Flora Growth’s Strategic Future

Cannabtimes

<![CDATA[When Flora Growth debuted on the Nasdaq in May 2021, the company publicized the U.S.-based initial public offering (IPO) as the first known cannabis cultivator to list without using a special purpose acquisition company (SPAC), reverse merger or dual listing. The move included a $30 million pre-IPO equity raise in 2020, and then another $16.6 million once it completed the IPO. Since then, the globally motivated company, which leverages natural, low-cost cultivation practices on a roughly 250-acre, all-outdoor operation in Bucaramanga, Colombia, has been full steam ahead on executing its strategic plans, including a headquarters relocation from Toronto to Miami. During the past six months, Flora Growth has acquired California-based Vessel Brand Inc., a vaporization brand, for $30 million, and entered into various partnerships and distribution agreements. Specifically, Flora Growth also made a $2.4-million preferred supplier investment to a Hoshi International subsidiary in Portugal, and the company also secured a licensing agreement to enter the cannabis beverage market under the Tonino Lamborghini luxury lifestyle brand, with a CBD product line that aims launch in the first quarter of 2022. RELATED: Cannabis Pipeline to Europe is Open; Flora Growth is InvestingThese moves are the first of many synergistic steps intended by Flora Growth to launch its 300-plus products across the world, president and CEO Luis Merchan told Cannabis Business Times. Editor’s Note: This interview has been edited for style, length and clarity. Tony Lange: How’s your headquarters transition from Toronto to Miami going so far?Courtesy of Flora Growth | floragrowth.caLuis Merchan, president and CEO at Flora GrowthLuis Merchan: It’s going great. I went ahead of the team on June 24 and moved permanently to Miami. We have been working to bring the balance of the North America team here, but we certainly believe that Miami is the right place to be.…

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