Flora Progress, an organization listed on Nasdaq and identified for its hashish and CBD merchandise, has began a $401 million treasury plan to assist develop Zero Gravity, a blockchain-based synthetic intelligence (AI) platform.
Flora may also change its title to ZeroStack, though it can proceed to commerce underneath the ticker FLGC, in response to a September 19 press launch.
This monetary technique is structured by means of a personal placement, the place $35 million can be offered in money, and the remaining $366 million will come within the type of digital property, primarily Zero Gravity tokens.
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Whereas the corporate is increasing into digital know-how, it has not deserted its hashish enterprise. Flora constructed its basis rising hashish in Colombia and later expanded into the US market by buying JustCBD in 2022.
The treasury effort is being led by DeFi Growth Corp. (DFDV), a agency with ties to the Solana ecosystem. Different companions embody Hexstone Capital, Carlsberg SE Asia, Dao5, Summary Ventures, and Dispersion Capital. Flora may also maintain a part of its digital reserves in SOL
$222.72
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Zero Gravity’s know-how focuses on enhancing how AI fashions use distributed techniques. The staff claims its system can practice fashions with as much as 107 billion parameters and is extra environment friendly, as much as 357 instances, than different comparable platforms.
Daniel Reis-Faria, who will step in as CEO, described the treasury initiative as a method to provide establishments an opportunity to spend money on safe and clear AI infrastructure by means of an equity-based construction.
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