Flora (NASDAQ: FLGC), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, has entered into a definitive agreement in respect of the previously announced acquisition of 100% of Vessel Brand Inc. Upon closing of the transaction, Flora will acquire Vessel for aggregate consideration of US$30 million, consisting of a combination of cash and the issuance of Flora common shares. “The Flora team has been working diligently to execute on our various business initiatives and the signing of this agreement represents another significant step forward for the company in 2021,” said Luis Merchan, president and CEO of Flora Growth. “We are incredibly excited to have reached an agreement to add Vessel to the Flora portfolio. Not only does Vessel have an exceptional product line with strong revenue growth, but its leadership team is second to none. Integration plans with the Vessel team are already well advanced and we expect step-change improvements to the marketing and sales strategies for our core consumer brands like Stardog and Mind Naturals, as well as new brand development in support of our global growth initiatives.”
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About Flora Growth Corp.
Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands that delivers the most compelling customer experiences in the world, one community at a time. As the operator of one of the largest outdoor cannabis cultivation facilities, Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its diverse business divisions of cosmetics, hemp textiles, and food and beverage. Visit www.FloraGrowth.ca or follow @floragrowthcorp on social for more information.
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