Flora Growth (NASDAQ: FLGC), a cannabis-focused consumer-packaged goods leader and pharmaceutical distributor serving all 50 states and 28 countries with 20,000-plus points of distribution around the world, has closed on an underwritten public offering. The offering, which was comprised of 1.7 million common shares, resulted in $3.23 million in gross proceeds for Flora Growth, before deductions. Flora Growth plans to use the funds from the offering for general corporate and working capital needs. Aegis Capital Corp. acted as the sole book-running manager for the offering, which closed on April 8, 2024. In addition, the company announced that its CEO, Clifford Starke, purchased common shares in the offering. Specifically, Starke purchased 526,315 common shares for $1 million; he purchased the shares through YT Research Inc., which he owns. “Immediately before the completion of the offering, [Starke] owned an aggregate of 818,741 common shares, representing approximately 9.11% of the outstanding common shares of the issuer,” the announcement stated. “Immediately following the completion of the offering, the acquiror owned an aggregate of 1,345,056 common shares, representing approximately 12.59% of the outstanding common shares.”
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About Flora Growth Corp.
Flora Growth is a cannabis-focused, consumer-packaged goods leader and pharmaceutical distributor serving all 50 states and 28 countries with 20,000-plus points of distribution around the world. For more information about the company, please visit www.FloraGrowth.com.
NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://ibn.fm/FLGC
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