FLOWR GROWS IN MARKET DEBUT
Last week’s wild trading in cannabis stocks hasn’t discouraged investors from jumping into new listings as pot producer Flowr Corp. nearly tripled in its trading debut Wednesday. Flowr, listed on the TSX Venture Exchange through a reverse takeover, has the backing of some big names, including gardening giant Scotts Miracle-Gro Co. The firms have teamed up to build a 50,000-square-foot research facility in B.C., which will be used by Scotts subsidiary Hawthorne Gardening Co. to test its lights and nutrients on pot. Flowr’s president and co-founder Tom Flow was also a co-founder of MedReleaf Corp., which Aurora Cannabis Inc. bought in July for about $2.2 billion in stock. Flowr shares surged as high as $7.30 in early trading Wednesday, up 181 per cent from the $2.60 subscription price of an oversubscribed offering earlier this month. The stock closed Wednesday at $6.16.