Flowr Corporation closes new round of financing

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By Ted Liu

The Flowr Corporation, a cannabis grower, has completed a new round of financing, raising $[mepr-active rule=”374″ ifallowed=”hide”]##Subscribe today to see our research on this and all other subscriber ONLY items##[/mepr-active][mepr-active rule=”374″]8,606,858 through the issuance of 3,310,330 common shares priced at $2.60 per share. 41 investors fro BC, Ontario, US and Bahamas participated in the financing, with $4.493 million coming from 13 US investors.

Incororated in October 2017, The Flowr Corporation previously raised $14,185,000 in Series A preferred share offering (priced at $1.00 per share) in December 2017 from 62 Ontario, BC, Quebec and USA investors, with $11.265 million investing by 31 US investors. The company raised additional $815,000 in Series A offering in January 2018 from 3 Ontario and 2 BC investors. [/mepr-active]

DLA Piper (Canada) LLP acted as legal counsel to Flowr.

Markham, Ontario based Flowr plans to open production facilities in Kelowna, BC. Its wholly own subsidiary, Cannatech Plant Systems Inc. was granted a Producer’s License for medical cannabis under Health Canada’s Access to Cannabis for Medical Purposes Regulations (ACMPR) in December 2017.

Flowr is led by CEO & Director Anthony Giorgi and President & Director Thomas Flow. Flow was part of founding team of MedReleaf Corp. (TSX: LEAF). David Towill, Lyle Oberg, Maduri Theodorem make up the rest of the Flowr board of directors.