The Flowr Corporation FLWR FLWPF announced Monday that its indirect wholly-owned subsidiary, RPK Biopharma Ltd, has entered into a series of agreements with Cookies Creative Consulting and Promotions Inc, to cultivate and distribute Cookies products in Portugal from its E.U. GMP facility in Sintra spanning 25,000 square feet.
The move follows Cookies' debut in Europe in May 2020.
Under the terms of licensing agreements, RPK Biopharma will have the exclusive rights to cultivate and sell Cookies branded products, including non-cannabis merchandise, in Portugal for three years subject to certain milestone commitments.
The Toronto-based company said it had launched the import of the Cookies branded genetics from Canada into Portugal. Flowr also expects to launch commercial production by year-end.
"We will be growing the most recognizable cannabis strains in the world in Portugal, including Gary Payton, Cereal Milk, Gelatti, Pancakes, and Pink Runtz," said Darryl Brooker, CEO of Flowr Corp. "Establishing this partnership is the next step in the evolution of our business in the E.U. and will provide us with a competitive advantage in the fast-growing E.U. medical cannabis market."
Cookies, the international cannabis brand led by Berner who is the company's co-founder and CEO, intends to assist Flowr with developing a retail distribution strategy in Portugal through the country's existing pharmacy networks. In addition, it also plans to design up to three proprietary retail pharmacy outlets in the country.
"The partners we chose in Portugal have one of the most advanced facilities I've seen and will be producing some of the best cannabis in the world," Berner said. "It's partnerships like this that keep me excited about the growth and expansion of Cookies worldwide."
Price Action: Flowr Corp's shares traded 2.16% lower at $0.11 per share at the time of this writing on Monday, early afternoon.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga Cannabis Conferences are coming to Los Angeles
Join the Benzinga Cannabis Market Spotlight: California, and unlock the future of cannabis at the premier networking event in Culver City on February 22. Connect with top industry leaders, gain insider insights into the investment landscape, and shape the evolving markets in California and beyond. Don’t miss this chance to be at the forefront of the cannabis industry’s growth and innovation! Join now.