Flora Growth acquires Australian Vaporizers for ~$1.7M in stock; sees immediate profit
ZeroStack Corp.
Acquires Australian Vaporizers Pty Ltd, an online vape retailer, for 600,676 Flora shares valued at $1.7M (based on Sept 15 close); closing expected Q4 2023.
Australian Vaporizers generated $2.5M revenue and $0.25M net income in six months ended May 31, 2023.
Deal expected to be immediately accretive, with annual projected contributions of $5.2M revenue, $1.2M gross margin, and $0.5M net income.
At closing, target expected to have at least $0.3M cash, $0.8M inventories, and $1.1M working capital.
Synergies noted with Flora's Vessel brand; acquisition positions Flora in Australia's growing vaporizer market.
Extracted from this filing and checked against the source text.
Material AgreementsSEC 8-K Item 1.01/1.02confidence 0.9
ZeroStack Corp. entered into Sale and Purchase Agreement with Lifeist Wellness Inc. valued at $1.7 million (effective 2023-09-17).
Action
entry
Agreement
asset purchase
Counterparty
Lifeist Wellness Inc.
Value
$1.7 million
Effective
2023-09-17
Exact text from the filing
On September 17, 2023, Flora Growth Corp., a corporation under the laws of the Province of Ontario (" Flora " or the " Company ") and Lifeist Wellness Inc. ("Lifeist") entered into a Sale and Purchase Agreement (the " Purchase Agreement ") pursuant to which Flora will acquire all the issued and outstanding common shares (the " AV Common Shares ") of Australian Vaporizers Pty Ltd.
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