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Vinay Tolia, Flowr CEO:

"We are on the doorstep of seeing a step function change in our operating and financial results"

The Flowr Corporation announced its financial and operational results for the fourth quarter and fiscal year ended December 31, 2019. The company generated gross revenue of approximately $1.6 million in the fourth quarter and achieved the highest level of quarterly production to date. 

The average price per gram in the fourth quarter was $6.10 and for the full year was $6.99, excluding a bulk wholesale transaction, average price per gram in the fourth quarter would have been $6.61 and $7.12 respectively on a normalized basis. 

The Flowr Corporation is a Toronto-headquartered cannabis company with operations in Canada, Europe, and Australia. Its Canadian operating campus, located in Kelowna, BC, includes a GMP-designed indoor cultivation facility; an outdoor and greenhouse cultivation site; and a state-of-the-art R&D facility that is awaiting licensing from Health Canada.  

“We believe we are on the doorstep of seeing a step function change in our operating and financial results. Our flagship purpose-built indoor facility in Canada is finally fully operational and licensed. We are producing only high quality and high THC strains out of it, which we know consumers demand and are willing to pay a premium for", said Vinay Tolia, Flowr’s Chief Executive Officer.

"Sales trends and demand for our BC Pink Kush strain remain robust and promising. Our foundational thesis that growing high quality cannabis at scale is difficult and only a few companies are both focused and able to do so is playing out in our view."

"In Europe, we recently joined a short list of companies with EU-GMP certification which will open the medicinal cannabis opportunity for us there soon. We now have certain GMP certifications in Australia as well as Europe. Our conviction in our strategic direction is further validated by management leading yet another round of financing in a very challenging capital markets environment.  2020 will be a big year for Flowr,” 

Read the complete numbers here.

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