Avant Brands Wins Bid To Purchase The Flowr Group Okanagan - The Flowr (OTC:FLWPF), Avant Brands (OTC:AVT
Avant Brands Inc. AVTBF AVNT(FRA:1BU0), announced that Avant Brands K1 Inc. (formerly 1000343100 Ontario Inc.), an entity of which Avant owns 50% of the issued and outstanding shares, has entered into a definitive purchase agreement to acquire all of the issued and outstanding shares in the capital of The Flowr Group (Okanagan) Inc., a subsidiary of The Flowr Corporation FLWPF, in connection with the Flowr group's proceedings under the Companies' Creditors Arrangement Act and its related sales and investment solicitation process.
The Flowr Okanagan facility would increase Avant's overall square footage of cultivation facilities to approximately 185,000 square feet, and thereby increasing Avant's annual production capacity by approximately 60%.
The purchase agreement was entered into between the purchaser, Flowr Okanagan and The Flowr Canada Holdings ULC following completion of an auction process in connection with the sales and investment solicitation process for the Flowr group conducted on December 1, 2022.
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