Flora Growth (NASDAQ: FLGC), a cannabis-focused consumer-packaged goods leader and pharmaceutical distributor serving all 50 states and 28 countries with 20,000-plus points of distribution around the world, has entered a Letter of Intent (“LOI”) to acquire TruHC Pharma GmbH. According to the agreement, the acquisition is an all-stock deal in exchange for 2,770,562 Flora common shares; those shares are valued at $2.31 per share, totaling $6.4 million. The announcement noted that the first tranche of transaction should close in Q2 2024. In addition, the company pointed out that its wholly owned subsidiaries have been active in Germany since 2017; those subsidiaries obtained the first medical cannabis license in Germany and are responsible for selling the first gram of medical cannabis in the country. The acquisition of TruHC cements FLGC’s position as a leader in the German space. “The acquisition of TruHC is expected to provide Flora with the runway it needs to maximize the benefits of Germany’s cannabis legislation,” said Flora Growth CEO Clifford Starke in the press release. “We intend to touch on many verticals in the medical and recreational cannabis realms in Germany. We anticipate becoming a leader and at the forefront of the industry, which has the potential to spread to the rest of Europe. TruHC brings an EU-GMP facility and a management team that pioneered the cannabis industry in Germany to the Flora family. Together, we are excited to assume pack leadership in a sector poised for explosive growth.”
To view the full press release, visit https://ibn.fm/hM9lD
About Flora Growth Corp.
Flora Growth is a cannabis-focused, consumer-packaged goods leader and pharmaceutical distributor serving all 50 states and 28 countries with 20,000-plus points of distribution around the world. For more information about the company, please visit www.FloraGrowth.com.
NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://ibn.fm/FLGC
About InvestorWire
InvestorWire (“IW”) is a specialized communications platform with a focus on advanced wire-grade press release syndication for private and public companies and the investment community. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, IW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, IW brings its clients unparalleled recognition and brand awareness. IW is where breaking news, insightful content and actionable information converge.
For more information, please visit https://www.InvestorWire.com
Please see full terms of use and disclaimers on the InvestorWire website applicable to all content provided by IW, wherever published or re-published: https://www.InvestorWire.com/Disclaimer
InvestorWire
Los Angeles, CA
www.InvestorWire.com
310.299.1717 Office
Editor@InvestorWire.com
InvestorWire is powered by IBN
