- Flora Growth has followed through with its definitive agreement to acquire 100% of Vessel’s equity interests
- This acquisition opens Flora up to the North American market, in addition to expanding its brand portfolio, with a proven operator that has achieved trailing 12-months revenue of $6.6 million and year-over-year growth of 90%
- It also serves to strengthen Flora’s management with the addition of Vessel’s leadership onto the team
- This latest acquisition lines up with Flora’s mission to build a connected, design-led collective of plant-based wellness and lifestyle brands that offer customers an unrivaled experience
Flora Growth (NASDAQ: FLGC) has, since its inception, made it its mission to build a connected, design-led collective of plant-based wellness and lifestyle brands that provide customers with a one-of-a-kind experience (https://cnw.fm/ZLUxY). In a move to live up to its mission, earlier in November 2021, the company entered into a definitive agreement to acquire Vessel Brand Inc., an industry leader in cannabis consumer technology (https://cnw.fm/e0gvp).
On November 15, 2021, Flora announced having closed the acquisition of Vessel. This marks the addition of an exceptional brand builder with a proven track record of not only launching successful cannabis-related brands but also capturing market share in the rapidly-expanding United States (“U.S.”) cannabis landscape (https://cnw.fm/2jsj3).
When making the announcement, Luis Merchan, the President and Chief Executive Officer (“CEO”) of Flora Growth, noted, “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,” he added.
The transaction was pursuant to the terms of the definitive agreement that dates back to early November 2021. As a result, flora Growth now owns 100% of Vessel’s equity interests for a consideration of $8 million in cash and 4,557,318 privately issued Flora common shares.
Flora is also optimistic about adding Vessel’s leadership to Flora’s overall management, given their experience in cannabis, sales, marketing, design, and production. The key persons, who include Founder and CEO James Choe, Chief Financial Officer (“CFO”), Garrett Potter, Vice President (“VP”) of Marketing, Jessie Casner, and VP of Performance, Jason Choe, have been responsible for Vessel’s go-to-market strategy. This strategy has allowed the company to achieve a trailing 12-month revenue of $6.6 million and year-over-year growth of 90%. In addition, they are the masterminds behind the company’s direct-to-consumer sales strategy both within the U.S. and Canadian markets.
“We are looking forward to formally joining the Flora team and supporting their vision of becoming a global leader in plant-based health and wellness,” noted James Choe.
The Vessel team has been keen to commend Flora Growth’s unrivaled cost structure and its rapidly expanding brand portfolio. They are confident that with the strong foundation that Flora has built so far, the company is poised for growth and well-positioned to capitalize on the rapidly expanding cannabis market.
For more information, visit the company’s website at 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
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