Flora Growth Closes Investment in Hoshi, Provides Clear Expected Pathway To European Distribution

CANNANNEW REPORT

Strategic partnership with Hoshi International that holds European assets, providing Flora with a clear expected pathway to European distribution and the introduction of Flora’s products, formulations, and brands Alignment between two strong management teams. Hoshi’s management team has extensive entrepreneurial and leadership experience in the global cannabis market Processing foothold in the European Union for select Flora technologies, such as the patented hemp cigarette manufacturing line that is expected be acquired through the proposed Koch and Gsell acquisition Leveraging Hoshi’s various distribution agreements throughout the European Union, including the United Kingdom, Germany, and Poland, with additional distribution agreements being actively pursued and negotiated MIAMI & TORONTO–(BUSINESS WIRE)–Flora Growth Corp. (NASDAQ: FLGC) (“Flora” or the “Company”), an all-outdoor cultivator and manufacturer of global cannabis products and brands, today announced it has closed the previously announced €2M (two-million Euros) investment in Hoshi International Inc. (“Hoshi”) while also increasing its fully-diluted ownership in Hoshi through a securities swap. Further, Flora Growth and Hoshi have agreed to strengthen the terms underwhich Flora Growth is investing in Hoshi pursuant to a binding memorandum of agreement, including the following terms: Flora is entitled to nominate one Director to Hoshi’s Board of Directors, namely Luis Merchan, Flora Growth’s President and CEO Flora will be Hoshi’s preferred supplier of genetic material and finished cannabis derivative products at its cultivation and processing facility in Portugal, subject to the parties entering into a definitive agreement by October 1, 2021 Flora will hold a right of first refusal to supply any cannabis oil or derivative products acquired by Hoshi or any of its affiliates at its processing facility in Malta, subject to the parties entering into a definitive agreement by October 1, 2021 Hoshi will use commercially reasonable efforts to grant Flora access to its European Union Good Manufacturing Practices (“EU-GMP”)…

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Source : Flora Growth Closes Investment in Hoshi, Provides Clear Expected Pathway To European Distribution

reposted by Cannabis News World

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