Flowr Corporation (TSX. V: FLWR) (OTCPK: FLWPF) announced the first sale of medical hashish from its facility in Aljustre, Portugal through its wholly owned subsidiary RPK Biopharma Unipessoal, Ltd, representing the largest known bulk sale of medical hashish. in the European Union to date.
The Toronto-based company revealed on Wednesday that RPK Biopharma Unipessoal, Ltd. had signed an agreement with Galaxiavertical – Unipessoal Lda. As a component of the agreement, Galaxia agreed to acquire high-THC medicinal hashish biomass for approximately $750,000.
The corporate noted that the new source agreement, which is still pending express approval, represents abundant revenue from a singles transaction and supports the long-term commercial style of cultivation in Portugal.
“This origin agreement is a major step in the progression of the company’s European strategy,” said Darryl Brooker, Chief Executive Officer of Flowr. “Last year, we controlled outdoor medicinal hashish cultivation on more than 30 acres. The effects showed that Aljustrel is the ideal position to grow medicinal hashish outdoors and with a cargo design that will make our product very competitive as an input for products derived from medicinal hashish, such as tinctures. We expect Galaxia to get the product by the end of the year and a look ahead to run with them in the long term as they expand their extraction activities in Portugal. “
The European medical hashish market has grown as many EU countries update their medical hashish market. According to Brightfield, the market is expected to generate more than $570 million this year and exceed $3,110 million through 2025.
Last October, Flowr completed the harvest of “the largest known medical hashish allowance in the EU,” developing more than 40,000 plants and achieving maximum THC potency.
This resolution follows the company’s $550$000 without intermediaries consistent with individual placement that will offer 2. 62 million games at 21 cents according to the unit. Flowr indicated that it would use the net proceeds raised to partially pay off its notable debt and for the company’s popular counterparties. .
Flow stocks closed Wednesday’s consultation up 0. 23% at 15 cents, consistent with the stock.
Photo courtesy of Kym MacKinnon on Unsplash
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