Flora Growth Corp. (NASDAQ: FLGC), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, today announced its entry into a letter of intent (“LOI”) to acquire 100% of Vessel Brand Inc. Vessel is driving cannabis and wellness industries forward by bringing to market innovative products and experiences that elevate consumer expectations. With its decades of go-to-market experience, unique lineup of high-end dry-herb accessories and vape pen batteries, and bespoke product programs for brands, Vessel is the go-to product line for consumers, multistate operators and brands alike. “As we ramp up production and continue scaling for global growth, we believe that the proposed acquisition of Vessel positions us strategically at an extremely pivotal time. We’re very much looking forward to working with the entire Vessel team, who has a proven history in scaling consumer packaged goods brands and optimizing and executing sales and marketing strategies,” said Luis Merchan, president and CEO of Flora. “Beyond the attractive financial metrics based on Vessel’s high-margin luxury product line, we are adding bench strength and premier talent to capture the many market opportunities around the world as we look to further diversify our innovative product lines and globally recognized brands.”
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About Flora Growth Corp.
Flora is a cannabis company that leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its diverse business divisions of cosmetics, hemp textiles, and food and beverage. As the operator of one of the largest outdoor cultivation facilities, Flora strives to market a higher-quality premium product at below-market prices. By prioritizing natural ingredients and value-chain sustainability across its portfolio, Flora creates premium products that help consumers restore and thrive. Visit www.FloraGrowth.ca or follow @floragrowthcorp on social for more information.
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