Canadian cannabis company The Flowr Corporation (TSXV:FLWR) (OTCPK: FLWPF) reported that it has completed its first cannabis shipment from Canada to Israel.
In a statement, the company said it exported $825,000 dollars worth of weed, as part of a previously announced international supply deal with Focus Medical Herbs Ltd., which has a supply deal in Israel with IM Cannabis Corp. (NASDAQ:IMCC) (CSE:IMCC).
The first shipment consisted of two cultivars of premium cannabis. The shipment represents the company’s debut into the Israeli market and the first significant international export. Additional exports of premium cannabis to Israel are expected in 2022 pursuant to the Supply Agreement.
“We are extremely pleased to have completed our first shipment to Israel as part of our partnership with IMC and Focus Medical,” Darryl Brooker, CEO of Flowr stated. “As the Israeli medical cannabis industry continues to grow, we expect the market to be an important destination for us to grow our brand and distribution reach internationally. As a result, we view this first shipment, and this partnership as an important next step to becoming a significant international producer of cannabis with a globally recognized brand.”
The first shipment of marijuana was from Flowr’s K1 facility located in Kelowna, British Columbia. The company expects a second shipment to be available in the Israeli market in the first half of 2022.
Portugal Operations Update
Flowr also announced that in Portugal, its wholly-owned subsidiary, Holigen Holdings Limited expects to harvest at least 300 kilograms of indoor grown medical cannabis in the first quarter of 2022. Holigen is in the final stages of cultivating BC Black Cherry and BC Strawnana strains and expects to commence harvesting at its purpose-built indoor facility in Sintra, Portugal by the end of January 2022. Initial in-process testing for its medical cannabis are indicating THC content levels above 29%.
“Our strategy in Portugal is appearing to pay dividends. We have worked very hard to improve the operational expertise at our indoor facility in Sintra and we are now seeing the results. The E.U. market is starved for premium medical cannabis and our team in Portugal, led by Tom Flow, is on the cusp of achieving a significant operational milestone for the Company,” commented Brooker. “We are very much looking forward to the near-term results in Portugal and see the E.U. as an under-valued and under-appreciated part of our business.”
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The Flowr Corp shares closed Thursday market session 2.30% lower at $0.05 per share.