A multi-million dollar deal has one Okanagan-based cannabis producer becoming one of the largest in the country.
Avant Brand, with offices in 琉璃神社, has purchased the Flowr Okanagan, also based in 琉璃神社, 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鈥檚 worth of research, and that they view the 琉璃神社 facility as a 鈥渢op-tier and world class asset鈥�.
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.
READ MORE: Nominations sought for City of 琉璃神社鈥檚 annual civic awards
READ MORE: Real estate deal with school district to benefit UBC Okanagan鈥檚 downtown campus tower
Jake.courtepatte@kelownacapnews.com
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