Flora Growth, a Canadian developer of low-cost cannabis products in Colombia, raised $17 million by offering 3.3 million shares at $5, the high end of the range of $4 to $5.
Flora cultivates and processes natural medicinal-grade cannabis oil and high quality cannabis-derived medical and wellbeing products that it intends to supply to large channel distributors, including pharmacies, medical clinics, and cosmetic companies. The company just began generating revenues in August 2020 through its Flora Beauty and Hemp Textiles subsidiaries. It has not yet produced commercial grade oil extracts and will require adequate proceeds to do so.
Flora Growth plans to list on the Nasdaq under the symbol FLGC. Boustead Securities acted as a lead manager on the deal.
