Flora Growth Issues 2023 Revenue Guidance of $90 Million to $105 Million Reflecting Anticipated Year Over Year Growth Exceeding 100%
Flora will host a webcast discussing 2023 guidance and recapping 2022 milestones at
Flora’s 2023 revenue guidance of
It is expected that the
“We are pleased to announce that we will meet our guidance for 2022 and are issuing revenue guidance of
Operating Highlights for 2022 Included:
-
Acquired Franchise Global Health (FGH), an international cannabis company with primary operations in
Germany . -
Raised gross proceeds of
through a registered direct offering, further bolstering Flora’s liquidity position.$5 million -
Initiated commercial cannabis exports to new international markets including
the United States ,Switzerland and theCzech Republic . -
Completed acquisition of category-leading wellness brand JustCBD; expanding
U.S. infrastructure and CPG portfolio. -
Completed construction of
Bogota, Colombia -basedFlora Lab 4, a laboratory specializing in prescription cannabis formulations. -
Flora appointed former Amazon executive
Tim Leslie and former JP Morgan executiveBrandon Konigsberg to its Board of Directors, named CEOLuis Merchan as Chairman of the Board of Directors, appointed former Amazon executiveElshad Garayev as Chief Financial Officer, and hired cannabis regulatory veteranHolly Bell as Vice President of Regulatory Affairs. -
As a result of the FGH acquisition, Flora appointed former FGH CEO
Clifford Starke as President of Flora and Member of the Board of Directors and former FGH Chief Operating OfficerEdward Woo as a member of the Board of Directors. -
Flora established JustCBD’s on-the-ground presence in the
United Kingdom and distribution operations in the EU, opening offices inLondon . -
Flora acquired CBD brands
Masaya and No Cap Hemp Co. , enhancing new product offerings and revenue streams. -
Flora was awarded Best M&A Deal at the
Benzinga Cannabis Capital Conference for the acquisition of JustCBD.
About
Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands, designed to deliver the most compelling customer experiences in the world, one community at a time. As the operator of one of the largest outdoor cannabis cultivation facilities, Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its commercial, house of brands, and life sciences divisions. Visit www.floragrowth.com or follow @floragrowthcorp on social media for more information.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains ‘‘forward-looking statements,’’ as defined by federal securities laws. Forward-looking statements reflect Flora’s current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words “believe,” “expect,” “anticipate,” “will,” “could,” “would,” “should,” “may,” “plan,” “estimate,” “intend,” “predict,” “potential,” “continue,” and the negatives of these words and other similar expressions generally identify forward looking statements. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled “Risk Factors” in Flora’s Annual Report on Form 20-F filed with the
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Investor Relations:
ir@floragrowth.com
Public Relations:
+1 (858) 221-8001
flora@cmwmedia.com
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