Flora Growth (NASDAQ: FLGC), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, has completed a “plan of arrangement,” or acquisition, of Franchise Global Health Inc. (TSX.V: FGH), a multinational operator in the medical cannabis and pharmaceutical industry with principal operations in Germany. Shareholders of Global Health Inc. approved the plan, which was effective as of Dec. 23, 2022. FLGC anticipates that the acquisition will provide a direct connection between Flora Growth’s Colombian-grown cannabis and German-based pharmaceutical and medical cannabis distribution. The company also noted that the acquisition will establish a foothold in Germany for medical cannabis sales that could reach more than 1,200 pharmacies and include the distribution of pharmaceutical products across 28 countries. According to the announcement, the all-stock acquisition includes the indirect acquisition of FGH subsidiaries Phatebo GmbH and ACA Müller ADAG Pharma Vertriebs GmbH. “We view this acquisition as transformational as Flora pursues its strategic growth plan to lead the global market for cannabis and its derivatives,” said Flora Growth chair and CEO Luis Merchan in the press release. “Flora has now secured a crucial footprint in an established international cannabis market, providing a unique opportunity for operational synergies and diversified growth. The acquisition adds to our distribution network, expanding our client base, and increases our ability to distribute wholesale cannabis products at scale into the European Union.”
To view the full press releases, visit https://ibn.fm/ksKu4 and https://ibn.fm/9SCgb
About Flora Growth Corp.
Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands that delivers the most compelling customer experiences in the world, one community at a time. As the operator of one of the largest outdoor cannabis cultivation facilities, Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its commercial, house of brands, and life sciences divisions.
NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://ibn.fm/FLGC
About InvestorWire
InvestorWire is the wire service that gives you more. From regional releases to global announcements presented in multiple languages, we offer the wire-grade dissemination products you’ll need to ensure that your next press release grabs the attention of your target audience and doesn’t let go. While our competitors look to nickel and dime you with hidden fees and restrictive word limits, InvestorWire keeps things transparent.
As part of its service, InvestorWire provides coverage of noteworthy announcements. To further expand visibility of achievements being made throughout a multitude of sectors, InvestorWire’s syndication partners have extended the digital coverage to include individual broadcasts on financial websites and platforms visited by millions of investors daily.
For more information, please visit https://www.investorwire.com
Please see full terms of use and disclaimers on the InvestorBrandNetwork website applicable to all content provided by IBN, wherever published or re-published: http://ibn.fm/Disclaimer
InvestorWire (IW)
8033 Sunset Blvd Suite 1037-IW
Los Angeles, CA 90046
310.299.1717 Office
www.investorwire.com
[email protected]
InvestorWire is part of the InvestorBrandNetwork