Flora Growth Corp. (NASDAQ: FLGC) Defines Path to Profitability and Portfolio Expansion with Proposed Franchise Global Health Inc. Acquisition
Nov 9, 2022
- Flora Growth signed a definitive agreement with FGH to acquire 100% of all issued and outstanding shares by way of a statutory plan of agreement
- The deal is expected to close in December following the presentation of the agreement to shareholders; the acquisition will open Flora to the German and EU medical markets, increasing the company’s international revenue and providing essential distribution to German pharmacies and a growing wholesale market
- FGH’s acquisition adds to Flora’s expanding list of subsidiaries which currently comprise Vessel Brand Inc. and JustCBD, among others, and it is expected to deliver at least $3 million in annualized cost synergies within the first year
- Luis Merchan, Flora’s Chairman and CEO, has noted that he believes the company has a path to profitability that few global cannabis companies can achieve, and the acquisition shows Flora’s commitment to achieving this profitability
- The acquisition also highlights the company’s understanding of the global cannabis space, the opportunities therein, and what it would take for it to become the undisputed market leader
Flora Growth (NASDAQ: FLGC), an internationally focused cannabis builder that leverages natural, cost-effective cultivation practices to supply cannabis derivatives, is looking to grow its product portfolio and expand its market reach with the proposed acquisition of Franchise Global Health Inc. (“FGH”), a multi-national operator in the medical cannabis and pharmaceutical industry (https://cnw.fm/oVQPK).
With principal operations in Germany, FGH’s acquisition will open Flora up to the German and European Union (“EU”) medical markets, which its management notes will significantly increase the company’s…
NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://cnw.fm/FLGC
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