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Flora Growth Corp. (NASDAQ:FLGC) on December 23, 2022, it closed the acquisition of all of the issued and outstanding shares of Franchise Global Health Inc. (TSXV:FGH).
“We view this acquisition as transformational as Flora pursues its strategic growth plan to lead the global market for cannabis and its derivatives,” stated Luis Merchan, chairman and CEO of Flora. “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.”
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FGH’s revenues and gross profit for the nine-month period ended September 30, 2022 were $32.7 million and $2.5 million, respectively. FGH’s German reportable segment earned $500,000 in net income for the same period.
FGH’s German businesses operate primarily in the pharmaceutical, medical device and medicinal cannabis import and distribution markets, servicing more than 1,200 pharmacies in Germany and providing non-cannabis medical products to 28 additional countries.
The transformative deal accelerates Flora’s expansion in Europe’s largest medical cannabis market as Germany moves toward the launch of an adult-use market estimated to be worth over $1 billion by 2026.
About the Transaction
The transaction was consummated by way of a statutory plan of arrangement under the Business Corporations Act (British Columbia), pursuant to which Flora acquired all the issued and outstanding common shares of FGH in exchange for 43.5 million Flora common shares. The Flora common shares delivered to the former shareholders of FGH are restricted from being sold for a period of ninety days following the completion of the arrangement. Effective upon the closing of the arrangement, Clifford Starke, formerly the CEO of FGH, and Edward Woo, formerly the COO of FGH, were appointed as members of Flora’s board of directors. The arrangement was approved by the Supreme Court of British Columbia and by shareholders of FGH holding in excess of 66 2/3% of the votes cast at a meeting of FGH shareholders.
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Price Action
Flora Growth shares were trading 18.34% higher at $0.2872 during Tuesday’s pre-market session.
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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.