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Flowr buys 19.8% stake in Portuguese cannabis producer

The Flowr Corp. acquired a 19.8% stake in Holigen Ltd., a Portugal-based cannabis company, for C$6 million in cash.

Canadian medical cannabis producer Flowr entered into an exclusive termed intellectual property license agreement, allowing Holigen to use its cultivation, facility design and construction in building Holigen's facilities in Portugal and Australia and for securing their respective licenses.

Holigen anticipates to obtain a license to cultivate and distribute medical cannabis for its first site in Portugal — where cost of production is low — by the second quarter of 2019, and for its second site by early 2020.

Transaction closing is subject to certain closing conditions, including any necessary stock exchange approval.