Annuncio • Feb 18
The Flowr Corporation Requests to Delist from the TSX Venture Exchange The Flowr Corporation (the “Company”) announced that in connection with the closing of its previously announced sale transaction under the Companies’ Creditors Arrangement Act (Canada) (the “CCAAProceedings”), all of the former officers and directors of the Company have resigned and the Court has expanded the powers of Ernst & Young Inc., which acts as the Court appointed Monitor under the CCAA Proceedings (the “CCAA Monitor”) in order to oversee the remaining activities in the CCAA Proceedings including any distribution to creditors and the winding down of operations. On account of the Company having no operating business and having sold substantially all of its assets, as well as the resignation of its management and board of directors, the CCAA Monitor has requested that the common shares of the Company be delisted from the TSX Venture Exchange. Annuncio • Feb 04
Avant Brands K1 Inc. (formerly 1000343100 Ontario Inc.) completed the acquisition of The Flowr Group (Okanagan) Inc. from The Flowr Corporation (TSXV:FLWR.H) for CAD 5.12 million. 1000343100 Ontario Inc. entered into a Stalking Horse Purchase Agreement to acquire The Flowr Group (Okanagan) Inc from The Flowr Corporation (TSXV:FLWR.H) for CAD 0.89 million on November 1, 2022. The transaction is subject to approval by the Ontario Superior Court of Justice,receipt of regulatory approval, the Stalking Horse Purchase Agreement being determined to be the successful bid in the SISP and the Court granting both an order approving the Stalking Horse Purchase Agreement and an Approval and Vesting Order. In the event the Purchaser is not the winning bidder under any such auction, the Stalking Horse Purchase Agreement will be terminated, and the Purchaser will be entitled to payment of a break-up fee in the amount of CAD 0.185 million following closing of the winning bid. The Purchase Price will be satisfied through (a) a credit bid of the DIP Loan in a principal amount of CAD 2 million, plus the Closing DIP Amount, if any, and any accrued and unpaid interest, expenses, fees and other amounts thereon, (b) a cash amount equal to the Purchase Price less the Credit Bid in cash, a portion of which may be payable in non-cash consideration in certain circumstances, and (c) the assumption of the Assumed Liabilities.
On December 1, 2022 1000343100 Ontario Inc. has entered into a definitive purchase agreement to acquire all of the issued and outstanding shares in the capital of The Flowr Group (Okanagan) Inc. The purchase price payable by 1000343100 Ontario Inc. for the Purchased Shares pursuant to the Purchase Agreement shall be CAD 5,115,000, being equal to (a) CAD4,015,000, and (b) common shares in the capital of Avant with a value of CAD 1.1 million based on the deemed price per Avant Share equal to a 15% discount to the volume weighted average price per Avant Share on the Toronto Stock Exchange for the 10 consecutive trading days preceding the close of trading on the trading day before the Closing Date. The Transaction is expected to close within Q1 of 2023. Jane Dietrich, Jeremy Bornstein, Jeffrey Mikelberg, Kori Williams, Chandimal Nicholas, Jonathan Sherman of Cassels is representing Avant.
Avant Brands K1 Inc. (formerly 1000343100 Ontario Inc.) completed the acquisition of The Flowr Group (Okanagan) Inc. from The Flowr Corporation (TSXV:FLWR.H) for CAD 7.7 million on February 3, 2023. The aggregate revised purchase price consists of (a) CAD 3.85 million payable in cash and (b) 7,402,186 common shares in the capital of Avant; plus (i) the amount of the Closing DIP Loan (to the extent not otherwise repaid), to an aggregate of CAD 2.5 million; and (ii) the value of the Assumed Liabilities, subject to certain adjustments (collectively, the “Purchase Price”). On January 31, 2023, the DIP Term Sheet was amended and the principal amount of the DIP Loan was increased by CAD 0.5 million to an aggregate of CAD 2.5 million. Annuncio • Nov 02
1000343100 Ontario Inc. entered into a Stalking Horse Purchase Agreement to acquire The Flowr Group (Okanagan) Inc from The Flowr Corporation (TSXV:FLWR.H) for CAD 0.89 million. 1000343100 Ontario Inc. entered into a Stalking Horse Purchase Agreement to acquire The Flowr Group (Okanagan) Inc from The Flowr Corporation (TSXV:FLWR.H) for CAD 0.89 million on November 1, 2022. The transaction is subject to approval by the Ontario Superior Court of Justice,receipt of regulatory approval, the Stalking Horse Purchase Agreement being determined to be the successful bid in the SISP and the Court granting both an order approving the Stalking Horse Purchase Agreement and an Approval and Vesting Order. In the event the Purchaser is not the winning bidder under any such auction, the Stalking Horse Purchase Agreement will be terminated, and the Purchaser will be entitled to payment of a break-up fee in the amount of CAD 0.185 million following closing of the winning bid. The Purchase Price will be satisfied through (a) a credit bid of the DIP Loan in a principal amount of CAD 2 million, plus the Closing DIP Amount, if any, and any accrued and unpaid interest, expenses, fees and other amounts thereon, (b) a cash amount equal to the Purchase Price less the Credit Bid in cash, a portion of which may be payable in non-cash consideration in certain circumstances, and (c) the assumption of the Assumed Liabilities. Annuncio • Oct 18
The Flowr Corporation Announces Resignation of Stephen Arbib as Director The Flowr Corporation announced that Stephen Arbib has resigned from the board of directors of the Company effective immediately. Annuncio • Oct 01
The Flowr Corporation Announces the Resignation of Joanne Lee from the Board of Directors The Flowr Corporation announced that Joanne Lee has resigned from the board of directors in order to pursue other opportunities. Board Change • Sep 24
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. No experienced directors. No highly experienced directors. Director Tom Flow is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Annuncio • Jul 29
Hawthorne Canada Limited completed the acquisition of KRS Facility in Kelowna from The Flowr Corporation (TSXV:FLWR). Hawthorne Canada Limited entered into an agreement to acquire KRS Facility in Kelowna from The Flowr Corporation (TSXV:FLWR) for CAD 16 million on February 16, 2022. The consideration will be paid as follows: 1) an initial cash payment of CAD 3.0 million; 2) full extinguishment of the principal amount outstanding under the existing loan agreement between Flowr and Hawthorne for the construction of the KRS Facility on closing, currently at approximately CAD 12 million; and 3) the balance of the purchase price paid in cash upon closing. The KRS Sale is expected to close in Q2 2022 and is subject to certain closing conditions, including receipt of all necessary regulatory and third-party approvals.
The Flowr Corporation (TSXV:FLWR) completed the acquisition of KRS Facility in Kelowna on July 27, 2022. The Company is using the proceeds from the sale of this non-core asset to reduce the outstanding principal debt under its ATB led credit facility to CAD 1 million. Annuncio • Jul 13
The Flowr Corporation Announces Resignation of Noel Biderman as Director The Flowr Corporation announces the resignation of Noel Biderman from the Board of Directors who is departing in order to pursue other opportunities. Annuncio • Jul 05
The Flowr Corporation Announces Resignation of Directors The Flowr Corporation announced the resignation of Maurice Levesque and Don Duet from the Board of Directors who are departing in order to pursue other opportunities. Annuncio • Jul 01
The Flowr Corporation, Annual General Meeting, Sep 07, 2022 The Flowr Corporation, Annual General Meeting, Sep 07, 2022. Annuncio • Jun 24
The Flowr Corporation Announces Headcount Reduction The Flowr Corporation announced the completion of a significant corporate headcount reduction resulting in over $4 million in cost savings per year as well as an agreement to sell a non-core asset for aggregate gross proceeds of $3.4 million. The Company has completed a headcount reduction necessary in order to flatten its organizational structure and right-size SG&A with revenue. The Company has eliminated 40% of its workforce, largely in senior and middle management, resulting in an anticipated annual savings of over $4 million. Reported Earnings • Jun 01
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: CA$0.01 loss per share (up from CA$0.025 loss in 1Q 2021). Revenue: CA$3.46m (down 9.7% from 1Q 2021). Net loss: CA$5.37m (loss narrowed 35% from 1Q 2021). Revenue missed analyst estimates by 13%. Earnings per share (EPS) also missed analyst estimates by 188%. Over the next year, revenue is forecast to grow 25%, compared to a 92% growth forecast for the industry in Canada. Price Target Changed • May 31
Price target decreased to CA$0.04 Down from CA$0.08, the current price target is provided by 1 analyst. New target price is 11% below last closing price of CA$0.045. Stock is down 86% over the past year. The company posted a net loss per share of CA$0.23 last year. Board Change • May 31
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 2 experienced directors. No highly experienced directors. Independent Director Maurice Levesque is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Annuncio • May 31
The Flowr Corporation Announces Impairment Charges for the First Quarter Ended March 31, 2022 The Flowr Corporation announced impairment charges for the first quarter ended March 31, 2022. For the period, the company recorded impairment charges totaling CAD 29,000. Annuncio • May 21
The Flowr Corporation Announces Impairment Charges for the Fourth Quarter Ended December 31, 2021 The Flowr Corporation announced impairment charges for the fourth quarter ended December 31, 2021. For the period, the company reported Impairment of assets of CAD 57,096,000 compared to CAD 83,979,000 a year ago. Price Target Changed • Apr 27
Price target decreased to CA$0.08 Down from CA$0.10, the current price target is provided by 1 analyst. New target price is 45% above last closing price of CA$0.055. Stock is down 81% over the past year. The company is forecast to post a net loss per share of CA$0.08 next year compared to a net loss per share of CA$0.95 last year. Board Change • Apr 27
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 2 experienced directors. No highly experienced directors. Independent Director Maurice Levesque is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Annuncio • Feb 19
Hawthorne Canada Limited entered into an agreement to acquire KRS Facility in Kelowna from The Flowr Corporation (TSXV:FLWR) for $16 million. Hawthorne Canada Limited entered into an agreement to acquire KRS Facility in Kelowna from The Flowr Corporation (TSXV:FLWR) for $16 million on February 18, 2022. The consideration will be paid as follows: 1) an initial cash payment of $3.0 million; 2) full extinguishment of the principal amount outstanding under the existing loan agreement between Flowr and Hawthorne for the construction of the KRS Facility on closing, currently at approximately $12 million; and 3) the balance of the purchase price paid in cash upon closing. The KRS Sale is expected to close in Q2 2022 and is subject to certain closing conditions, including receipt of all necessary regulatory and third-party approvals. Major Estimate Revision • Dec 06
Consensus revenue estimates fall to CA$12.0m The consensus outlook for revenues in 2021 has deteriorated. 2021 revenue forecast decreased from CA$14.0m to CA$12.0m. Forecast losses increased from -CA$0.34 to -CA$0.36 per share. Pharmaceuticals industry in Canada expected to see average net income growth of 56% next year. Consensus price target of CA$0.10 unchanged from last update. Share price fell 24% to CA$0.065 over the past week. Reported Earnings • Dec 01
Third quarter 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2021 results: CA$0.02 loss per share (up from CA$0.073 loss in 3Q 2020). Net loss: CA$8.77m (loss narrowed 9.7% from 3Q 2020). Revenue missed analyst estimates by 15%. Earnings per share (EPS) exceeded analyst estimates by 100%. Earnings per share (EPS) surpassed analyst estimates by 100%. Over the next year, revenue is forecast to grow 149%, compared to a 140% growth forecast for the industry in Canada. Reported Earnings • Sep 01
Second quarter 2021 earnings released: CA$0.02 loss per share (vs CA$0.04 loss in 2Q 2020) Second quarter 2021 results: Net loss: CA$7.20m (loss widened 47% from 2Q 2020). Annuncio • Jul 20
The Flowr Corporation announced that it has received CAD 7.014 million in funding On July 19, 2021, The Flowr Corporation (TSXV:FLWR) closed the transaction. Annuncio • Jul 16
The Flowr Corporation announced that it expects to receive CAD 7.014 million in funding The Flowr Corporation announced a private placement of 33,400,000 units at a price of CAD 0.21 per unit for gross proceeds of CAD 7,014,000 on July 15, 2021. Each unit will consist of one common share and one common share purchase warrant, Each warrant will be exercisable into one common share at an exercise price of CAD 0.26 per warrant share at any time for a period of 42 months following
the closing date of the transaction. The company will pay CAD 490,000 as finders' fees and issue 2,000,400 broker warrants. Each broker warrant will be exercisable into one unit at the issue price for a period of 36 months from the closing of the transaction. The transaction is expected to close on or about July 20, 2021, subject to the satisfaction of customary closing conditions and the receipt of regulatory approvals, including the approval of the TSX Venture Exchange. The comapny entered into a securities purchase agreement with a purchaser. Price Target Changed • Jul 15
Price target decreased to CA$0.68 Down from CA$0.97, the current price target is an average from 2 analysts. New target price is 200% above last closing price of CA$0.23. Stock is down 58% over the past year. Annuncio • Apr 29
Rodeo Capital Limited entered into an agreement to acquire TCann Pty Ltd. from The Flowr Corporation (TSXV:FLWR) for AUD 0.50 million. Rodeo Capital Limited entered into an agreement to acquire TCann Pty Ltd. from The Flowr Corporation (TSXV:FLWR) for AUD 0.50 million on April 28, 2021. Hyperion Capital Inc. acted as financial advisor to The Flowr Corporation. Annuncio • Mar 17
The Flowr Corporation has completed a Composite Units Offering in the amount of CAD 15.3 million. The Flowr Corporation has completed a Composite Units Offering in the amount of CAD 15.3 million.
Security Name: Units
Security Type: Equity/Derivative Unit
Securities Offered: 30,000,000
Price\Range: CAD 0.51
Discount Per Security: CAD 0.0357
Transaction Features: Regulation S Is New 90 Day High Low • Mar 06
New 90-day low: CA$0.31 The company is down 37% from its price of CA$0.49 on 04 December 2020. The Canadian market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 30% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CA$4.00 per share. Is New 90 Day High Low • Feb 11
New 90-day high: CA$0.60 The company is up 33% from its price of CA$0.45 on 12 November 2020. The Canadian market is up 13% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Pharmaceuticals industry, which is up 109% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CA$4.22 per share. Annuncio • Feb 05
The Flowr Corporation Partners with ROSE Lifescience Inc The Flowr Corporation announced that it has entered the Province of Quebec with its first commercial orders for its BC Pink Kush and its new strain BC Black Cherry. Flowr has shipped dried cannabis flower for the first time into the Quebec market through a distribution partnership with ROSE LifeScience Inc. (“ROSE”). Flowr entered into a Sales, Marketing and Distribution Agreement with ROSE in April 2020 and obtained its Autorité des marchés publics approval to operate in the Province of Quebec in August 2020. Annuncio • Jan 24
The Flowr Corporation announced that it expects to receive CAD 1 million in funding The Flowr Corporation (TSXV:FLWR) announced a non-brokered private placement of 3,333,333 common shares at a price of CAD 0.3 per share for gross proceeds of up to CAD 1,000,000 led by certain directors, officers and insiders on January 22, 2021. The transaction is subject to approval of the TSX Venture Exchange. Annuncio • Jan 06
Flowr and Hawthorne Canada Jointly Announce the Completion of the World’S First Cannabis Research and Development Facility of Its Kind North America’s first research and development facility dedicated to advancing cannabis cultivation techniques and systems has been completed by The Flowr Corporation and Hawthorne Canada Limited . Hawthorne is a subsidiary of the Hawthorne Gardening Company division of The Scotts Miracle-Gro Company. Scotts Miracle-Gro is the world’s leading marketer of branded consumer lawn and garden products and indoor growing solutions. Flowr cultivates and sells premium cannabis to medical and adult-use markets in Canada, Europe and Australia. Is New 90 Day High Low • Jan 01
New 90-day low: CA$0.33 The company is down 22% from its price of CA$0.41 on 02 October 2020. The Canadian market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 60% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CA$4.55 per share. Annuncio • Dec 26
The Flowr Corporation Announces CEO Changes The Flowr Corporation announced In 2021, Vinay Tolia, Chief Executive Officer of Flowr, will be stepping down from his role as Chief Executive Officer and will be relocating to the United States for personal reasons. He will stay with the Company through the end of February to ensure a smooth transition. Mr. Tolia will remain on the Board of Directors. The current President of Flowr, Lance Emanuel, will lead the Company as Interim Chief Executive Officer. Lance Emanuel joined Flowr in January 2019. Lance has been building seed and early-stage companies into multi-million-dollar enterprises while overseeing critical aspects of business operations in highly regulated markets for more than a decade. He has a wealth of experience in the management of sales, marketing, product management, R&D, technology, legal, compliance and regulatory affairs as well as in procuring both debt and equity financing and creating large scale strategic partnerships. He holds a BBA, with distinction, from the University of Michigan’s Ross School of Business and a Juris Doctor from the Benjamin N. Cardozo School of Law in New York City. Annuncio • Dec 19
The Flowr Corporation Announces Strategic Warehousing Agreement with Tilray, Inc The Flowr Corporation announced strategic warehousing agreement with Tilray, Inc. whereby the parties have agreed to the storage and warehousing of E.U. GMP certified medical cannabis at the Company's Sintra facility in Portugal. The parties will undertake to develop a collaborative approach with a view to leverage each party's E.U. GMP certified facilities in Portugal to store and warehouse medicinal cannabis products for the European market. The commercial terms of the agreement were not disclosed. Is New 90 Day High Low • Dec 12
New 90-day low: CA$0.35 The company is down 26% from its price of CA$0.48 on 11 September 2020. The Canadian market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 49% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CA$8.06 per share. Price Target Changed • Dec 05
Price target lowered to CA$1.15 Down from CA$1.29, the current price target is an average from 4 analysts. The new target price is 135% above the current share price of CA$0.49. As of last close, the stock is down 77% over the past year. Major Estimate Revision • Dec 01
Analysts lower revenue estimates to CA$9.21m The 2020 consensus revenue estimate decreased from CA$11.7m. Earnings per share (EPS) also decreased, with analysts lowering their estimates from -CA$0.22 to -CA$0.26 for the same period. The Pharmaceuticals industry in Canada is expected to see a 23% decline in net income next year. The consensus price target was lowered from CA$1.29 to CA$1.28. Share price is up 16% to CA$0.47 over the past week. Reported Earnings • Nov 27
Third quarter 2020 earnings released: CA$0.07 loss per share Third quarter 2020 results: Net loss: CA$9.72m (loss narrowed 36% from 3Q 2019). Analyst Estimate Surprise Post Earnings • Nov 27
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 0.1%. Earnings per share (EPS) exceeded analyst estimates by 133%. Over the next year, revenue is forecast to grow 600%, compared to a 136% growth forecast for the Pharmaceuticals industry in Canada. Annuncio • Nov 17
The Flowr Corporation to Report Q3, 2020 Results on Nov 24, 2020 The Flowr Corporation announced that they will report Q3, 2020 results on Nov 24, 2020 Annuncio • Oct 27
Andrew Teehan to Leave The Flowr Corporation as General Counsel, Effective October 28, 2020 The Flowr Corporation announced that Andrew Teehan its General Counsel is leaving the Company on October 28, 2020 to pursue an opportunity outside of the cannabis industry. Price Target Changed • Oct 21
Price target lowered to CA$1.45 Down from CA$1.70, the current price target is an average from 4 analysts. The new target price is 205% above the current share price of CA$0.47. As of last close, the stock is down 82% over the past year. Is New 90 Day High Low • Oct 01
New 90-day low: CA$0.39 The company is down 32% from its price of CA$0.57 on 03 July 2020. The Canadian market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CA$8.02 per share. Annuncio • Aug 19
The Flowr Corporation to Report Q2, 2020 Results on Aug 26, 2020 The Flowr Corporation announced that they will report Q2, 2020 results at 5:00 PM, Eastern Standard Time on Aug 26, 2020