Flora Growth Corp. (NASDAQ: FLGC) saw its shares wobble early Tuesday, as the company, a leading all-outdoor cultivator, manufacturer and distributor of global cannabis products and brands, announced it was given 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 CEO Luis Merchan.
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 U.S. channels.
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 this afternoon 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.
FLGC shares lost 12 cents, or 9.5%, to $1.13.
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