NetworkNewsBreaks – Flora Growth Corp. (NASDAQ:
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Posted On: 12/27/2022 3:25:35 PM
NetworkNewsBreaks – Flora Growth Corp. (NASDAQ: FLGC) Closes on Acquisition of Multinational Medical Cannabis Operator
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.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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