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Shell Summary for Sept. 26, 2018

2018-09-26 20:25 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 1.65 points to 707.03 Wednesday. Tom Flow's shell graduate and licensed marijuana producer, The Flowr Corp. (FLWR: $6.16), began trading today. It reached an intraday high of $8 before closing at $6.16 on two million shares.

Flowr is building an 85,000-square-foot production facility in Kelowna. It expects to complete construction in early 2019. So far, one-fifth of the facility is operational. Flowr received its cultivation licence in December, 2017, and its sales licence last month. It now says it is "rapidly scaling operations," which shareholders will surely appreciate, since the company is essentially scaling up from zero sales. To finance the construction of its facility, Flowr sold $13.8-million worth of shares at $2.60 between April and July.

The founder and president of Flowr is Tom Flow, 41. He lives in Kelowna and was the chief operating officer of another licensed producer, Medreleaf Corp., from 2013 to 2015, when Medreleaf was still private. It traded on the Toronto Stock Exchange from June, 2017, to July, 2018, when it was acquired by Aurora Cannabis Inc. (ACB: $12.19). Before Medreleaf, Mr. Flow worked for four years at an outdoor advertising company called OOH Digital Networks. Now, at Flowr, he is the second-largest shareholder with 26.02 million shares or 18.2 per cent.

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