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Flora Acquisition Of Vessel Allows Expansion To US Market

Flora Acquisition Of Vessel Allows Expansion To US Market

Flora, a small Colombia-based cannabis cultivator, and processor headquartered in Toronto agreed to buy Vessel for approximately $30 million ($8 million in cash and 4,557,318 Flora shares).

In a press release, the Colombian company described the acquisition as an opportunity to “fast-forward Flora’s penetration into U.S. and Canadian cannabis markets.”

Vessel produces vaping products, which will help Flora diversify its brand portfolio. Earlier this year, Flora issued a statement explaining its short-term focus was on selling products in the U.S. and Colombia. Long-term, the goal is to expand to Latin American countries, Canada, and Europe.

Recently, Colombian President Marquez signed a law that allows cannabis to be put into food and beverages and expanded the amount of dry cannabis flower that Colombian cultivators can export from the country. The legislation has given cultivators, like Flora, immediate access to a massive market segment.

Vessel executives CEO James Choe, CFO Garrett Potter, marketing head Jessie Casner, and Jason Choe, VP of performance, will join Flora’s management team.

“We expect step-change improvements to the marketing and sales strategies for our core consumer brands,” Flora CEO Luis Merchan said in a statement prior to the finalization of the acquisition, “as well as new brand development in support of our global growth initiatives.”

Since the finalization of the acquisition last month, Flora has already begun expanding

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