- The Flowr Canada Holdings, a subsidiary of The Flowr Corporation (FLWR.H), has an agreement with Avant Brands K1
- Avant will acquire all of the shares of The Flowr Group (Okanagan) Inc. and other assets of the company for $5,115,000
- The Flowr Corporation is a Canadian cannabis company with its operating campus located in Kelowna, British Columbia
- The Flowr Corporation was unchanged at $0.025 at 11:06 AM ET
The Flowr Canada Holdings, a subsidiary of The Flowr Corporation (FLWR.H), has signed an agreement with Avant Brands K1.
Under the agreement, Avant will acquire all of the shares of The Flowr Group (Okanagan) Inc. and other assets of the company.
The acquisition will be total consideration of $5,115,000 plus the amount of the closing DIP loan and the assumed liabilities (as those terms are defined in the acquisition agreement).
The transaction is the result of the sale and investment solicitation process (SISP) conducted under the company’s proceedings commenced in the Ontario Superior Court of Justice (Commercial List) under the Companies’ Creditors Arrangement Act (Canada) (CCAA).
As previously announced, the purchaser has acted as the company’s interim lender to fund the CCAA proceedings and other working capital requirements and also acted as the stalking horse bidder under the SISP.
The purchaser is 50-per-cent-owned by Avant Brands Inc., another licensed producer of cannabis-based in Kelowna.
The purchase price consists of $4,015,000 plus $1,100,000 in common shares of Avant and the assumption of all liabilities, subject to certain adjustments.
The company will seek approval of the transaction from the court on or about December 16, 2022.
The Flowr Corporation is a Canadian cannabis company with its operating campus located in Kelowna, British Columbia.
The Flowr Corporation was unchanged at $0.025 at 11:06 AM ET.
