FLOW stock soars on BioSteel partnership

Shares of Flow Beverage Corp (Flow Beverage Corp Stock Quote, Chart, News, Analysts, Financials TSX:FLOW) are at the top of the TSX leaderboard today on a new deal.

A new manufacturing agreement between Flow and Biosteel (formerly part of Canopy Growth Corp) will see Flow manufacture Tetra Prisma format Biosteel drinks. The agreement is for three years and is expected to generate revenue of more than $19-million.

“It’s very exciting to be entering into this new partnership with BioSteel Sports, co-packing one of the most innovative brands in sports hydration and working closely with its new owner,” said Flow CEO Nicholas Reichenbach. “Having also recently added BeatBox Party Punch alcoholic beverages and Joyburst energy drinks as co-pack partners, our Aurora production facility is scaling to meet this increased demand from brands and their consumers for premium and functional beverages offered in an environmentally conscious manner. The growth in our co-pack business is expected to contribute to ongoing improvements to profitability that have also included our restructuring, a transition to third party logistics and the addition of a fourth production line in Aurora.”

At press time, shares of FLOW were up 38.3 per cent to $0.325.

Founded in 2015, Toronto-based Flow Beverage sells various water products.