Business
Avant Brands Announces Winning Bid to Purchase The Flowr Group (Okanagan) Inc.
Avant 50% joint venture wins bid to purchase Flowr Okanagan, including Flowr's Kelowna operation,...
About this update from Avant Brands Inc
[{"type":"text","content":"Avant Brands Announces Winning Bid to Purchase The Flowr Group (Okanagan) Inc.Avant 50% joint venture wins bid to purchase Flowr Okanagan, including Flowr's Kelowna operation, for approximately $4.015 million and $1.1 million in shares of Avant, plus certain wind-down costs in connection with the Flowr Group's insolvency proceedingsProvides Avant with combined facilities of approximately 185,000 square feetExpected to increase Avant's production capabilities by 60%Resulting in Avant being one of the largest indoor, ultra-premium producers in CanadaKELOWNA, BC / ACCESSWIRE / December 8, 2022 / Avant Brands Inc. (TSX:AVNT)(OTCQX:AVTBF)(FRA:1BU0) (\"Avant\" or the \"Company\"), a leading producer of innovative, premium handcrafted cannabis products, is pleased to announce that Avant Brands K1 Inc. (formerly 1000343100 Ontario Inc.) (the \"Purchaser\"), an entity of which Avant owns 50% of the issued and outstanding shares, has entered into a definitive purchase agreement (the \"Purchase Agreement\") to acquire all of the issued and outstanding shares (the \"Purchased Shares\") in the capital of The Flowr Group (Okanagan) Inc. (\"Flowr Okanagan\"), a subsidiary of The Flowr Corporation (FLWR; FLWPF) (\"Flowr\"), in connection with the Flowr Group's (as defined below) proceedings under the Companies' Creditors Arrangement Act (the \"CCAA\") and its related sales and investment solicitation process (\"SISP\").\"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.\"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%(1). It is anticipated that Avant will be one of the largest producers in Canada of indoor grown, ultra-premium...