being significantly less than projected herein, competitors having larger facilities and sites than Holigen, which could create an oversupply of the markets that Holigen is targeting, Holigen failing to obtain the licenses and permits described herein or being delayed in obtaining them, which could materially impact the timing of operations, business, financial condition and Flowr’s investment in Holigen, the inspections described herein not being completed or being delayed, which could materially impact the timing of operations, business, financial condition and Flowr’s investment in Holigen, Holigen not being able to form the partnerships described herein with distributors globally, Holigen’s partnership with the distributor described herein being terminated, risks associated with Holigen’s facilities, Holigen not completing its facilities and properties, or being delayed in completing them, which could have a martial adverse impact the timing of operations, business, financial condition and Flowr’s investment in Holigen, Holigen’s projects not being designated or losing status as a Project of National Interest, which would impact or result in the loss of the special handling and prioritization by government agencies and access to low cost financing for these projects, Flowr’s not closing its 19.8% interest in Holigen, which would result in a loss of Flowr’s investment in Holigen, the Company not completing a further acquisition and/or investment into Holigen, the Company not being able to scale its operations globally and not being able to pursue its goal of growing cannabis at the highest possible quality, which could materially impact Flowr’s business, financial condition and operations, Mr. Duet not bringing a set of diverse skills and/or governance skills to Flowr, Mr. Elmaleh’s not enabling Flowr to be better positioned to execute on its capital markets strategy, risks relating to the use of Flowr’s or Holigen’s products, risks relating to the markets in which Flowr and Holigen operate and/or distribute their respective products, possible failure to realize the anticipated benefits of the transactions described herein, the reliance on information provided by Holigen about its business and plans, the inability of Holigen to complete its licensing process or construct its facilities or properties as a result of a lack of funding, the cost of production of Holigen being more than expected, resulting in lower earnings, Holigen not having one of the largest cultivation facilities, or competitors being able to construct and operate comparable facilities and properties, Portugal and Flowr failing to provide Holigen with the climate, workforce and cultivation expertise, as applicable, to produce one of the lowest cost cultivation operations, Holigen not being able to export low-cost cannabis and not having direct access to EU markets and global markets, which would materially impact revenues and earnings, Flowr’s industry leading cultivation expertise and partnership with Holigen not enabling Flowr to gain exposure to the European and Australian markets, Holigen not being able to construct and license GMP compliant facilities, which could impact the ability to sell products where such compliance is required, the combination of Holigen and Flowr failing to create a worldwide leader in production, the production capacity of such facilities and properties not being achieved, which could materially impact the value of Holigen, the inability to extract dried flower at Holigen’s facilities, the relationship between Flowr and Holigen failing to create a leading cannabis franchise in Europe and Australia, Holigen’s inability to develop medical cannabis brands, leveraging its distribution partnerships, or evaluating alternative product lines, the partnership between Flowr and Holigen not benefiting Holigen in executing on the licenses it holds and is obtaining, Holigen failing to participate in the Australian government’s export strategy or being delayed in participating in such opportunity, Holigen and Flowr not being in a unique position to act as a true medical cannabis multinational, Holigen’s inability to grow the amount of cannabis described herein, which could adversely impact revenues, the fact that the facilities described herein may not include all the elements described in this press release, which could adversely impact the partnership described herein, Flowr not being able to sustain its competitive advantage in cultivation and being unable to remain at the forefront of industry innovation, whether as a result of failed construction of the facilities described herein or otherwise, Flowr not being able to meet demand or fulfill purchase orders, which could materially impact revenues and its relationships with purchasers, Flowr requiring additional financing from time to time in order to continue its operations or assist Holigen with its licensing and construction projects, and such financing may not be available when needed or on terms and conditions acceptable to the Company, new laws or regulations adversely affecting the Company’s business and results of operations, results of operation activities and development of projects, project cost overruns or unanticipated costs and expenses, the inability of Flowr’s products to be high quality, the inability of Flowr to produce and distribute premium, high quality products, the inability to supply products or any delay in such supply, Flowr’s securities, the inability to generate cash flows, revenues and/or stable margins, the inability to grow organically, risks associated with fluctuations in exchange rates (including, without limitation, fluctuations in currencies), the cannabis industry and the regulation thereof, the failure to comply with applicable laws, risks relating to partnership arrangements, possible failure to realize the anticipated benefits of partnership arrangements, product launches (including, without limitation, unsuccessful product launches), the inability to launch products, Flowr not being able to provide premium quality cannabis that appeals to the adult-use market and addresses specific patient needs in the medicinal market, the failure to obtain regulatory approvals, economic factors, market conditions, risks associated with the acquisition and/or launch of products, the equity and debt markets generally, risks associated with growth and competition (including, without limitation, with respect to Flowr’s and Holigen’s products), general economic and stock market conditions, risks and uncertainties detailed from time to time in Flowr’s filings with the Canadian Securities Administrators and many other factors beyond the control of Flowr. Although Flowr has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking information can be guaranteed. Except as required by applicable securities laws, forward-looking information speaks only as of the date on which it is made and Flowr undertakes no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events, or otherwise.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 press release. CONTACT INFORMATION:U.S. MEDIA:Tim Streeb, ICR1-646-677-1800tim.streeb@icrinc.com
CANADIAN MEDIA:Rebecca Brown, Crowns Agency1-647-456-5599rebecca@crowns.agency
INVESTOR RELATIONS:Raphael Gross, ICR1-203-682-8253raphael.gross@icrinc.com
Bram JuddThe Flowr Corporation1-647-483-7065 ext. 1520bram@flowr.ca
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