The Flowr Corporation (TSX.V: FLWR) (OTC: FLWPF) on Thursday announced its results for the fourth quarter and full year ended December 31, 2018. According to the update, the company sold nearly 406 kgs of premium cannabis despite having only 20 percent of its Kelowna 1 grow rooms operational in the fourth quarter of 2018. In addition, Flowr reported gross revenues of C$3.3 million and net revenues of C$2.9 million, realizing an average net price of C$7.08/gram after receiving its sales license in August 2018, and broke ground on the first-of-its-kind 50,000 square foot R&D Facility in partnership with The Scotts Miracle-Gro Company subsidiary Hawthorne Canada.
“2018 was an incredibly eventful year at Flowr and we are only just getting started,” Flowr Co-CEO and Director Vinay Tolia stated in the news release. “As a global leader in the premium cannabis industry, our design and cultivation expertise along with our superior IP know-how enables us to grow high quality cannabis on a large scale at what we believe will be industry-leading yields. The revenue numbers reflect our ability to grow and process high quality product with only a fraction of our facility and packaging area complete. Once our Kelowna 1 facility is completed in Q3 2019, our operational efficiency will only improve.”
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About the Flowr Corporation
Flowr, through its subsidiaries, holds a cannabis production and sales license granted by Health Canada. With a head office in Toronto and a production facility in Kelowna, British Columbia, Flowr builds and operates large-scale, GMP-designed cultivation facilities utilizing its own growing systems. Flowr’s investment in research and development along with its sense of craftsmanship and spirit of innovation is expected to enable the company to provide premium-quality cannabis that appeals to the adult-use recreational market and addresses specific patient needs in the medicinal market. For more information, visit the company’s website at www.Flowr.ca.
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