Flora Growth, a publicly traded entity on the Nasdaq exchange recognized for its diverse portfolio of cannabis and CBD-related products, is embarking on a $401 million treasury strategy. The core objective is to fuel the advancement of Zero Gravity, an innovative blockchain-based platform specializing in artificial intelligence (AI).
Accompanying this strategic shift, Flora will rebrand itself as ZeroStack. According to an official communication released on September 19th, the company will maintain its existing stock ticker symbol, FLGC.
The financial blueprint involves a private placement, drawing in $35 million in cash. The remaining $366 million will be allocated through digital assets, predominantly in the form of Zero Gravity tokens.
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Despite venturing into the realm of digital technology, the organization remains committed to its original cannabis business. The company’s origins trace back to cannabis cultivation in Colombia, later broadening its footprint into the US market via the acquisition of JustCBD in 2022.
This treasury initiative is being spearheaded by DeFi Development Corp. (DFDV), a firm deeply rooted in the Solana ecosystem. Collaborative partners include Hexstone Capital, Carlsberg SE Asia, Dao5, Abstract Ventures, and Dispersion Capital. Part of the company’s digital assets will be held in SOL
Zero Gravity’s technological infrastructure prioritizes optimizing the utilization of distributed systems by AI models. According to the development team, their system can efficiently facilitate the training of models with as many as 107 billion parameters, exhibiting up to 357 times the efficiency compared to other platforms of similar nature.
Daniel Reis-Faria, the incoming CEO, characterizes the treasury program as offering an avenue for institutional investors to engage with dependable and transparent AI infrastructure through a structure based on equity.
Helius Medical Technologies, another Nasdaq-listed entity, recently unveiled its strategy to amass a $500 million reserve of Solana. Interested in understanding how? Delve deeper into the complete story.