Flora Growth Corp. (NASDAQ: FLGC), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, has closed the previously announced € 2M (two-million Euros) investment in Hoshi International Inc., while also increasing its fully diluted ownership in Hoshi through a securities swap. In addition, the companies have agreed to strengthen the terms of Flora Growth’s investment in Hoshi pursuant to a binding memorandum of agreement. “The Hoshi team has developed a strong presence in Europe, and our high-quality, low-cost, medical-grade cannabis products and well-known global brands give both our companies a competitive advantage in one of the fastest growing cannabis markets in the world. We are excited to increase our alignment with the Hoshi management team and believe the partnership will be much greater in scope than only using their Portugal and Malta facilities as a European importation gateway for our Colombian cannabis flower and derivatives,” said Luis Merchan, president and CEO of Flora. “Regulatory barriers and the technical requirements necessary to successfully navigate the European cannabis market should not be underestimated. We feel extremely pleased with the experience and expertise that the Hoshi team brings in order for us to quickly get our products to market. With the recent rule changes in Colombia allowing the export of THC and CBD flower, we are looking forward to bringing our premium Colombian flower and derivative products to established markets where there is already significant demand, growth, and the opportunity to generate recurring high-margin sales.”
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About Flora Growth Corp.
Flora is a cannabis company that leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its diverse business divisions of cosmetics, hemp textiles, and food and beverage. As the operator of one of the largest outdoor cultivation facilities, Flora strives to market a higher-quality premium product at below-market prices. By prioritizing natural ingredients and value-chain sustainability across its portfolio, Flora creates premium products that help consumers restore and thrive. Visit www.FloraGrowth.ca or follow @floragrowthcorp on social for more information.
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