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Flora Growth Corp. - $FLGC STOCK NEWS

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.

Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect Flora Growth's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.

Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of Flora Growth's position in the market.

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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.

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0.77%
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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%.

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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.

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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.

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Flora Growth Corp. acquires TruHC Pharma GmbH to capitalize on Germany's growing cannabis market, combining global distribution network with deep cannabis expertise. Germany poised to be the largest legal cannabis market with expected $10 billion potential. Acquisition valued at $6.4 million in Flora common shares. TruHC holds key licenses for medical cannabis production, analysis, and distribution, positioning it as a leader in the upcoming phases of German legalization.
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Flora Growth Corp. (NASDAQ: FLGC) announces an exclusive distribution agreement with Me Raw Trade to distribute JustCBD and Vessel branded products in Poland, tapping into the rapidly growing cannabis market. The Polish medicinal cannabis market is projected to be worth billions by 2028, with significant growth expected in vape pen and dry herb vaporizers industry.
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Flora Growth Corp. (FLGC) has signed a strategic distribution agreement with IM Cannabis Corp. for Vessel products in Israel. This partnership aims to tap into the premium Israeli cannabis market by offering Vessel's premium accessories through IMC's distribution channels, including pharmacies and online platforms.
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Aegis Capital Corp. served as the Sole Bookrunner for Flora Growth Corp.'s $3.23 Million Underwritten Public Offering on April 9, 2024.
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Clifford Starke acquires 526,315 common shares of Flora Growth Corp. for US$1.00 million, increasing his ownership to 12.59% after a public offering completed on April 8, 2024.
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Flora Growth Corp. (FLGC) successfully closed an underwritten public offering of 1.7 million common shares, generating $3.23 million in gross proceeds. The CEO, Clifford Starke, also participated in the offering. The net proceeds will be used for general corporate and working capital needs. Aegis Capital Corp. served as the book-running manager, while Dorsey & Whitney LLP and Kaufman & Canoles, P.C. acted as legal counsels. Roth Capital Partners acted as the Financial Advisor for the transaction.
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Flora Growth Corp.

Nasdaq:FLGC

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17.30M
7.41M
17.72%
11.89%
10.27%
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About FLGC

at flora growth corp. (flora), we are building the world’s largest and lowest cost vertically-integrated producer of organic cannabis and pharmaceutical-grade medical products as well as cbd-based consumer products.