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Kelowna cannabis company stays under local ownership after $4M sale

Sale of Flowr also includes $1.1M in shares of buyer Avant Brands
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A multi-million dollar deal has one Okanagan-based cannabis producer becoming one of the largest in the country.

Avant Brand, with offices in Kelowna, has purchased the Flowr Okanagan, also based in Kelowna, for $4.105 million, as well as $1.1 million in shares.

The agreement will give Avant a total of 185,000 sq. ft. of space among their facilities, and is expected to increase its production capabilities by around 60 per cent.

Avant CEO Norton Singvahon said that the purchase is the result of a year’s worth of research, and that they view the Kelowna facility as a “top-tier and world class asset”.

The Flowr facilities, which should begin its insolvency upon the closure of the deal in early 2023, was put up for auction on Dec. 1.

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@JakeC_16
Jake.courtepatte@kelownacapnews.com

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Jake Courtepatte

About the Author: Jake Courtepatte

Editor of Kelowna Capital News & West K News since February 2022. I have spent the majority of my career working in the Toronto area as both a sports reporter and a general reporter.
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