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) announced the resignation of Luis Merchan as Chairman and CEO, with Hussein Rakine, founder of JustCBD, appointed as CEO and board member. Merchan highlighted the importance of human capital in the company's M&A strategy and expressed confidence in Rakine's leadership ensuring ongoing growth. Rakine emphasized his commitment to advancing Flora's business strategy and acknowledged the potential for significant growth in the cannabis sector as market conditions improve. Rakine, recognized in Forbes' 2022 30 Under 30 list, joined Flora following its acquisition of Just Brands LLC in February 2022. Both Merchan and Rakine stressed the company's optimism for the cannabis industry, noting Flora's dedication to quality and safety in cannabis products.
Flora Growth Corp. (NASDAQ: FLGC) has received INVIMA's CGMP certification for its Bogotá-based Flora Lab 4, marking a significant milestone in the company's pharmaceutical division. The lab will now produce eight cannabis-based prescription formulations for various ailments, including skin conditions, anxiety, and dementia. These products will be fully covered by Colombian insurers, expanding access to medical cannabis for an estimated 30 million eligible patients. The certification enables Flora to collaborate with doctor networks across Colombia, enhancing its position in the growing medical cannabis sector.
Flora Growth Corp. (NASDAQ: FLGC) reported a remarkable 314% revenue increase year-over-year, reaching $37.2 million in FY2022, driven by its House of Brands segment. Q4 2022 revenue totaled $11.5 million, marking a 7% sequential growth. The company also achieved a 494% increase in gross profit to $14.4 million, with gross margins improving from 27% to 39%. Despite an adjusted EBITDA loss of $18.3 million, Flora maintains a confident outlook, reaffirming its 2023 revenue guidance of $90 million to $105 million. Operational highlights include key acquisitions and a growing consumer base, underscoring its expanding footprint in the global cannabis market.
Flora Growth Corp. (NASDAQ: FLGC) will hold its 2022 year-end earnings call via webcast on April 3, 2023, at 8:00 a.m. ET. The call will focus on financial and operational results for the year ending December 31, 2022, and updates regarding the House of Brands, Commercial & Wholesale operations, and the Pharmaceutical division strategies. A Q&A session will follow the management presentation. Interested parties can register online for participation, and the archived webcast will be available on Flora's website shortly after the event.
Flora Growth Corp. (FLGC) has entered an agreement with
Flora Growth Corp. (NASDAQ: FLGC) announced its revenue guidance for 2023, projecting US$90 million to US$105 million, reflecting over 100% expected growth from the previous year. This growth is attributed to organic expansion in its House of Brands and Commercial & Wholesale divisions, alongside international operations stemming from its acquisition of Franchise Global Health in Germany. The company recorded significant achievements in 2022, including successful cannabis exports to multiple countries and acquisitions to enhance its product offerings. Flora aims to meet its 2022 targets while positioning itself for further growth amidst industry challenges.
Flora Growth Corp. (NASDAQ: FLGC) will conduct a webcast on January 30, 2023, at 4:30 p.m. ET, discussing its 2022 operational milestones and outlining 2023 revenue guidance. The session will be led by Chairman & CEO Luis Merchan, who will provide insights into the company's performance and outlook. Interested parties can register for the event here. A recording will be available on Flora’s website within 24 hours after the session.
Flora Growth Corp. (NASDAQ: FLGC) received a 180-day extension from Nasdaq to meet the $1.00 minimum bid price requirement for continued listing. This extension runs until July 3, 2023. The company's compliance is contingent on maintaining market value for publicly held shares and possibly executing a reverse stock split. If compliance is not achieved by the deadline, shares may face delisting. Currently, the notification does not affect the trading of FLGC shares.
Flora Growth Corp. (NASDAQ: FLGC) has reported exporting nearly 1,000 kilograms of cannabis dry flower and derivatives to Europe and the U.S. in Q4 2022. The company received an updated cannabis export and production quota from the Colombian government, which includes four new proprietary genetics and greater domestic production for medical markets. These exports are a part of the full commercialization of its Bucaramanga facilities. The acquisition of Franchise Global Health allows Flora direct distribution access to Germany and the potential for future growth in the recreational market.
Flora Growth (NASDAQ:FLGC) has successfully completed its acquisition of Franchise Global Health (TSXV:FGH) as of December 23, 2022. This transformative deal enhances Flora's presence in Germany's medical cannabis market, enabling sales across over 1,200 pharmacies and potential cannabis distribution throughout 28 countries. For the nine-month period ending September 30, 2022, Flora reported revenues of $25.7 million and gross profits of $11.5 million, while FGH reported C$42 million in revenues. The acquisition is poised to expand Flora's distribution network, creating new opportunities in the EU market.
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