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Flowr acquires entirety of Holigen Holdings

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Flowr Corporation (FLWR on Canadian Venture Exchange) (FLWPF on OTC Markets) Monday announced plans to fully acquire Holigen Holdings with the purchase of the remaining 80,2% stake in Holigen Holdings Ltd. Holigen owns the entirety of the Portuguese company RPK Biopharma, operating in Portugal as a project of “National Interest”.

Toronto Licensed Producer (LP) Flowr Corp has issued a statement announcing its intention to purchase all the shares of Holigen Holdings Ltd. Holigen is a European-based medical cannabis company that develops large-scale cultivation facilities, with activity in Portugal, namely in Sintra and Aljustrel.

“The full acquisition of Holigen is a natural evolution of our global cannabis strategy. The combination of Flowr's cultivation and facility design know-how with Holigen's global presence, expertise in good manufacturing practices and deep pharmaceutical expertise are an excellent combination. The opportunities in Europe and the Australian-Asian medical cannabis markets are enormous and Holigen has an unrivaled scale to serve these regions,” said Flowr CEO Vinay Tolia.

In December 2018, Flowr announced the acquisition of 19,8% of Holigen. Holigen's activity in Portugal is mainly carried out through the subsidiary RPK Biopharma. The latter awaits INFARMED's validations to start production in Sintra and Aljustrel, in a production that totals more than 400 tons of cannabis per year. This project has been designated a Project of National Interest by the Portuguese government, which guarantees special treatment and priority by government agencies and access to low-cost funding.

Increase the global scale

“Over this year, we've worked closely with Holigen's management to help develop their incredible assets, notably in Aljustrel, where the company has an outdoor growing facility. Aljustrel, which should be operational in the second half of 2019 — in a project with an expected production capacity of more than 500.000 kilograms per year. This acquisition positions Flowr to succeed with two distinct and economically sustainable strategies, the flower market in Canada and the large-scale market for medical extracts worldwide”, reads the statement signed by the CEO.

transaction details

The details of the transaction are known and according to the document published by the company, the purchase of Holigen will involve 32 million redeemable and convertible preference shares of Flowr, together with an amount of about 4,27 million euros. Flowr also agreed to pay an aggregate amount of around €1,4 million to various Holigen creditors, subject to the closing of the transaction. The purchase price will still be subject to re-analysis based on Holigen's cash amounts on the closing day of the transaction.

On Tuesday, Flowr shares were quoted at 5.87 US dollars

 

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