Flora Growth Corp. Closes Acquisition of Australian Vaporizers
FORT LAUDERDALE, FLORIDA – June 5, 2024 – Flora Growth Corp. (NASDAQ: FLGC) (“Flora” or the “Company”) has entered into a share purchase agreement (the “Agreement”) to acquire of all of the issued and outstanding shares of Australian Vaporizers Pty Limited (“Australian Vaporizers”) in exchange for 550,000 Flora common shares, valued at $0.7 million based on the closing price of Flora’s common shares on June 3, 2024, subject to working capital adjustments. The transaction closed on June 4, 2024.
Australian Vaporizers was founded in 2010 and has become one of the largest online retailers of vaporizers, hardware, and accessories in Australia. It is an online expert for aromatherapy products, specializing in dry herb vaporizers. It has been providing vapes, accessories and knowledge to enthusiasts and newcomers alike. Its website www.australianvaporizers.com.au is a popular designation in the country with a large database of satisfied customers. Australian Vaporizers sold over 92,000 units to over 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,” commented Clifford Starke, Chief Executive Officer.
Powered by Shopify, Vessel Brands is a leading producer of consumer technology and accessories. Vessel’s products are built better, designed smarter and inspire optimism and happiness. For more information about Compass Rise and other Vessel Brand products, visit www.vesselbrand.com.
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About Flora Growth Corp.
Flora Growth Corp. is a consumer-packaged goods leader and pharmaceutical distributor serving all 50 states and 28 countries with 20,000+ points of distribution around the world. For more information on Flora, visit www.floragrowth.com.
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