Flora Growth Corp. (NASDAQ: FLGC) Spreads Word About its Cannabis Operations, Announces LOI to Acquire Luxury Accessories Company Vessel Brand

August 20, 2021 08:00:39
  • Flora Growth Corp. is a global cannabis production and distribution company that has created a premium house of brands which supplying its cannabis products for cosmetics, pharmaceuticals, natural wellness, hemp textiles, and food and beverages, with high-quality product at below-standard costs
  • Flora Growth’s primary regulatory licensed operations are in Colombia, where the country’s government recently pursued a new openness in cannabis exports and domestic regulation by lifting bans on the sale and export of dried flower and cannabinoid ingestible products, permitting the sale of custom formulas for medical cannabis, and loosened marketing restrictions
  • Flora Growth has been actively involved in M&A activity, the latest being an announced LOI to acquire 100 percent of luxury cannabis accessories producer Vessel Brand
  • The company held an earnings call with investors on August 19 to discuss its first half financial results, provide operational updates, and M&A initiatives
  • Flora Growth participated the same day in the SNN Network Summer Virtual Event, presenting information on the company’s activities to a variety of global investors
Global cannabis cultivator and product distributor Flora Growth (NASDAQ: FLGC) is increasing awareness of its position within the international marketplace as well as recent agreements expected to boost its revenues. The company presented information about its operations to investors during the SNN Network Summer Virtual Event on August 19, followed by an earnings call for the first half of the 2021 fiscal year held the same day. Flora Growth is an internationally focused cannabis consumer packaged goods company that is headquartered in Canada, planning to move its offices to Miami, Florida in the United States at the beginning of next year, and is running its cultivation and processing operations in Colombia while anticipating a significant end user market in the EU, Australia and throughout Latin America. Colombia has been developing its cannabis industry following years of internal and external strife over illegal drug production in a country with nearly ideal growing conditions for the leafy green plant that has thrown off much of its stigma during the past decade and is now being developed for therapeutic uses in a number of countries. Last month, Colombian President Ivan Duque lifted a ban on exporting dried cannabis flower, which is generating excitement among investors (https://cnw.fm/3H33i). Flora Growth’s expansive land package with unique onsite natural resources, use of a skilled workforce, and familiarity with Colombia’s legal machinery (Juan Manuel Galán Pachon, a former Colombian senator and the author of the Colombian medical cannabis law, sits on Flora’s board of strategic advisors) are giving it an advantage at a crucial point in history. Colombia had begun allowing dried cannabis to be exported as medicinal oils or extracts, but the new decree allows growers to supply cannabis raw materials for use in a variety of different market segments on the international stage, while also enhancing accessibility to a much more robust domestic and regional market. At the August 19 SNN Network Summer Virtual Event, Flora Growth was among 60 small cap, micro cap and nano cap companies participating in webcast presentations to investors on the global stage over the course of three days (https://cnw.fm/mU7CO). Flora Growth’s presentation was scheduled at 2:30 p.m. EDT, with the investor call following at 4:30 p.m. EDT. (https://cnw.fm/x3kUG). The investor call included financial results, operational updates, and executive commentary on the company’s recent growth and on M&A initiatives that have been announced since Flora Growth’s Nasdaq Capital Market listing in May, followed by a Q&A. The latest planned acquisition was announced Aug. 17, when Flora Growth’s management released news that the company has signed an LOI to acquire 100 percent of Vessel Brand Inc., a California company with a “lineup of high-end dry-herb accessories and vape pen batteries, bespoke product programs for brands, and decades of go-to-market experience,” according to the announcement (https://cnw.fm/d0YI9). “Our mission is to deliver value for our shareholders through the manufacturing and sale of premium cannabis brands and products, and we believe that the best way to achieve that goal is to operate responsibly and sustainably,” Dr. Annabelle Manalo-Morgan, Director and Lead Scientific Advisor of Flora, stated in another company news release (https://cnw.fm/xToPq). The financial call webcast will be archived and available on the company’s website. For more information, visit the company’s website at www.FloraGrowth.ca. 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