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Flora Growth Corp. (NASDAQ:FLGC) made a strategic investment of 2 million Euros ($2.42 million) in Hoshicap Portugal Unipessoal Lda, a subsidiary of Hoshi International. The investment will solidify Flora's position as a preferred strategic supplier to Hoshi's EU processing facilities in Malta and Portugal, and provide Flora with a port for the importation of compliant, high-quality Colombian outdoor cannabis flower and derivatives to the European Union (EU).
"This strategic investment will help establish a crucial sales and distribution channel in the EU for Flora Growth, furthering our global strategy of rapid growth into new overseas markets around the world," Luis Merchan, CEO of Flora Growth, told Benzinga.
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"The Hoshi team is world-class and is establishing an excellent operational foundation in Europe. By leveraging our competitively priced, all-outdoor grown cannabis and our premium product portfolio, we have a partner that is well-positioned to help us compete in this rapidly developing market," he added.
Along with the investment, Flora and Hoshi will partner on commercial projects to lend expertise in areas of international cannabis regulations, compliance, cultivation and genetic transfer. The partnership will allow both parties to fast-track a number of established initiatives to provide access to compliant, high quality-cannabis flower to the E.U. market.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.