International
Canadian Flowr completes acquisition of Holigen Holdings
On September 3, The Flowr Corporation announced the completion of the acquisition of Holigen Holdings through a share purchase agreement, as announced already on June 24. Flowr, which held a 19,8% stake, announced a share purchase agreement in which it now holds the entire capital of Holigen Holdings.
The process of full acquisition of Holigen by Flowr Corporation had been known for a few months, and was pending approval from regulators. On the 3rd of September, Flowr issued a statement reporting the approval of the acquisition, as well as the amounts involved.
Flowr CEO Vinay Tolia
Flowr CEO Vinay Tolia was excited about the completion of this acquisition, which will grant his company “an estimated annual capacity of 500.000 kg” that will allow Flower to become “a leading producer in the world cannabis markets. medicinal and active pharmaceutical ingredients (API)”.
The statement sent to the press gives an account of the monetary value of the acquisition of 6.299.423,76 Canadian dollars (equivalent to approximately 4,25 million Euros). In addition to the monetary value, the agreement also involves the issuance of 32.632.545 convertible and redeemable preference shares of series 1. 90% of the more than 30 million shares will be converted in part into ordinary shares, while the other 10% will only be converted Holigen's performance. The agreement also involves payment to creditors.
Holigen is a group formed in 2018 to bring together two operating companies, RPK Biopharma (which is located in Rio de Mouro, Portugal) and the Australian TCann. THE RPK Biopharma holds one of the first cultivation licenses, and R&D in Portugal and is in the final process of obtaining processing and production licenses in accordance with Good Manufacturing Practices, which incorporate indoor and outdoor cultivation, including one of the largest outdoor cannabis cultivation facilities in the world (65 hectares in Aljustrel, Portugal).
Flowr, through its subsidiaries, holds a cannabis production and sale license granted by Health Canada. Based in Toronto and with a production facility in Kelowna, BC, Flowr builds and operates large-scale, GMP-designed growing facilities utilizing its own growing systems.
The CEO of Flowr further said, “We continue to see the cannabis market split between premium and premium products for adult consumers, where they are already legal, and a global medical opportunity that will require massive production scale and deep experience in Good Manufacturing Practices (GMP)”.
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[Disclaimer: Please note that this text was originally written in Portuguese and is translated into English and other languages using an automatic translator. Some words may differ from the original and typos or errors may occur in other languages.]____________________________________________________________________________________________________
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I am one of the directors of CannaReporter, which I founded together with Laura Ramos. I am from the unique Island of Madeira, where I currently reside. While I was in Lisbon at FCUL studying Physical Engineering, I became involved in the national hemp and cannabis scene and participated in several associations, some of which I am still a member of. I follow the global industry and especially legislative advances regarding the different uses of cannabis.
I can be contacted by email at joao.costa@cannareporter.eu
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