- Even with its cultivation facility only 20 percent operational, the company reported record revenues from its first cannabis sales in 2018
- Flowr announced that 20 fully constructed grow rooms will be available in Q3 2019, increasing its annual production capacity to 10,000 kilograms
- The company has also announced plans to expand its product line with the sale of seeds and clones once production is ramped up
The Flowr Corporation (TSX.V: FLWR) (OTC: FLWPF) registered a number of important milestones in 2018, despite the fact that its world-class cultivation facility was only 20 percent operational at the time. In an official conference call held on April 4, 2019, the company announced its first revenues on sales of premium cannabis in 2018. Flowr Corporation sold nearly 405 kilograms of cannabis produced at the grow rooms of its Kelowna 1 facility (http://cnw.fm/Im9qk).
Gross revenue reached C$3.3 million and net revenue was established at C$2.9 million. The average net realized price was C$7.08 per gram, after Flowr received its sales license in August 2018.
The Flowr cultivation facilities feature proprietary, patent-pending systems designed to consistently generate high crop yields. The 84,000-square-foot flagship Kelowna 1 facility is located on a seven-acre property in Kelowna, British Columbia. The facility is engineered to meet pharmaceutical industry production standards for cleanliness.
Currently, 10 of the Kelowna 1 grow rooms are licensed for use. Eight rooms are propagated with plants, and, by the end of the third quarter of 2019, Flowr anticipates having 20 fully-constructed grow rooms. Once that milestone is reached, Flowr Corporation’s cultivation capacity is expected to ramp up to 10,000 kilograms of premium cannabis annually.
According to Flowr Co-CEO Vinay Tolia, the revenue numbers are indicative of the company’s ability to grow and process a high-quality product, even while only a fraction of the world-class Kelowna facility is operational.
On top of completing the facility by the third quarter of 2019, Flowr also aims to expand its product line, as an official company announcement detailed (http://cnw.fm/wc7YH). Flowr expects to start selling a selection of its premium high-quality cannabis in clone and seed form to both national and international customers.
“As we ramp up production, we believe Flowr will be able to offer the select cultivars we use to produce our premium cannabis to cultivators globally,” company Co-CEO Tom Flow announced in a news release.
Mid-March 2019, Flowr Corporation also announced the launch of its medical cannabis products for sale via the online Shoppers Drug Mart platform (http://cnw.fm/Pq919). Flowr Corporation and Shoppers Drug Mart confirmed a sales agreement at the beginning of 2019. The collaboration will simplify the delivery of premium medical cannabis products throughout Canada.
To order Flowr products online, patients need to submit a completed medical document from their health care providers. Shoppers Drug Mart advisors will next contact the health care practitioner for verification purposes before products get shipped.
Previously, Flowr products were available online via the company’s web portal. As per the new agreement, Shoppers Drug Mart is now the exclusive direct-to-patient Flowr product distributor.
For more information, visit the company’s website at www.Flowr.ca
NOTE TO INVESTORS: The latest news and updates relating to FLPWF are available in the company’s newsroom at http://cnw.fm/FLWPF
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