Benzinga | Jun 14, 2021 07:35AM EDT

Flora Growth To Acquire Acquire Koch & Gsell For ~$22.2M

* Heimat, Koch & Gsell's leading brand that includes pure hemp and blended hemp and tobacco cigarettes, to amplify revenue growth for Flora's CPG portfolio with trailing twelve-month revenues of US$7.6M

* Flora to acquire 100% of Koch & Gsell for consideration of CHF 20 million (Swiss Francs, $22.2M), to be satisfied by means of Flora common shares at a price of US$5.00 per share

* Acquisition to accelerate distribution of Flora Growth's portfolio into Europe and Asia

* Heimat's manufacturing technology to support Flora's market share growth

TORONTO, June 14, 2021 (GLOBE NEWSWIRE) -- Flora Growth Corp. (NASDAQ:FLGC) ("Flora" or the "Company"), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, is pleased to announce it has signed a Letter of Intent ("LOI") to acquire 100% of the outstanding equity interests of Switzerland based Koch & Gsell and its wholly-owned hemp brand, Heimat.