- The Flowr Corporation (FLWR) announces export agreement with Focus Medical Herbs
- A wholly-owned subsidiary of Flowr has agreed to export up to 500 kilograms of premium dry flower cannabis in bulk form into Israel
- The supply agreement represents its first significant international distribution agreement and first export opportunity into Israel
- Israel also announced plans to legalize recreational cannabis in late 2020, which will further drive demand for high-quality cannabis products
- Brightfield estimates the market will generate over U.S. $130 million in 2021 and reach over U.S. $230 million by 2025
- The Flowr Corporation (FLWR) 5.45 per cent and is trading at C$0.29 at 11:17 am ET
The Flowr Corporation (FLWR) has entered into a supply agreement with Focus Medical Herbs Ltd. and IM Cannabis (IMC).
Pursuant to the terms of the supply agreement, a wholly-owned subsidiary of Flowr has agreed to export up to 500 kilograms of premium dry flower cannabis in bulk form to Israel.
The supply agreement represents its first significant international distribution agreement and first export opportunity into Israel.
The Israeli medical cannabis market was characterized by strong year-over-year growth in 2020.
According to Prohibition Partners, active patients grew by approximately 17 per cent from 2019 to 2020, reaching over 70 thousand patients, leading to imports into Israel of over 7 tonnes by July 2020.
Israel also announced plans to legalize recreational cannabis in late 2020, which will further drive demand for high-quality cannabis products. Brightfield estimates the market will generate over U.S. $130 million in 2021 and reach over U.S. $230 million by 2025.
“We are extremely pleased to be introducing our cannabis to the Israeli market in partnership with IMC and Focus Medical,” commented Darryl Brooker, Chief Executive Officer of Flowr.
“IMC and Focus Medical have chosen to partner with Flowr because of its reputation as a premium cannabis producer in Canada and abroad,” said Oren Shuster, Chief Executive Officer of IMC.
“We believe that the Israeli market will receive Flowr’s renowned BC Pink Kush and BC Black Cherry strains with open arms. We look forward to working with the Flowr team to market and sell these premium and ultra-premium offerings,” added Shuster.
Flowr expects its first shipment of BC Pink Kush to be available in the Israeli market in H2, 2021.
The partnership with Focus Medical is for a period of three years, subject to certain early termination provisions and applicable regulatory requirements including the receipt of import and export permits.
The Flowr Corporation is a Toronto-headquartered cannabis company with operations in Canada, and Europe.
The Flowr Corporation (FLWR) 5.45 per cent and is trading at C$0.29 at 11:17 am ET.
