Foothold in Germany: Baker Tilly advises listed Canadian cannabis producer Flora Growth on acquisition
Baker Tilly has provided legal, tax and business advice to Flora Growth, a listed cannabis producer, on its acquisition of Franchise Global Health.
Franchise Global Health is also a publicly traded company and a major distributor of pharmaceuticals and medical cannabis with main operations in Germany. Its subsidiaries are Hilzingen-based Phatebo GmbH, a leading distributor of export pharmaceuticals and medical cannabis products to the EU, and ACA Müller ADAG Pharma Vertriebs GmbH, which was granted the first German license for the import and distribution of medical cannabis in 2017.
Transaction in the course of the intended cannabis legalization in Germany
With the transaction, Flora Growth creates a foothold in Germany for the sale of medical cannabis in 1,200 pharmacies and the distribution of pharmaceutical products in 28 countries. The Canadian company also hopes to gain additional benefits from the German government’s push to legalize cannabis for recreational use by adults. The transaction is still subject to approval.
In the course of the acquisition of Franchise Global Health, the interdisciplinary Baker Tilly team performed the full due diligence of the German subsidiaries for Flora Growth. The partners responsible for the transaction were Stephan Zuber (Legal), Uwe Roth (Tax) and Frank Stahl (Financial).
The extended team also included partners Dr. Stefan Messmer, Dr. Christian Engelhardt and Dr. Raphael Won-Pil Suh, Gabriela Heise, Manager Thomas Böhm, Manager Sarah Simona Haller, Director Robert Rostek, Director Marco Stahn (all Legal), Senior Manager Christoph Beigel, Manager Markus Cullefors, Senior Manager Stefan Lehner, Burcu Sengül (all Tax), Senior Tim Hofer, Director Daniel Zeiß, Assistant Tim Bajrami, Alexander Prekop and Luis Strobl (all Financial).
About Flora Growth Corp.
Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands, designed to deliver the most compelling customer experiences in the world, one community at a time. As the operator of one of the largest outdoor cannabis cultivation facilities, Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its commercial, house of brands, and life sciences divisions.
www.floragrowth.com
About Franchise Global Health Inc.
Franchise Global Health Inc. (“FGH”), through its subsidiaries, is a multi-national operator in the medical cannabis and pharmaceutical industries, with principal operations in Germany and with operations, assets, strategic partnerships and investments internationally. FGH’s business objective is to develop a fully-integrated, leading European medical cannabis business, with the goal of providing high-quality pharmaceutical grade medical cannabis to distribution partners and, ultimately, to patients, at competitive prices.
www.franchiseglobalhealth.com
Press contact
Norbert Wulf
Manager Marketing & Communications
+49 211 6901-4738
norbert.wulf@bakertilly.de
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