FLGC - InvestorNewsBreaks - Flora Growth Corp. (NASDAQ: FLGC) Announces Acquisition of Australian Vaporizers
Flora Growth (NASDAQ: FLGC), a consumer-packaged goods leader and pharmaceutical distributor, has entered into and closed on a share purchase agreement; the agreement is to acquire all issued and outstanding shares of Australian Vaporizers Pty Limited in exchange for 550,000 Flora common shares. According to the announcement, the Flora shares are valued at $0.7 million based on the closing price of the company’s common shares on June 3, 2024. The transaction closed on June 4, 2024. Founded in 2010, Australian Vaporizers has built a reputation for being one of the largest online retailers of vaporizers, hardware and accessories in Australia. Consumers recognize the company as an online expert for aromatherapy products, specializing in dry-herb vaporizers. The company has been providing vapes, accessories and knowledge to enthusiasts and newcomers alike, with recent reports indicating Australian Vaporizers sold more than 92,000 units to an estimated 30,000 active customers through business-to-business and direct-to-consumer channels. “In addition to quickly improving the company's bottom line, Australian Vaporizers has the potential to drive synergies with Flora's existing portfolio of brands, including selling Vessel Brand products in Australia, which is Flora's fastest-growing segment,” said Flora Growth CEO Clifford Starke in the press release.
To view the full press release, visit https://ibn.fm/MdVxx
About Flora Growth Corp.
Flora Growth is a consumer-packaged goods leader and pharmaceutical distributor serving all 50 states and 28 different countries with 20,000-plus points of distribution around the world. For more information about the company, please visit www.FloraGrowth.com.
NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://ibn.fm/FLGC
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