Benzinga | Jun 7, 2021 01:35PM EDT

The Flowr Corp. To Export Up To 500KG Of Medical Cannabis To Israel

The Flowr Corporation (OTCQX:FLWPF) will export up to 500 kilos of premium dry cannabis flower in bulk into Israel.

The move follows the company's recent announcement that it had raised $15.9 million by selling units.

Deal Details: Under the terms of the supply agreement with Focus Medical Herbs Ltd., a company with which IM Cannabis Corp. (NASDAQ:IMCC) (CSE:IMCC) has an exclusive commercial agreement within Israel, Flowr's wholly-owned subsidiary will export medical cannabis into the Middle Eastern country.

The Toronto-based company said Monday that it expects the first shipment of BC Pink Kush to hit the Israeli market in the second half of this year.

Flowr confirmed Monday that the collaboration with Focus Medical will last three years.

Darryl Brooker, CEO of Flowr, said he is delighter to team up with IMC and Focus Medical to introduce the company's product to the Israeli market.

"Coupled with our ability to grow high THC premium dry flower from our EU GMP facilities in Portugal, we view this partnership as an important next step to becoming a significant international producer of cannabis with a globally recognized brand," Brooker continued.

Oren Shuster, CEO of IMC, looks forward to working with the Flowr team.

"We believe that the Israeli market will receive Flowr's renowned BC Pink Kush and BC Black Cherry strains with open arms," Shuster added.

IMC's Recent Moves IMC debuted on the NASDAQ Capital Market last year.

In April, the company confirmed the acquisition of MYM Nutraceuticals and its Licensed Producer subsidiary Highland Growth, which is scheduled to close by the end of 2021.

The recreational cannabis operator opted to expand its product offering in the German market by launching a range of specially formulated high-THC, balanced-THC and CBD oil extracts as part of a two-year supply agreement between its German subsidiary Adjupharm GmbH and MediPharm Labs (OTC:MEDIF).

Photo by Elsa Olofsson on Unsplash