Flora Growth rises as unit acquires hemp flower brand

ZeroStack

07/09/2022 16:23

** Cannabis products maker Flora Growth Corp shares  FLGC.O 
rise 7% to $0.85 after its wholly owned subsidiary, Just Brands
LLC, acquires hemp flower brand No Cap Hemp Co  urn:newsml:reuters.com:*:nBw81gdCca
    ** Deal offers Flora Growth immediate revenue stream and 
fast-forward introduction of flower and prerolls in its
portfolio
    ** Deal also introduces smokeables into JustBrand's product
portfolio
   ** Just Brands acquired No Cap assets without paying any
consideration at closing, while Flora will pay to the sellers
10% of the gross revenue received from the sale of No Cap
products up to a maximum of $2 mln
    ** Despite session's gain, stock down 52% YTD

 (Reporting by Pratik Jain)
 ((Pratik.Jain@thomsonreuters.com;))