Benzinga | May 11, 2021 06:10PM EDT

Cannabis Cultivator Flora Growth Announces Nasdaq IPO Valued At Over $16M

Colombia-based cannabis cultivator and producer Flora Growth Corp. (NASDAQ:FLGC) announced its initial public offering price, consisting of 3,333,333 common stock shares.

A high-end proposed price range of USD$5 per share to the public would net the company $16,666,665 in funds.

Flora's common stock began listing on the Nasdaq Capital Market on Tuesday, with the offering slated to close on May 13, 2021.

What's Next for Flora

After the IPO, the company will focus will on the rapid expansion of its existing infrastructure, Flora president and CEO Luis Merchan told Benzinga.

"Following the IPO, our main focus is to rapidly expand our infrastructure that already includes our organic, all-outdoor grow in Colombia and 2,500 distribution points across Latin America."

Flora Growth is one of the largest outdoor cultivation facilities in Colombia.

Merchan said the IPO marks a milestone in Flora's expansion efforts.

"We're eager to commence trading as we take this next big step to expand our sales footprint in the US market as well as Europe and the Asia-Pacific region for Flora Beauty and our other established brands."

Flora Growth will leverage natural, cost-effective cultivation practices to supply cannabis derivatives to its diverse business divisions of cosmetics, hemp textiles, and food and beverage.