The company announced on December 8, 2022 that Avant Brands K 1 Inc., an entity with 50% of the issued and outstanding shares, will be the successful bidder to buy The Flowr Group Okanagan Inc., including its 185,000 square-foot production facility in Kelowna, BC. On December 19, 2022, the company announced that it has entered a binding share purchase agreement to acquire the remaining 50% equity stake of 3 PL Ventures Inc. for its flagship production facility in Vernon, BC.
The Flowr Facility is fully operational and is expected to increase Avant's production capabilities by approximately 60%. The acquisition of the remaining 50% of 3 PL will provide Avant's wholly owned subsidiary, GreenTec Holdings Ltd., with full ownership of the 3 PL Facility, which is expected to generate significant cash flows over the course of the 2023 fiscal year. Avant's strategic objectives and outlook for the 2023 year include: After the acquisitions of Flowr Okanagan and 3 PL.
Introducing new cultivars from Avant's extensive library of genetics.
As of November 30, 2022, the company had approximately $7 million in cash and no interest-bearing debt on the balance sheet.
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