Flora Growth Awarded Best M&A Deal at Benzinga Cannabis Capital Conference

Rhea-AI Summary

Flora Growth Corp. (NASDAQ: FLGC) has been awarded the Best M&A Deal at Benzinga’s 2022 Cannabis Capital Conference in Chicago. This recognition highlights the company's strategic objectives, particularly the acquisition of JustCBD in February 2022, which added an established brand with over 300 products and a customer base exceeding 300,000. JustCBD generated US$28 million in audited revenue and US$7 million in EBITDA for fiscal year 2020. Flora executives will also be present at the conference to discuss the company’s growth and product offerings.

Positive

• Awarded Best M&A Deal at Benzinga’s 2022 Cannabis Capital Conference.
• Acquired JustCBD, enhancing distribution and product offerings.
• JustCBD generated US$28 million in revenue and US$7 million in EBITDA in fiscal year 2020.

Negative

• None.

FORT LAUDERDALE, Fla. & TORONTO--(BUSINESS WIRE)-- Flora Growth Corp. (NASDAQ: FLGC) (“Flora” or the “Company”), a leading all-outdoor cultivator, manufacturer and distributor of global cannabis products and brands, today announced that the Company received the Best M&A Deal award at Benzinga’s 2022 Cannabis Capital Conference in Chicago.

“We are honored to receive the award for Best M&A Deal at the Benzinga Cannabis Capital Conference, which recognizes our strategic M&A objectives including acquiring products, expertise, expanding distribution, and customers,” said Luis Merchan, Chairman and CEO of Flora.

Flora completed the acquisition of JustCBD in February 2022, and it immediately offered the Company an established CPG brand with a portfolio of over 300 products, a direct-to-consumer business with over 300,000 customers, and a network of over 14,000 stores across the US and internationally. JustCBD generated audited revenue of US$28 million and EBITDA of US$7 million in fiscal year 2020 across multiple product categories. The acquisition has enhanced Flora’s infrastructure in the US with widespread distribution across various mainstream US channels.

Flora’s Chairman and CEO, Luis Merchan, will be speaking on a panel with the CEOs of other international companies and industry experts, entitled “M&A Fever: Consolidation Heating Up in Canada & Europe” taking place on Tuesday, September 13, at 2:30pm CT on the Industry Stage. Merchan intends to discuss consolidation in the industry and the effect that it’s having on major players around the world.

Flora executives and personnel will be exhibiting at booth #26. Conference goers and interested investors are encouraged to stop by the booth to discuss Flora’s IPO on the Nasdaq last year and the Company’s growing suite of products within its House of Brands.

About Flora Growth Corp.

Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands, designed to deliver 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 commercial, house of brands, and life sciences divisions. Visit www.floragrowth.com or follow @floragrowthcorp on social media for more information.

Cautionary Statement Concerning Forward-Looking Statements

This document contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: expected future revenue, integration of our recent acquisitions, expansion of our global footprint, expansion of our product offerings; our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this document and other statements made from time to time by us or our representatives may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, or the forward-looking events discussed in this document and other statements made from time to time by us or our representatives not occurring, except as may be required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220913005583/en/

Investor Relations:

Sean Mansouri

ir@floragrowth.com



Public Relations:

Cassandra Dowell

+1 (858) 221-8001

flora@cmwmedia.com

Source: Flora Growth Corp.

FAQ

What award did Flora Growth Corp. win at the Benzinga Cannabis Capital Conference?

Flora Growth Corp. won the Best M&A Deal award.

What acquisition did Flora Growth Corp. complete in February 2022?

Flora Growth Corp. acquired JustCBD.

How much revenue did JustCBD generate in fiscal year 2020?

JustCBD generated US$28 million in audited revenue in fiscal year 2020.

What will Flora's CEO discuss at the Benzinga Cannabis Capital Conference?

Flora's CEO will discuss industry consolidation and its effects.