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FLWR - Flowr News Story

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Last Trade - 07/05/21

Sector
Healthcare
Size
Small Cap
Market Cap £54.0m
Enterprise Value £85.6m
Revenue £4.43m
Position in Universe 911th / 2702

The Flowr Corporation Applauds first Market Authorization Approval in Portugal

Wed 3rd February, 2021 11:00am
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TORONTO, Feb. 03, 2021 (GLOBE NEWSWIRE) -- The Flowr Corporation (TSX.V: FLWR;
OTC: FLWPF) (“Flowr” or the “Company”) provides commentary on the
decision by INFARMED, I.P. (“INFARMED”), Portugal’s National Authority
of Medicines and Health Products, to approve the first market authorization
which will allow a licensed producer of medical cannabis to release products
in Portugal.

“We applaud the decision by INFARMED, which was the first of its kind, to
allow patients to have access to medical cannabis products in Portugal through
indication-specific market authorizations. The Portuguese government is
forward thinking in its approach to improving the quality of life for
Portuguese patients as scientific data continues to mount regarding medical
cannabis as both safe and efficacious in treating a variety of conditions,”
commented Pauric Duffy, Flowr’s Managing Director of Europe. “This
ground-breaking decision sets the stage for Flowr to pursue market
authorizations to serve Portuguese and European patients with medical cannabis
produced from our world class local facilities in Sintra and Aljustrel,”
commented Lance Emanuel, President and Interim CEO of Flowr.

In March 2020, Flowr announced that its wholly-owned subsidiary in Europe,
Holigen Holdings Limited (“Holigen”), received its Good Manufacturing
Practice (GMP) certification in accordance with European Union standards, for
its indoor manufacturing facility located in Sintra, Portugal. The GMP
certification was issued by INFARMED. Holigen is in the process of conducting
stability testing on certain of its high-THC genetics and expects results
within 2021.

Located just outside of Lisbon, Holigen’s Sintra facility is a purpose-built
facility with six grow rooms, a research and development lab and an expected
extraction processing facility. The Sintra facility is capable of producing
approximately 2,000 kilograms of premium dried flower when fully optimized.
Holigen’s European operations also include the Aljustrel facility which has
more than 5,000,000 square feet of outdoor grow space and greenhouse capacity,
capable of producing in excess of 500,000 kilograms of cannabis when fully
operational.

About The Flowr Corporation

The Flowr Corporation is a Toronto-headquartered cannabis company with
operations in Canada, Europe, and Australia.  Its Canadian operating campus,
located in Kelowna, BC, includes a purpose-built, GMP-designed indoor
cultivation facility; an outdoor and greenhouse cultivation site; and a
state-of-the-art R&D facility.  From this campus, Flowr produces recreational
and medicinal products.  Internationally, Flowr intends to service the global
medical cannabis market through its subsidiary Holigen, which has a license
for cannabis cultivation in Portugal and operates GMP licensed facilities in
both Portugal and Australia.

Flowr aims to support improving outcomes through responsible cannabis use and,
as an established expert in cannabis cultivation, strives to be the brand of
choice for consumers and patients seeking the highest-quality craftsmanship
and product consistency across a portfolio of differentiated cannabis
products.  

For more information, please visit flowrcorp.com
(https://www.globenewswire.com/Tracker?data=OCjRx9kXq0BqxOfEcXOGEw0EXLb0RrMOARh_neDVVGmLwXRJrQdNRLgS69V4mf0iCd1qcXqhMi523je39a4x3w==)
or follow Flowr on Twitter: @FlowrCanada and LinkedIn: The Flowr Corporation.

On behalf of The Flowr Corporation:
Lance Emanuel
President and Interim CEO

CONTACT INFORMATION:

INVESTORS & MEDIA:
Thierry Elmaleh
Head of Capital Markets
(877) 356-9726 ext. 1528
thierry@flowr.ca

Forward-Looking Information and Statements

This press release contains “forward-looking information” within the
meaning of Canadian securities laws, which may include but is not limited to
statements made concerning: the implementation of innovative new glass jars
for the Company’s dried flower products, and the impact thereof on Flowr’s
product positioning; and high THC cultivar launches and the timing and formats
thereof. Often, but not always, forward-looking information can be identified
by the use of words such as “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 information and 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 such information and
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: general economic and stock market conditions; adverse
industry events; loss of markets; future legislative and regulatory
developments in Canada and elsewhere; the cannabis industry in Canada
generally; the ability of Flowr to implement its business strategies;
Flowr’s inability to produce or sell premium quality cannabis, risks and
uncertainties detailed from time to time in Flowr’s filings with the
Canadian Securities Administrators; the Company’s inability to raise capital
or have the liquidity to operate or advance its strategic initiatives 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 or statements, there may be other factors that
cause actions, events or results to differ from those anticipated, estimated
or intended. No forward-looking information or statement can be guaranteed.
Except as required by applicable securities laws, forward-looking information
and statements speak only as of the date on which they are made and Flowr
undertakes no obligation to publicly update or revise any forward-looking
information or statements, whether as a result of new information, future
events or otherwise. When considering such forward-looking information and
statements, readers should keep in mind the risk factors and other cautionary
statements in Flowr’s Annual Information Form dated April 29, 2020 (the
“AIF”) and filed with the applicable securities regulatory authorities in
Canada. The risk factors and other factors noted in the AIF could cause actual
events or results to differ materially from those described in any
forward-looking information or statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.


(https://www.globenewswire.com/NewsRoom/AttachmentNg/c2f80cdc-4dec-49f4-96f1-9dc064de4a51)



GlobeNewswire, Inc. 2021
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