The Flowr Corporation Applauds first Market Authorization Approval in Portugal
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 CorporationThe 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 or follow Flowr on Twitter: @FlowrCanada and LinkedIn: The Flowr Corporation.On behalf of The Flowr Corporation:
President and Interim CEOCONTACT INFORMATION:INVESTORS & MEDIA:
Head of Capital Markets
(877) 356-9726 ext. 1528
[email protected]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.