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CannabisNewsBreaks – Flora Growth Corp. (NASDAQ: FLGC) Closes on Acquisition of Multinational Medical Cannabis Operator

Company: Flora Growth Corp. (FLGC)
Category: News

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://cnw.fm/TPNER and https://cnw.fm/1JaIa

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://cnw.fm/FLGC

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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