- Flowr Corp (TSXV:FLWR) has completed its first tranche of funding for the Aljustrel outdoor medical cannabis site in Portugal
- The company agreed to a joint venture deal in May with another TSXV-listed company Terrace Global (TRCE)
- In exchange for C$756,600 in funding, Terrace Global acquired 1.47 million Flowr shares at a price of 52 cents per share
- The joint venture is advancing towards its first cultivation, scheduled for later this year
- Flowr Corp (FLWR) is down 1.7 per cent and is trading at 56 cents per share
Flowr Corp (TSXV:FLWR) has completed its first tranche of funding for the Aljustrel outdoor medical cannabis site in Portugal.
To further develop the site, Flowr entered into a joint venture with Terrace Global Inc (TSXV:TRCE) in May of this year. Through the partnership, Terrace agreed to fund operations and select capital expenditures on the site in exchange for common shares in Flowr.
In the first tranche of funding, Flowr issued Terrace 1.47 million shares at a price of C$0.52 per share and an equal amount of warrants, excisable at a price of 76 cents per share.
This is a slight discount on Flowr current share price, which sits at 56 cents per share. The first trance generated $756,600 in funding for the project.
14,000 cannabis clones have already successfully established in the outdoor environment at Aljustrel and the company’s is growing multiple strains on site. Flowr is currently working towards its first crop at the site, which will be shipped later this year.
CEO of Flowr, Vinay Tolia said he was very pleased with the early results at Aljustrel and was looking forward to advancing the partnership with Terrace Global.
“Our two companies have mobilised very quickly to begin planting in Aljustrel.
“We are very excited to be moving forward with what we believe to be one of the largest outdoor THC cultivation projects in Europe to date,” he said.
Flowr Corp (FLWR) is down 1.75 per cent and is trading at 56 cents per share at 11:45 pm EDT.