On Thursday, it was announced that Kelowna based Avant Brands has purchased The Flowr Group (Okanagan) for approximately $4.015 million and $1.1 million in shares of Avant.
The deal now has Avant with over 185,000 square feet of facility space. Avant's production is expected to increase to close to 60% resulting in the company being one of the largest indoor, ultra-premium producers in Canada.
"Over the course of the last year, the Avant team has been seeking investment or acquisition opportunities which would enable us to utilize our strong balance sheet in a manner which maximizes shareholder value," said Norton Singhavon, Founder and CEO of Avant Brands.
"As a result, we are extremely pleased with the outcome of Flowr's restructuring process, as we have always viewed their Kelowna facility as a top-tier and world class asset that would be an ideal fit for the Avant portfolio. We look forward to entering into our fiscal 2023 year with the addition of the Flowr facility and its dedicated team."
Brands of Avant include BLK MKT, Tenzo, Cognoscente and Tree Hugger, with products sold in BC, the Territories, Saskatchewan, Manitoba, Ontario and Atlantic Canada. Listed as AVNT on the Toronto Stock Exchange, shares currently sit (at days end) at $0.19 CAD.
More information on the company can be found here.
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