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Flora Growth Acquires Franchise Global Health

  • Flora Growth Corp (NASDAQ: FLGC) has signed a definitive agreement to acquire Franchise Global Health Inc (FGH), a multi-national operator in the medical cannabis and pharmaceutical industry. The transaction values Franchise Global Health at about CA$40.0 million.

  • The combination of Flora and FGH is expected to deliver at least $3.0 million of annualized cost synergies within the first year following the completion of the acquisition.

  • The acquisition would further allow Flora to expand its CBD business in Europe by utilizing FGH's distribution and logistics capabilities.

  • FGH's German businesses operate primarily in the export pharmaceutical and medical cannabis import and distribution markets, servicing 1,200 pharmacies in Germany.

  • Flora will issue between 36 million and 43 million of its common shares in exchange for the issued and outstanding shares of FGH.

  • The company held $10.3 million in cash and equivalents as of June 30, 2022.

  • "We plan to work hard to gain market share in the growing German cannabis market as global policy turns the corner," said CEO Clifford Starke.

  • Price Action: FLGC shares are trading lower by 1.69% at $0.53 on the last check Monday.

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