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) appointed Derek Pedro, a renowned cannabis genetics and cultivation expert, as an advisor to its Cosechemos cultivation facility. With over 30 years of experience and a track record of developing successful cannabis strains, Pedro will enhance Flora's high-THC and high-CBD offerings for domestic and international markets. This appointment coincides with Flora's expansion efforts and the recent completion of its EU-GMP compliant extraction lab, aiming to optimize operations in Colombia's favorable cultivation environment.
Flora Growth Corp. announced the completion of its 10,500 ft2 extraction facility via its subsidiary Cosechemos, enhancing its annual distillate capacity to 15,000 L. The first batch of High-THC crude oil has been extracted and submitted for the 2022 quota. Cosechemos is also beginning the EU-GMP certification process, allowing potential export of medical-grade cannabis derivatives. The facility aims to improve product offerings while leveraging low-cost outdoor cultivation, targeting growth in the expanding global cannabis derivatives market.
Flora Growth Corp. has appointed Tim Leslie as the Chairman of its new Advisory Board, enhancing its leadership in the cannabis industry. Leslie brings vast experience from his tenure at Amazon and as CEO of Leafly. His role will involve providing strategic counsel to facilitate Flora's international growth, particularly in relation to current clinical trials aimed at developing plant-based medications. The establishment of the Advisory Board aligns with Flora's commitment to assemble a robust leadership team to drive its corporate strategy and market expansion.
Flora Growth Corp. (NASDAQ: FLGC) announces the launch of its Mind Naturals skincare brand on Walmart.com and Coppel in Mexico. The initial offering includes 12 products, expanding their international presence following recent exports to Mexico and Spain. With the global cannabis market projected to exceed $102 billion by 2026, Mexico is expected to see significant CBD product commercialization. CEO Luis Merchan emphasized the company's intent to strengthen its foothold in the plant-based wellness sector, leveraging its sustainable CBD offerings.
Flora Growth Corp. (NASDAQ: FLGC) will hold a webinar on December 14 at 4:30 p.m. ET, featuring CEO
Flora Growth Corp. (NASDAQ: FLGC) announced its subsidiary, Vessel Brand, is launching a new line of dry herb consumption products, enhancing its cannabis product offerings. The highlight is the Helix, a patent-pending one-hitter designed for smoother inhalation. Vessel's Eclipse Kit offers an all-in-one experience with customizable options. Upcoming products include a designer ashtray and a precision-engineered grinder. CEO James Choe emphasized the commitment to innovation in the cannabis market. A webinar is scheduled for December 14 to discuss 2021 performance and 2022 financial guidance.
Flora Growth Corp. (NASDAQ: FLGC) has announced a revenue guidance of $35-45 Million for 2022, including contributions from its operating divisions, notably the recently acquired Vessel Brand and wholesale cannabis revenues from Cosechemos.
A webinar is scheduled for December 14 at 4:30 p.m. ET to discuss operational performance and financial guidance. Flora aims to build a collective of plant-based wellness brands while leveraging its extensive outdoor cannabis cultivation.
Flora Growth Corp. (NASDAQ: FLGC) announced initial orders for its Mind Naturals and Awe CBD skincare brands targeting Spanish and Mexican markets, set for export in December 2021. The company aims to leverage innovative formulations and sustainable packaging. Mind Naturals was recognized as a top 12 finalist in Glosswire’s Global Pitch Competition, indicating strong industry recognition. Flora expects to expand its global reach, capitalizing on the growing European cannabis market projected to reach €3.2 billion by 2025. Additionally, VP Legal & Strategy, Damian Lopez, resigned effective November 30, 2021.
Flora Growth Corp. (NASDAQ: FLGC) has signed a licensing agreement with Tonino Lamborghini to produce and distribute luxury cannabis beverages, focusing on North America and Colombia. The product line will feature CBD and CBG and utilize Applied DNA Sciences' molecular tagging technology for product verification. The market for CBD products is expected to grow to $20 billion by 2024, with beverages being a key segment. The first product launch is scheduled for Q1 2022, which aligns with Flora's strategy to expand its brand portfolio.
Flora Growth Corp. (NASDAQ: FLGC) has formed a joint venture called FloVaria with Avaria Health & Beauty. This partnership aims to enhance the distribution of Avaria's KaLaya brand in Latin America, leveraging Flora's extensive Colombian distribution channels. Flora Lab will manufacture cannabinoid-infused products, focusing on CBD-enhanced formulations. KaLaya has achieved over a million units sold, primarily in Canada, and aims to expand into U.S. markets. Flora's recent $31.5 million capital raise will fund growth initiatives, including entry into the U.S. CBD market and expansion into Germany's cannabis market.
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