Market seems to be very negative to Flower. I think its oversold.
Latest financing announced yesterday
"THE FLOWR CORPORATION ANNOUNCES SECOND TRANCHE OF FUNDING FROM TERRACE GLOBAL
The Flowr Corp. has closed on a second tranche of financing in the amount of $500,000 pursuant to the equity line and profit share agreement with Terrace Global Inc. The second tranche will be used to finance the company's outdoor medical cannabis site in Aljustrel, Portugal, which is jointly operated with Terrace Global.
"We are very pleased by the progress in Aljustrel and continue to work closely with Terrace Global towards a successful harvest later this year," commented Vinay Tolia, chief executive officer of Flowr. "Thus far the crops in Aljustrel look very promising and we continue to be on track to harvest the fields in Q4 2020. It's exciting to be leading what we believe to be one of the largest outdoor THC cultivation projects in Europe to date."
As part of the partnership and under the terms of the agreement, Terrace Global has agreed to finance the operations and certain capital expenditures at the company's outdoor facility located in Aljustrel, Portugal, in exchange for common shares and warrants in Flowr. As part of the second tranche announced today, Flowr has issued to Terrace Global 961,538 common shares of the company at a price of 52 cents and an equal amount of common share warrants. Each warrant is exercisable into one full common share of the company at an exercise price of 76 cents per common share for a period of 36 months from Aug. 5, 2020. The second tranche remains subject to the final approval of the TSX Venture Exchange. All securities issued under the second tranche are subject to a customary four-month hold period and may not be traded before Dec. 6, 2020. The parties continue to expect Terrace Global to finance at least $3-million under the agreement.
About The Flowr Corp.
Flowr is a Toronto-headquartered cannabis company with operations in Canada, Europe and Australia. Its Canadian operating campus, located in Kelowna, B.C., includes a purpose-built, GMP (good manufacturing practices)-designed indoor cultivation facility; an outdoor and greenhouse cultivation site; and a state-of-the-art research and development facility. From this campus, Flowr produces recreational and medicinal products. Internationally, Flowr intends to service the global medical cannabis market through its subsidiary Holigen, which has a licence for cannabis cultivation in Portugal and operates GMP-licensed facilities in both Portugal and Australia.
About Terrace Global Inc.
Terrace Global is a Canadian company focused on the development and acquisition of international cannabis assets. Its single-minded goal is to unlock value in new jurisdictions. Terrace was created by a group of pioneers in the cannabis space who have come together to build a best-in-class portfolio of assets, across international markets.
