The Nasdaq-listed cannabis company Flora Growth has launched a $401 million treasury plan to support Zero Gravity (0G), a blockchain project focused on powering decentralized AI infrastructure.
This move is realized through a private placement transaction, combining $35 million in cash and $366 million in physical digital assets, primarily valued in 0G tokens. According to Friday's announcement, as part of the transaction, Flora will be renamed ZeroStack while retaining its Nasdaq stock code FLGC.
The Solana (SOL) treasury company DeFi Development Corp. (DFDV) led the transaction, with Hexstone Capital and Carlsberg Southeast Asia Private Limited also participating, along with companies such as Dao5, Abstract Ventures, and Dispersion Capital.
"We are excited to partner with FLGC in this financing and look forward to driving deep collaboration between 0G and Solana," said DFDV CEO Joseph Onorati. Flora will also hold a portion of SOL tokens in its treasury.
This investment aims to expand 0G's AI infrastructure, which is already capable of training a 107 billion parameter model using distributed clusters, surpassing previous benchmarks set by tech giants like Google. 0G claims to have achieved a 357-fold efficiency improvement compared to existing distributed AI frameworks.
Incoming CEO Daniel Reis-Faria described the treasury initiative as a way for institutional investors to gain "transparent, verifiable, and privacy-first AI infrastructure" equity exposure.
The transaction is expected to be completed on September 26, pending shareholder approval. Certain investors will receive prepaid warrants related to the use of 0G tokens in the issuance.
Standard Chartered Bank stated on Monday that digital asset treasury (DAT) companies are facing increasing pressure as the market net asset value (mNAV) of the entire industry has sharply declined. The DAT boom, once driven by the successful Bitcoin accumulation model of Strategy, has stalled, and smaller participants are facing growing risks as valuations sink.
An mNAV above 1 typically allows companies to issue new shares and expand their crypto holdings. However, as many DATs are now trading below this threshold, channels for obtaining low-cost capital have dried up, hindering further accumulation and growth.
The bank expects consolidation across the industry, with larger, better-funded participants like Strategy and Bitmine likely to emerge as winners. Smaller companies struggling with suppressed mNAV may become acquisition targets.
Related: Solana Founder: Bitcoin (BTC) Must Act Quickly to Beat Quantum Computing by 2030
Original: “Nasdaq-listed Flora Growth launches $401 million treasury to support Zero Gravity (0G)”
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