British Columbia cannabis cultivator The Flowr Corp. is selling “substantially all” of its assets to Avant Brands K1 as part of a sale and investment solicitation process after entering creditor protection in late October.
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The asset sale is worth 5.1 million Canadian dollars ($3.7 million), plus the amount of a debtor-in-possession loan originally worth CA$2 million from Avant Brands K1 and assumed liabilities.
Avant Brands K1 (previously known as 1000343100 Ontario) is 50% owned by Canadian cannabis producer Avant Brands, and the purchase price includes CA$1.1 million in Avant shares.
Flowr said Thursday that the asset sale still requires court approval, expected later this month.
In a news release, Avant Brands CEO Norton Singhavon said Avant has “always viewed (Flowr’s) Kelowna facility as a top-tier and world class asset that would be an ideal fit for the Avant portfolio.”
Avant said the facility in British
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