Highlights:
- Flowr, through an indirect wholly-owned subsidiary, to be the exclusive cultivation and retail partner for Cookies in Portugal with a view to bringing Cookies cannabis, clothing and lifestyle products to the E.U.
- Flowr to cultivate Cookies’ leading strains from its E.U. GMP facility in Sintra, Portugal with a view to domestic retail distribution and international wholesale distribution.
- Cookies to assist Flowr with the retail distribution strategy in Portugal.
TORONTO, Aug. 16, 2021 (GLOBE NEWSWIRE) -- The Flowr Corporation (“Flowr” or the “Company”) (TSXV: FLWR, OTC: FLWPF) is pleased to announce it that its indirect wholly-owned subsidiary, RPK Biopharma Ltd (“RPK Biopharma”) has entered into a series of agreements (the “Licensing Agreements”) with Cookies Creative Consulting and Promotions Inc. (“Cookies”) whereby RPK Biopharma will be cultivating and distributing Cookies products in Portugal from its E.U. GMP facility in Sintra. Pursuant to the terms of the Licensing Agreements, RPK Biopharma will cultivate and have the exclusive rights to sell Cookies branded products, including non-cannabis merchandise, in Portugal for three years subject to certain milestone commitments. Flowr has commenced the process of importing the Cookies branded genetics from Canada into Portugal and expects to be able to commence commercial production by year-end. Cookies will assist Flowr with the development of a retail distribution strategy in Portugal through the country’s existing pharmacy networks and the design of up to three proprietary retail pharmacy outlets in the country. RPK Biopharma is a wholly-owned subsidiary of Holigen Holdings Limited.
Cookies is an international cannabis brand led by Berner, Co-founder and CEO of Cookies, an accomplished entrepreneur and rapper. Cookies has taken a leading role in the development of genetics, such as Girl Scout Cookies, and has been at the forefront of cannabis culture globally. Today, the Cookies brand is available in the United States, Canada, Israel and Spain. The Cookies brand extends beyond cannabis and is also a leading clothing and lifestyle brand. In 2021, Cookies was voted as one of the hottest cannabis brands in the world by Ad Age (see www.adage.com).
“We will be growing the most recognizable cannabis strains in the world in Portugal, including Gary Payton, Cereal Milk, Gelatti, Pancakes and Pink Runtz. As we do in Canada, we want our operations in Portugal to cultivate only ultra-premium medical cannabis and a partnership with Cookies was a no brainer for the Company,” commented Darryl Brooker, Chief Executive Officer of the Flowr. “We cannot wait to grow the Cookies branded genetics and proudly display their brand. Establishing this partnership is the next step in the evolution of our business in the E.U. and will provide us with a competitive advantage in the fast-growing E.U. medical cannabis market.”
“The fact Portugal decriminalized drugs back in the early 2000’s and people in the U.S. are still being locked up for cannabis 20 years later, shows the world, especially the U.S., that we can learn a lot from their forward thinking. The partners we chose in Portugal have one of the most advanced facilities I’ve seen and will be producing some of the best cannabis in the world. It’s partnerships like this that keep me excited about the growth and expansion of Cookies worldwide,” commented Berner, Co-founder and CEO of Cookies.
RPK Biopharma will be cultivating the Cookies branded genetics at its 25,000 square foot purpose-built indoor facility located in Sintra, Portugal, which is located just outside of Lisbon. The Sintra facility is an indoor cultivation, extract processing and finished product packaging facility. The Sintra facility obtained its E.U. GMP certification in the first quarter of 2020. RPK Biopharma is positioned to distribute its medicinal product to other European countries that allow the sale of medical cannabis.
The European medical cannabis market has continued to grow as additional countries have updated their regulations to legalize the use of medical cannabis. Brightfield estimates the market will generate over U.S.$570 million in 2021 and reach over U.S.$3.11 billion by 2025.(1)
(1) Source: Brightfield Cannabis Group annual report 2020.
About The Flowr Corporation
The Flowr Corporation is a Toronto-headquartered cannabis company with operations in Canada and the European Union. Its Canadian operating campus, located in Kelowna, BC, includes a purpose-built, GMP-designed indoor cultivation facility; an outdoor 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 Holdings Limited, which has a license for cannabis cultivation in Portugal and operates a GMP licensed facility in Portugal. In 2020, Flowr’s BC Pink Kush was recognized as the top indica strain in Canada by KIND magazine.
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.
About Cookies
Cookies, founded in 2008 by Berner (the prolific Bay Area rapper and entrepreneur) and his partner Jai (a Bay Area breeder and cultivator) is more than a premiere cannabis company; it is an authentic brand with passionate fans all over the world. The company went mainstream in 2011 and has grown its business through the combination of globally recognized premium genetics, popular culture resonance, and social media influence. Cookies is constantly engaged in new breeding projects to launch differentiated brands and has quickly built a grassroots cult following while remaining loyal to its brand promise: authenticity and innovative genetics.
Today, Cookies is one of the most well-respected and top-selling cannabis brands in California and throughout the world. The company and its product are recognized globally and offer a collection of over 150 proprietary cannabis varieties and product lines including indoor and sungrown flower, pre-rolls, gel capsules, vape cartridges, CBD Flower and medicinal mushrooms. Cookies seed-to-sale business allows for complete quality control at every step—from cultivation and production to customers' end retail experience. With a deep commitment to restorative justice and progressive drug policy, Cookies actively works to enrich communities disproportionately impacted by the War on Drugs through advocacy work and social equity initiatives.
For more information, please visit www.cookies.co.
On behalf of The Flowr Corporation:
Darryl Brooker
Chief Executive Officer
CONTACT INFORMATION:
INVESTORS & MEDIA:
John Chou
Chief Financial Officer
John.chou@flowr.ca
Forward-Looking Information:
Certain statements made in this press release may constitute “forward-looking information”, “future oriented financial information” or “financial outlooks” (collectively, “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information may relate to anticipated events or results including, but not limited to: the satisfaction of all of the conditions under the Supply Agreement; the anticipated size of the European medical cannabis market; the Company’s expectation that it will build on its achievements as it continues to invest in sales and marketing; Flowr servicing the global medical cannabis market and operating GMP facilities in Portugal; Flowr’s business, production and products; Flowr’s plans to provide premium quality cannabis to adult use recreational and medical markets; EU-GMP certification opening the medicinal cannabis opportunity for the Company in global markets; the Company being well positioned to distribute EU-GMP compliant product into underserviced markets; Flowr’s ability to realize revenue from the Company’s European operations within the anticipated timeframe or at all; Flowr’s ability to establish further sales and distribution channels in Europe to deliver medicinal cannabis to underserviced markets; future legislative and regulatory developments in Canada, in Europe and elsewhere; the cannabis industry in Canada and Europe, generally; the ability of Flowr to implement its business strategies; and the ability of can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “believe”, “estimate”, “plan”, “could”, “should”, “would”, “outlook”, “forecast”, “anticipate”, “foresee”, “continue” or the Flowr to produce or sell premium quality cannabis. Particularly, information regarding our expectations of future results, targets, performance achievements, prospects or opportunities is forward-looking information. Often, but not always, forward-looking statements negative of these terms or variations of them or similar terminology. Forward-looking information is current as of the date it is made and is based on reasonable estimates and assumptions made by us at the relevant time in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable in the circumstances. To the extent any forward-looking information in this press release constitutes “future oriented financial information” or “financial outlooks”, within the meaning of applicable securities laws, the purpose of such information being provided is to demonstrate the potential of the Company and readers are cautioned that this information may not be appropriate for any other purpose. However, we do not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws in Canada.
There can be no assurance that such estimates and assumptions will prove to be correct. Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking information as discussed in the “Risk Factors” section of the Company’s 2020 Annual Information Form dated April 28, 2021 (the “AIF”). A copy of the AIF and the Company’s other publicly filed documents can be accessed under the Company’s profile on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com. The Company cautions that the list of risk factors and uncertainties described in the AIF is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information.
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.
