The company said Tilray will store its medical cannabis at Flowr Corp’s Sintra facility in Portugal before shipping its product for sale in the European market
() (OTCMKTS:FLWPF) announced harvest results from its Portugal operations, as well as a strategic warehousing agreement with () in order to advance both companies’ cannabis businesses in the European Union.
The company said Tilray will store its medical cannabis at Flowr Corp’s Sintra facility in Portugal before shipping its product for sale in the European market. Commercial terms of the agreement were not disclosed.
Flowr Corp also released results from the indoor polytunnels harvests at its Aljustrel, Portugal joint operation with Terrace Global Inc (CVE:TRCE), which has yielded approximately 35 kgs of 20% + THC cannabis dried flower. The company expects to release the product, which it anticipates will be GMP compliant, into the European Union (EU) during 2021.
READ: The Flowr Corp sees its 3Q net revenue soar 110%, boosted by jump in dried flower sales
“Given the importance of Europe to the future of the cannabis industry and the historic United Nations vote we wanted to provide an update on our Portuguese operations. Since our partnership with Terrace Global began in May, 2020 we have been able to import a diverse set of high-THC genetics in Portugal, plant over 30 acres of outdoor medical cannabis and put in place the infrastructure that is anticipated to allow us to leverage over 180 acres of outdoor medical cannabis cultivation potential in the future,” Flowr Corporation CEO Vinay Tolia said in a statement.
He added: “There is no other project like this in the EU and we expect to be able to leverage this low-cost cultivation capacity to produce a diverse set of derivative products as well as dried flower which we believe will be released with GMP certification. We continue to work on closing the acquisition of Terrace Global by year end and are extremely excited by what the future holds for the combined organizations.”
Flowr Corp also reported that its outdoor medical cannabis operations at Aljustrel produced about 40,000 plants that have yielded approximately 3,000 kgs of dried flower cannabis flower.
As well, the company announced that it has agreed to close the final tranche of funding of the Aljustrel Joint Venture in the amount of C$1 million pursuant to the Equity Line and Profit Share Agreement with Terrace Global. Flowr Corp previously announced an agreement to acquire Terrace Global.
Flowr and Terrace Global’s jointly-operated Portugal facility is the largest medical cannabis site in the European Union and one of the largest in the world, according to the company.
During the summer, Flowr Corp noted that it focused its efforts on expanding its genetics library and currently maintains several high THC strains, including Sour-P, Black Dog, Brains Choice, Gelato, Gorilla Glue #4, and Green Doctor. Each of these strains tested between 18-23% THC.
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