Flora Growth Corp. (NASDAQ: FLGC) Acquisition of F
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Posted On: 01/06/2023 3:43:47 PM
Flora Growth Corp. (NASDAQ: FLGC) Acquisition of Franchise Global Health Completed, Rapid Jump in Potential for European Cannabis Sales
- International cannabis operator Flora Growth Corp. is rapidly expanding its global footprint and Colombia-based international supply chain thanks to strategic acquisitions during the past several months
- Flora’s most recent acquisition was concluded just before Christmas on finalization of an agreement with multi-national operator Franchise Global Health Inc. that strengthens Flora’s position in Europe
- Franchise Global Health (“FGH”) serves 1,200 pharmacies in Germany, which the companies regard as the doorway to the rest of Europe, and it also has a footprint in Portugal and Denmark, while Flora Growth has completed exports to Switzerland and the Czech Republic
- Flora reported a 604 percent YOY increase in revenues for the first half of the year and recently added an increase of 414 percent YOY for the Q3 period
Cannabis cultivator and global distributor Flora Growth (NASDAQ: FLGC) is entering the new year with its latest acquisition completed, opening the way for accelerated expansion into Europe’s marketplace.
Franchise Global Health Inc. (TSX.V: FGH) announced Dec. 23 that it had completed arrangements for Flora Growth to acquire its issued and outstanding shares, and that the former holders of common shares of Franchise Global Health would be delisted from the TSX Venture Exchange on or about Dec. 28 as the company ends its public reporting obligations (https://nnw.fm/DysUu ).
Franchise Global Health Inc. serves 1,200 pharmacies in Germany through its wholly owned subsidiaries ACA Muller and Phatebo, and the company’s acquisition by Flora Growth will provide FGH with important cannabis supply chain security, while Flora will be able to build on the new inroad to the German market and launch farther into Europe from there.
“Our full focus is on Germany,” FGH CEO Clifford Starke said during an October webcast about the agreement. “Our strong position is on the distribution front. … Which, if this cannabis market is going to come to life, which we all believe so, … we’re extremely well positioned to go past Germany into the rest of Europe. It’s very important to understand that 75 to 80 percent of the sales in Europe are accounted in Germany.”
Flora has already exported its first high-CBD dried cannabis flower products from Colombia to Switzerland and the Czech Republic. Subsidiary JustCBD, acquired by Flora earlier in the year, registered 79 products with the United Kingdom’s novel foods standards agency as well.
Flora operates its Cosechemos cultivation, processing, extraction and isolation facility in Colombia, a country with prime growing conditions that has undergone a renaissance in cannabis cultivation during the past few years as the national government has achieved a framework for legalizing the export of select cannabis products.
Flora reported a 604 percent increase YOY in its H1 revenues, and its Q3 financials showed similar momentum as revenue for the three-month period ended Sept. 30 came in at $10.8 million, an increase of 414 percent year over year accompanied by a 703 percent YOY growth in gross profit (https://nnw.fm/d2cxp ).
In addition to FGH’s early mover advantage in Germany, the company has a footprint in Portugal and Denmark, offering further potential for Flora’s European market ambitions (https://nnw.fm/iuuKz ).
For more information, visit the company’s website at www.FloraGrowth.com.
NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://nnw.fm/FLGC
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
- International cannabis operator Flora Growth Corp. is rapidly expanding its global footprint and Colombia-based international supply chain thanks to strategic acquisitions during the past several months
- Flora’s most recent acquisition was concluded just before Christmas on finalization of an agreement with multi-national operator Franchise Global Health Inc. that strengthens Flora’s position in Europe
- Franchise Global Health (“FGH”) serves 1,200 pharmacies in Germany, which the companies regard as the doorway to the rest of Europe, and it also has a footprint in Portugal and Denmark, while Flora Growth has completed exports to Switzerland and the Czech Republic
- Flora reported a 604 percent YOY increase in revenues for the first half of the year and recently added an increase of 414 percent YOY for the Q3 period
Cannabis cultivator and global distributor Flora Growth (NASDAQ: FLGC) is entering the new year with its latest acquisition completed, opening the way for accelerated expansion into Europe’s marketplace.
Franchise Global Health Inc. (TSX.V: FGH) announced Dec. 23 that it had completed arrangements for Flora Growth to acquire its issued and outstanding shares, and that the former holders of common shares of Franchise Global Health would be delisted from the TSX Venture Exchange on or about Dec. 28 as the company ends its public reporting obligations (https://nnw.fm/DysUu ).
Franchise Global Health Inc. serves 1,200 pharmacies in Germany through its wholly owned subsidiaries ACA Muller and Phatebo, and the company’s acquisition by Flora Growth will provide FGH with important cannabis supply chain security, while Flora will be able to build on the new inroad to the German market and launch farther into Europe from there.
“Our full focus is on Germany,” FGH CEO Clifford Starke said during an October webcast about the agreement. “Our strong position is on the distribution front. … Which, if this cannabis market is going to come to life, which we all believe so, … we’re extremely well positioned to go past Germany into the rest of Europe. It’s very important to understand that 75 to 80 percent of the sales in Europe are accounted in Germany.”
Flora has already exported its first high-CBD dried cannabis flower products from Colombia to Switzerland and the Czech Republic. Subsidiary JustCBD, acquired by Flora earlier in the year, registered 79 products with the United Kingdom’s novel foods standards agency as well.
Flora operates its Cosechemos cultivation, processing, extraction and isolation facility in Colombia, a country with prime growing conditions that has undergone a renaissance in cannabis cultivation during the past few years as the national government has achieved a framework for legalizing the export of select cannabis products.
Flora reported a 604 percent increase YOY in its H1 revenues, and its Q3 financials showed similar momentum as revenue for the three-month period ended Sept. 30 came in at $10.8 million, an increase of 414 percent year over year accompanied by a 703 percent YOY growth in gross profit (https://nnw.fm/d2cxp ).
In addition to FGH’s early mover advantage in Germany, the company has a footprint in Portugal and Denmark, offering further potential for Flora’s European market ambitions (https://nnw.fm/iuuKz ).
For more information, visit the company’s website at www.FloraGrowth.com.
NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://nnw.fm/FLGC
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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