Company secures 470 thousand euros to plant Medicinal Cannabis outdoors in Portugal
According to the company's executive, the plantations in Aljustrel seem promising, being one of the largest projects in Europe to date
The Flowr Corporation, in partnership with the Canadian company Terrace Global, has obtained additional funding of nearly 470 thousand euros to invest in planting Medicinal Cannabis outdoors in Aljustrel, a municipality with just over 9 thousand inhabitants, belonging to the Beja District, in the Southern region of Portugal.
"We are very pleased with the progress in Aljustrel and will continue working closely with Terrace Global for a successful harvest by the end of this year," says Vinay Tolia, CEO of Flowr.
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He mentioned that so far, the plantations in Aljustrel seem promising, in addition to being exciting to lead one of the largest outdoor THC cultivation projects in Europe to date.
As part of the partnership and under the terms of the agreement, Terrace Global has agreed to finance the operations and certain capital expenses at the company's outdoor facilities located in Aljustrel, in exchange for ordinary shares and guarantees from Flowr.
Outdoor cultivation
The two companies have planted around 1 million cannabis plants with a variety of plants high in THC (THC over 20%), which are growing outdoors. Flowr sent about 14 thousand clones to Portugal, originating from the Flowr Forest plantations in Kelowna, Canada. Terrace Global contributed approximately 30 thousand seeds, from 8 different varieties.
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Flowr, through its subsidiary Holigen in Portugal, obtained the necessary licenses from Infarmed (National Authority of Medicines and Health Products) for the plant importation in May, aiming to meet the needs of the Medicinal Cannabis market in Europe.
The partnership allows both companies to participate in the planting, cultivation, harvesting, and production of high-quality Medicinal Cannabis. The agreement includes plantations of up to 12 hectares in Aljustrel in 2020 for the European market.
Flowr Corporation is a Cannabis company based in Toronto with operations in Canada, Europe, and Australia.
Source: Agriculture and Sea Portal