- Flora Growth completed the acquisition of Just Brands LLC and High Roller Private Label LLC, owners of the JustCBD brand, on February 28, 2022
- The company then expanded its operational footprint in Europe and the UK in May 2022 to further its international growth strategy
- JustCBD products, including gummies and tinctures, will be available on www.Amazon.co.uk starting this month in a pilot-only program
- Flora Growth is optimistic that this launch will allow the company to reach a larger consumer base as it works towards further expanding its operations across Europe
On February 28, 2022, Flora Growth (NASDAQ: FLGC) completed the acquisition of 100% equity interests of Just Brands LLC and High Roller Private Label LLC, owners of the JustCBD brand. The transaction, which involved a consideration of $16 million in cash and 9.5 million in privately issued Flora common shares, was a move by Flora Growth to explore global expansion opportunities and increase the company’s customer database (https://cnw.fm/ccydT).
By mid-May 2022, Flora Growth had already announced the expansion of its operational footprint in Europe and the United Kingdom to further its international growth strategy. But, more importantly, the move signaled the company’s assertive push to broaden the reach for its JustCBD’s 79 products registered with the UK Novel Foods, paving the way for meaningful distribution of its growing house of brands.
“Establishing our roots in the UK and EU will not only afford us opportunities to increase our distribution and grow market share, but it will generate actionable market insights for our team to continue to innovate and deliver the most
compelling experiences we can,” noted Luis Merchan, Flora Growth’s President and Chief Executive Officer (“CEO”) (https://cnw.fm/Nx2Jm).
In what marks a noteworthy milestone for Flora Growth and its expansion plan, the company announced that JustCBD would launch its Novel Foods registered CBD products on Amazon.co.uk.
JustCBD’s product line will be available on the site starting this month, making available a portfolio of the company’s best-selling gummies and tinctures.
“With health and wellness playing an increasingly important role in customers’ lives, we are excited to increase the selection of quality CBD products offered to Amazon customers in the UK,” noted Hussein Rakine, the CEO of JustCBD.
“The JustCBD team looks forward to working closely with Amazon to expand our product offering to other countries as our partnership and brand presence in the United Kingdom Grows,” he added (https://cnw.fm/i76q9).
The CBD market in the UK is currently valued at £700 million and is projected to hit £1 billion by 2025. This growth is attributed mainly to the UK’s regulatory framework, which is regarded as the most evolved in the world. Such structures have seen key corporations such as Amazon venturing into this market, introducing a pilot-only program that includes vendors who have already demonstrated compliance with the UK CBD Novel Food regulations.
JustCBD has already undergone the Novel Food regulations approval process and has been awarded the necessary authorization proving that its products are safe for consumption and labeled correctly. With the launch of its product line on Amazon UK, Flora Growth is optimistic that it will reach a larger consumer base even as it works towards further expanding its operations across Europe.
“International growth is a key objective of our company’s strategy,” noted Mr. Merchan.
“The launch of Amazon UK allows Flora to reach a larger consumer base in search of quality CBD products. We are excited to continue expanding our operations in Europe and to deliver top-quality cannabis-related products to customers aiming to improve their health and wellness,” he added.
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://cnw.fm/FLGC
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