Welcome to our dedicated page for Flora Growth news (Ticker: FLGC), a resource for investors and traders seeking the latest updates and insights on Flora Growth stock.
Flora Growth Corp. (FLGC) is at the forefront of the global cannabis industry, recognized as the leading producer of organic cannabis and pharmaceutical-grade products. The company operates on a vertically-integrated model, ensuring control over the entire supply chain from cultivation to distribution. Flora's business is segmented into three core areas: commercial and wholesale (FGH and Cosechemos subsidiaries), house of brands (JustCBD, Vessel, and Kasa Wholefoods Company), and pharmaceuticals (Grupo Farmaceutico Cronomed and Breeze Laboratory). These segments enable Flora to cater to diverse markets, including medicinal cannabis, consumer packaged goods, and pharmaceutical products.
With a robust presence in the United States, Germany, and the United Kingdom, Flora derives the majority of its revenue from the U.S. market. The company boasts over 20,000 points of distribution worldwide, ensuring its products reach a vast audience.
Recent achievements highlight Flora's dynamic growth and strategic initiatives. In April 2024, Flora entered into a definitive agreement to acquire TruHC Pharma GmbH, a pivotal move aimed at capitalizing on Germany's recent recreational cannabis legalization. Furthermore, Flora is actively responding to the U.S. Drug Enforcement Administration's (DEA) proposal to reclassify cannabis to Schedule III, which could significantly impact the company's operations and market reach.
Flora Growth Corp. continues to innovate with product launches and strategic partnerships. For instance, the introduction of Compass Rise under the Vessel brand showcases the company's commitment to quality and consumer satisfaction. Flora's joint venture with Althea Group Holdings to enter the hemp-derived beverage market further underscores its strategic expansion and adaptation to market trends.
Financially, Flora reported substantial growth in the first quarter of 2024, with significant contributions from its JustCBD and Vessel brands. The company's acquisition strategies, such as the recent purchase of Australian Vaporizers Pty Limited, aim to drive synergies and enhance Flora's bottom line.
Flora Growth Corp. stands as a key player in the global cannabis industry, continuously evolving and leveraging opportunities to strengthen its market position. For more information, visit their official websites: www.floragrowth.com, JustCBD, Vessel.
Flora Growth Corp. (NASDAQ: FLGC) has been featured in an editorial by NetworkNewsWire, highlighting the surge in mergers and acquisitions (M&A) activity in 2021, which reached $5.9 trillion globally, a 64% increase from 2020. The U.S. saw an 82% rise in deal flow as companies sought growth amidst ongoing challenges. Flora Growth's recent acquisition aims to expand its presence in the U.S. market, leveraging its significant outdoor cannabis cultivation facilities to support its diverse wellness brands.
Flora Growth Corp. (NASDAQ: FLGC) announces a distribution agreement between its Vessel brand and Speedy Distribution, marking its entry into traditional smoke shop channels. This strategic move follows Flora's acquisition of JustCBD, enhancing its product portfolio and distribution capabilities. The partnership is expected to leverage JustCBD’s established network of over 14,000 stores, increasing Flora’s customer base to over 500,000. The webinar hosted by key executives aims to discuss synergies and growth opportunities from the acquisition.
Flora Growth Corp. (NASDAQ: FLGC) has acquired Just Brands LLC and High Roller Private Label LLC for $16 million in cash and 9.5 million common shares. JustCBD, the primary brand under these entities, generated $28 million in revenue and $7 million in EBITDA in 2020. The acquisition aims to enhance Flora's U.S. distribution capabilities, create synergies with existing brands, and expand JustCBD into international markets. This move is expected to significantly increase Flora's customer base and financial performance starting in 2022.
Flora Growth Corp. (NASDAQ: FLGC) has appointed Jessie Casner as its new Chief Marketing Officer. Casner joins from the Vessel brand, where she served as VP of Sales and Marketing. Her marketing expertise aims to enhance the growth of Flora’s brand portfolio, including Vessel and Tonino Lamborghini. CEO Luis Merchan emphasized the importance of investing in leadership, aiming for stronger marketing strategies across Flora's expanding brand initiatives.
Flora Growth Corp. (NASDAQ: FLGC) has submitted twenty-three cannabinoid-infused food and beverage products for approval in Colombia, marking a significant milestone as they will be the first of their kind approved in the country. This follows the signing of Resolution 227 by President Ivan Duque, which establishes a framework for the industrial use of cannabis and its derivatives. Flora plans to launch CBD-infused juices and gummies under its Mambe brand in Q1, supporting U.S. market expansion.
Flora Growth Corp. (NASDAQ: FLGC) has signed a distribution agreement with Israel-based Artos Ltd. to supply approximately 3,600 kg of high-THC cannabis flower for the Israeli market. Artos, a consumer products distribution company, operates a network of over 4,000 distribution points and generated over $50 million in revenue from non-cannabis products. The agreement aims to expand Flora's offerings in Israel to include oils and, eventually, THC and CBD consumer products, pending Colombian government approvals.
Flora Growth Corp. (NASDAQ: FLGC) is hosting a webinar today, February 11, at 1:00 p.m. ET, led by CEO Luis Merchan. The session, part of the 'State of Play' series, will cover the CBD industry’s opportunities and challenges in North America, Latin America, and the EU. Interested participants can register through the provided link and submit questions in advance. Flora Growth is recognized for its outdoor cannabis cultivation, supplying products across several sectors including cosmetics and food.
Flora Growth Corp. (NASDAQ: FLGC) announced the appointment of James Choe as Chief Strategy Officer, enhancing its executive team following the acquisition of Vessel, a premium cannabis consumption brand. Choe, an experienced entrepreneur, aims to strengthen Flora's focus on people, design, and community within the cannabis market. The CEO, Luis Merchan, expressed excitement over Choe's leadership and vision for the company's future. Additionally, a webinar led by Merchan on February 11 at 1 PM EST will cover CBD opportunities in North America, Latin America, and the EU.
Flora Growth Corp. (NASDAQ: FLGC) has filed a provisional patent application for a cannabinoid-based formula aimed at preventing SARS-CoV-2 infection. The company is seeking INVIMA (Colombian FDA) approval to advance this product through clinical trials. If successful, this formulation would mark the first cannabinoid product approved in Colombia for COVID-19 use. Flora Pharma, the research division, will conduct the study in a GMP-certified lab in Colombia, exploring potential therapeutic applications of cannabinoids against the virus.
Flora Growth Corp. (NASDAQ: FLGC) has appointed Joël Reyes as Senior Vice President of Global Operations. With extensive experience in operations management, Reyes aims to enhance operational excellence starting with Flora's Colombian activities. The company is leveraging new laws allowing the export of dried cannabis flower and has received an export quota of 7,900 kilograms. This strategic move is expected to ramp up production and meet growing demand. Flora's recent acquisitions also support its global expansion strategy.
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