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Flora Growth's Vessel Brand has launched the second-generation Compass Rise, a high-quality vape device. Built with a nearly indestructible metal frame, enhanced heat settings, and top-tier ergonomics, Compass Rise aims to elevate the vaping experience for discerning customers. The product is now available on Vessel's website, through Multi-State Operators, and select retailers.
In Q1 2024, Vessel achieved a gross profit margin of 39% from $1.3 million in sales, with Compass products contributing 31% of total sales. Revenue was split evenly between direct-to-consumer and business-to-business sales, including significant contributions from MSOs.
On May 17, 2024, Flora Growth Corp (NASDAQ: FLGC) expressed support for President Joe Biden's decision to reschedule cannabis under U.S. federal law. CEO Clifford Starke emphasized Flora's focus on building brands both domestically and internationally, and highlighted the potential benefits of cannabis reform in the healthcare sector. The reclassification aims to move cannabis from Schedule I to Schedule III, allowing greater medical access in the U.S. Flora, with experience in European medical cannabis, looks forward to this potential market opportunity. The Justice Department will open a 60-day public comment period before finalizing the rule.
Flora Growth Corp (NASDAQ: FLGC), a leader in consumer-packaged goods and pharmaceutical distribution, has joined the U.S. Hemp Beverage Alliance. The company focuses on the hemp-infused beverage sector, which is projected for substantial growth. CEO Clifford Starke highlighted the untapped potential in this market. Whitney Economics values the U.S. demand for hemp-derived cannabinoids at over $28 billion, with an economic impact of $79 billion. Data Bridge Market Research anticipates the U.S. infused beverages market will reach $500 million by 2030, growing at a CAGR of 14.7%.
Flora Growth Corp. (NASDAQ: FLGC) reported its Q1 2024 financial results, highlighting significant legislative advances in the U.S. and Germany regarding cannabis. The company acquired TruHC Pharma GmbH for $6.4 million, securing key licenses and facilities in Germany. Flora also completed an underwritten offering raising $3.23 million and announced plans for new product launches and partnerships.
Financially, Flora reported a net loss of $3.4 million, an improvement from the $3.9 million loss in Q1 2023. Operating expenses decreased by 29% YoY, but Adjusted EBITDA loss increased to $1.5 million from $0.8 million. JustCBD maintained a gross profit margin of 41% on $5.4 million sales, while Vessel reported a 39% margin on $1.3 million sales. Phatebo neared breakeven with branded pharmaceuticals leading sales.
Flora Growth Corp. (NASDAQ: FLGC) praises the reported DEA decision to move cannabis from Schedule I to Schedule III, following HHS advice. This significant shift, if formalized, would open up new opportunities in the US and German markets where Flora operates. President Biden's 2022 directive led to HHS recommending the rescheduling in August 2023, indicating a positive trend towards wider cannabis acceptance.
