Flora Growth (NASDAQ: FLGC), an all-outdoor cultivator, manufacturer and distributor of global cannabis products and brands, announced that its wholly owned subsidiary, Just Brands LLC, has acquired substantially all of the assets related to the No Cap Hemp Co. brand. The company anticipates that the acquisition of this emerging brand in the hemp flower market will diversify its brand portfolio and product offerings as well as create an opportunity to expand Flora’s distribution foothold in the United States by providing a unique collection of products with strong revenue growth potential. According to the announcement, the acquisition will offer Flora an immediate revenue stream as well as enhanced manufacturing capabilities. The asset acquisition calls for Flora to pay 10% of the gross revenue received from the sale of No Cap products up to a maximum of $2 million. “This transaction will allow Flora to immediately benefit from a profitable, cash flow positive and growing business,” said Flora Growth CEO and chair Luis Merchan in the press release. “This strategic acquisition demonstrates our disciplined capital allocation approach that is consistent with both short-term needs and long-term vision as a leading global cannabis company. We look forward to increasing our product offering through this transaction while broadening our sales team in the process.”
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About Flora Growth Corp.
Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands designed to deliver the most compelling customer experiences in the world, one community at a time. As the operator of one of the extensive outdoor cannabis cultivation facilities, Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its commercial, house of brands and life sciences divisions. For more information about the company, please visit www.FloraGrowth.ca.
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