Flora Growth Signs Agreement To Acquire Industry-Leading Vessel Brand, Entering Luxury Cannabis Consumer Technology Segment

CANNANNEW REPORT

Proposed acquisition to expand Flora’s premium brand and product portfolio by adding industry leader in luxury cannabis consumer technology segment Vessel posted trailing twelve-month revenues of US$6.2M Proposed acquisition to strengthen Flora’s executive bench by adding key human capital in the areas of sales, marketing, design, and production, while also increasing its product breadth and commitment to innovation Proposed acquisition to solidify Flora’s market positioning, further diversify its global distribution channels, and amplify the reach of its premium cannabis brand category diversification Proposed acquisition to enhance consumer packaged goods presence and infrastructure in the US; Vessel has widespread distribution throughout America and worldwide via its e-commerce platform MIAMI & TORONTO–(BUSINESS WIRE)–Flora Growth Corp. (NASDAQ: FLGC) (“Flora” or the “Company”), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, is pleased to announce that it has signed a Letter of Intent (the “LOI”) to acquire 100% of Vessel Brand Inc. (“Vessel”). Vessel is designing the cannabis and wellness industries forward by bringing to market innovative products and experiences that elevate consumer expectations. With its unique lineup of high-end dry-herb accessories and vape pen batteries, bespoke product programs for brands, and decades of go-to-market experience, Vessel is the go-to product line for consumers, multi-state operators, and brands alike. Headquartered in Carlsbad, California, Vessel distributes its premium hardware and accessories throughout the United States and internationally, and has numerous high-margin products in its development pipeline to drive incremental revenue and market share growth in new and existing categories. Vessel launched in 2018 with a singular focus – create a more thoughtful consumer experience at all touchpoints. With 100% revenue growth year-over-year, Vessel finds continued success by focusing on the intangible aspects of the experience, forging its own path to the top of the cannabis consumption market by honing in on…

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Source : Flora Growth Signs Agreement To Acquire Industry-Leading Vessel Brand, Entering Luxury Cannabis Consumer Technology Segment

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