Florida-based cannabis company Flora Growth Corp. (NASDAQ:FLGC) (FSE: 7301) confirmed Wednesday that its common shares are now trading on the Frankfurt Stock Exchange under the symbol "7301."
"The Frankfurt listing will provide a path for new European investors to gain exposure to the company in addition to increasing our liquidity and trading," stated CEO Clifford Starke. We welcome the opportunity to connect with our shareholders and European investors."
The Frankfurt Stock Exchange, one of the world's largest after the Nasdaq and NYSE, organized exchange-trading markets in terms of turnover and dealings with securities. The electronic trading platform of the FSE, XETRA has made it the world's second largest fully electronic cash market with a direct linkage to all other major European financial hubs.
This listing will help to increase Flora's trading liquidity and facilitate investment from European investors, as major financial hubs like Switzerland, Luxembourg, Liechtenstein, Monaco and others are easily accessible.
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The Frankfurt Stock Exchange listing follows comes shortly after Flora's acquisition of Australian Vaporizers Pty Ltd., a wholly owned Australian subsidiary of Lifeist Wellness Inc (OTCQB:LFSWF). The sale, first announced in September 2023, was wrapped up through a share purchase agreement, under which Lifeist sold the issued and outstanding shares of Aussie Vapes to Flora, for roughly CA$900,000 ($658,439). The sum is payable by Flora issuing from the treasury to Lifeist 550,000 of its common shares.
Meanwhile, the German cannabis scene is progressing as large Canadian cannabis operators are jumping in to seize the opportunities of a new market. Tilray Brands (NASDAQ:TLRY) and Aurora Cannabis (NASDAQ:ACB) recently confirmed cannabis cultivation licenses issued under MedCanG, Germany's new Cannabis Act.
Partial cannabis legalization took effect in Germany on April 1, allowing adults over 18 to possess up to 25 grams of dried cannabis and cultivate up to three plants at home. One of the biggest breakthroughs under the law is that medical marijuana is essentially regulated like ibuprofen.
Price Action
Flora Growth shares closed Wednesday's market session 7.68% lower at $0.8983 per share.
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