Flora Growth (NASDAQ: FLGC), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, is one step closer to completing its previously announced acquisition of Franchise Global Health (TSX.V: FGH). FLGC announced that holders of more than 73% of the outstanding shares of FGH have agreed to vote their shares in favor of Flora’s acquisition of FGH; the voting will take place during FGH’s special meeting of shareholders, scheduled for Dec. 13, 2022. The completion of the acquisition remains subject to customary closing conditions, including approval of the plan of arrangement by the Supreme Court of British Columbia and the approval of at least 66 2/3% of the votes cast by shareholders of FGH at the meeting. According to the arrangement agreement signed by the two companies, Flora anticipates acquiring all issued and outstanding common shares of FGH by way of a statutory plan of arrangement, including the issuance of between 36,515,060 and 43,525,951 of its common shares. “We are pleased that FGH shareholders clearly recognize the value of this transaction, as well as the enormous potential of our companies joining forces,” said Flora Growth chairman and CEO Luis Merchan in the press release. “This acquisition is tremendously accretive and will solidify Flora’s foothold, not only in what we view as the most relevant emerging cannabis market, Germany, but in the EU more broadly.”
To view the full press release, visit https://cnw.fm/urpVD
About Flora Growth Corp.
Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands that delivers the most compelling customer experiences in the world, one community at a time. As the operator of one of the largest outdoor cannabis cultivation facilities, Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its diverse business divisions of cosmetics, hemp textiles, and food and beverage. For more information about the company, please visit www.FloraGrowth.ca.
NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://cnw.fm/FLGC
About CanadianCannabisWire
CanadianCannabisWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.
To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)
For more information please visit https://www.canadiancannabiswire.com
Please see full terms of use and disclaimers on the CanadianCannabisWire website applicable to all content provided by CNW, wherever published or re-published: http://CNW.fm/Disclaimer
Do you have a questions or are you interested in working with CNW? Ask our Editor
CanadianCannabisWire (CNW)
Toronto, Ontario
www.canadiancannabiswire.com
905.674.5977 Office
Editor@CanadianCannabisWire.com
CanadianCannabisWire is part of the InvestorBrandNetwork.
