Flora Growth (NASDAQ: FLGC), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, has completed the acquisition of Vessel Brand Inc., an industry leader in cannabis consumer technology. According to Flora Growth, the acquisition provides the company with an immediate foothold in the North American cannabis market because Vessel brings with it a trailing 12-months revenue of $6.6 million and year-over-year growth of 90%. In addition, the acquisition diversifies Flora’s premium brand portfolio through Vessel’s strong position in the luxury cannabis consumer technology market. According to the announcement, key Vessel team members will join Flora’s executive bench and support the growth of Flora’s brand portfolio. Initially there will be a focus on enhancing the U.S. marketing and sales strategies for the Stardog, Mind Naturals and Ô (Awe) brands. “We are incredibly excited to welcome the Vessel team into our company,” said Flora Growth president and CEO Luis Merchan. “They are exceptional brand builders with a proven track record of launching brands and capturing market share in the rapidly expanding U.S. cannabis landscape. With this acquisition now closed, we can focus on the execution of our combined expansion strategy. The integration of our two organizations is well underway and the Vessel team is expected to substantially enhance the branding and marketing function of Flora Growth as we look to further increase market share in the global cannabis and wellness markets.”
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About Flora Growth Corp.
Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands that delivers compelling customer experiences, 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 diverse business divisions of cosmetics, hemp textiles, and food and beverage. For more information about the company, please visit www.FloraGrowth.ca.
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