Shares of Flowr Corp (OTCMKTS:FLWPF) attempted to break out to the upside to close out last week. And this one should be interesting given the news flow and the size of the possible opportunity. We saw the breakout in Organigram around its US exchange listing. For anyone wondering what would be the next Canadian cannabis play to follow suit, wonder no more: The company just announced that the Nasdaq Stock Market has approved the company’s application to have its common shares listed on the Nasdaq Capital Market.
According to the release, “a trading date will be announced by the company upon the Company’s Form 40-F registration statement becoming effective with the United States Securities and Exchange Commission. The common shares will be listed on the Nasdaq under the symbol ‘FLWR’. The company’s common shares listed on the TSX Venture Exchange will continue to trade under the symbol FLWR.”
Flowr Corp (OTCMKTS:FLWPF) trumpets itself as a company that cultivates and produces medicinal cannabis in Canada. The company is based in Lake Country, Canada.
As the company notes, “Flowr was founded on the belief that quality cannabis should be accessible and safe to all. Committed to the perpetual improvement of our crops, we cultivate in advanced, state-of-the-art facilities, with our cannabis tended to by our team of experts. Through the continuous innovation of our procedures and practices, we create cannabis products that you will love and trust.”
The company was founded by Steve Klein, who now serves as its executive director, chairman, and CEO. Mr. Klein received his J.D., Magna Cum Laude, from Boston University Law School and a Master’s Degree in tax law from New York University Law School. He received his Bachelor of Science in business from the State University of New York in Albany. Mr. Klein is currently the Chief Executive Officer of Apple Core Holdings, which owns and operates hotels and event spaces, and provides seed capital to hedge funds, venture capital funds, and private equity funds. Previously, Mr. Klein was an attorney at Skadden Arps, and Slate, Meagher & Flom LLP.
According to company materials, “The Flowr Corporation (TSXV: FLWR) (OTC: FLWPF), through its subsidiaries, holds a cannabis production and sales licence granted by Health Canada. With a head office in Toronto and a production facility in Kelowna, BC, Flowr builds and operates large-scale, GMP-designed cultivation facilities utilizing its own patented growing systems. Flowr’s investment in research and development along with its sense of craftsmanship and a spirit of innovation is expected to enable it to provide premium-quality cannabis that appeals to the adult-use recreational market and addresses specific patient needs in the medicinal market.”
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As noted above, FLWPF just announced that the Nasdaq Stock Market has approved the company’s application to have its common shares listed on the Nasdaq Capital Market.
Traders will note 7% added to share values of the listing over the past month of action. In addition, the name has seen interest climb, with an increase in recent trading volume of 21% beyond what we have been seeing over the larger time frame.
“We have made tremendous progress against our strategic priorities in 2019, and the approval of our listing on the Nasdaq further enhances our capital markets objectives. This listing provides us with broader access to investors around the world and is a natural progression for Flowr,” commented Vinay Tolia, Chief Executive Officer of Flowr. “Later this year we expect to complete construction of our purpose-built indoor cannabis facility, Kelowna 1, which will position us to pursue further expansion at our Kelowna Campus, while at the same time advancing our global plans through our announced partnership with Holigen Holdings Limited.”
At this time, carrying a capital value in the market of $492.93M, FLWPF continues to be an interesting name, and we will update this one again as new information comes into view. Sign-up for continuing coverage on shares of $FLWPF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $FLWPF, either long or short, and we have not been compensated for this article.