Flora Growth Completes Acquisition of Vessel Brand Inc.

CANNANNEW REPORT

Acquisition provides Flora with an immediate foothold in the North American cannabis market by acquiring a rapidly growing company with trailing 12-months revenue of $6.6M and year-over-year growth of 90% Acquisition diversifies Flora’s premium brand portfolio through Vessel’s strong position in the luxury cannabis consumer technology market Key Vessel team members will join the executive bench and guide the growth of Flora’s brand portfolio, with an initial focus on enhancing the U.S. marketing and sales strategies for the Stardog, Mind Naturals, and Ô (Awe) brands 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, announces today that it has closed the acquisition of Vessel Brand Inc. (“Vessel”). As set forth below, Flora has acquired Vessel for aggregate consideration of US$30M, consisting of a combination of cash and the issuance of Flora common shares. “We are incredibly excited to welcome the Vessel team into our Company. They are exceptional brand builders with a proven track record of launching brands and capturing market share in the rapidly expanding U.S. cannabis landscape,” said Luis Merchan, President and CEO of Flora Growth. “With this acquisition now closed, we can focus on the execution of our combined expansion strategy. The integration of our two organizations is well underway and the Vessel team is expected to substantially enhance the branding and marketing function of Flora Growth as we look to further increase market share in the global cannabis and wellness markets.” Since its inception in 2018, Vessel’s go-to-market strategy for direct-to-consumer sales in the U.S. and international cannabis markets resulted in rapid revenue growth. Today, Vessel has achieved trailing 12-months revenue of $6.6M and year-over-year growth of 90%. Flora will invest in the expansion of Vessel’s market share in the U.S.…

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Source : Flora Growth Completes Acquisition of Vessel Brand Inc.

reposted by Cannabis News World

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