Flora Growth Corp Stock Price, News & Analysis

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 Procafecol S.A., the parent company of Juan Valdez coffee shops, to distribute its House of Brands products in Colombia. The deal adds 313 stores to Flora's distribution network, enhancing visibility and accessibility in one of Colombia's largest coffee chains. Initial offerings include Flora’s Mambe fruit juice, already available in 286 locations. This partnership complements Flora’s strategy to expand its distribution footprint, which currently includes 15,000 doors globally.

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.