Flowr Corp sells R&D station to Hawthorne Canada

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Flowr Corp. FLWR, +7.14% FLWPF, +14.35% said Friday it agreed to sell its Kelowna research and development facility to Hawthorne Canada Ltd., the unit of Scotts Miracle-Gro Co. SMG, -1.62% that specializes in hydroponic solutions. Toronto-based Flowr Corp. said the C$16 million ($12.6 million) deal is expected to close in the second quarter and will result in cash proceeds of C$4 million and the elimination of C$12 million of long-term debt. Shares of Flowr Corp. have gained 16.7% so far in 2022, compared to a 12.3% drop by the Cannabis ETF THCX, -3.60%.

This article was originally published by Marketwatch.com. Read the original article here.

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