Flora Growth Signs Definitive Agreement to Acquire Franchise Global Health, a Prominent Pharmaceutical and Medical Cannabis Distributor with Principal Operations in Germany
Summary
FORT LAUDERDALE, Fla. & TORONTO--(BUSINESS WIRE)--Flora Growth Corp. (NASDAQ: FLGC) (“Flora or the “Company”), a leading all-outdoor cultivator, manufacturer and distributor of global cannabis products and brands, announced today that it has signed a definitive agreement to acquire 100% of Franchise Global Health Inc. (TSXV: FGH) (“FGH”), a multi-national operator in the medical cannabis and pharmaceutical industry, with principal operations in Germany. The combination of Flora and FGH is expected to deliver at least US$3.0 million of annualized cost synergies within the first year following the completion of the acquisition, primarily in the areas of reduced corporate administrative expenses. “Together we have a solid revenue base, a proven consumer packaged goods business that can be replicated in Europe, and a successful distribution network. Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands, designed to deliver the most compelling customer experiences in the world, one community at a time. Flora disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law.
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