Flora Growth Corp Stock Price, News & Analysis

Flora Growth Corp. (NASDAQ: FLGC) reported substantial revenue growth for Q3 2022, with revenue reaching $10.8 million, a 414% increase year-over-year. For the nine-month period, revenue totaled $25.7 million, up 510%. Gross profit also saw impressive growth, rising 703% to $5.0 million, improving gross margins to 46.2%. The company reaffirmed its revenue guidance for 2022, expecting $35 million - $45 million. Flora has signed an agreement to acquire Franchise Global Health, enhancing its international presence in the cannabis market.

Flora Growth Corp. (NASDAQ: FLGC) has announced the completion of Flora Lab 4, a new laboratory in Bogota, Colombia. This facility will focus on manufacturing prescription-grade cannabis formulations. The lab aims to provide high-quality medicinal cannabis to patients and doctors in Colombia. Initial formulations target conditions such as social anxiety and acne. The lab is awaiting INVIMA regulatory inspection for certification. Flora Growth is dedicated to advancing medicinal cannabis through research and development.

Flora Growth Corp. (NASDAQ: FLGC) announced that over 73% of Franchise Global Health Inc. (TSXV: FGH) shareholders support Flora's acquisition of FGH, set for a vote on December 13, 2022. This acquisition is viewed as highly beneficial, potentially enhancing Flora's presence in Germany and the broader EU cannabis market. The transaction involves Flora issuing approximately 36.5 million to 43.5 million shares to FGH shareholders, who will face a 90-day selling restriction. Positive shareholder feedback has been noted, reinforcing confidence in this strategic move.

Flora Growth Corp. (NASDAQ: FLGC) will host an analyst call on October 26, 2022, at 2:00 p.m. EST. The call will discuss the recent acquisition of Franchise Global Health and strategic growth opportunities in the cannabis market. Analysts can pre-register by contacting ir@floragrowth.com. The webcast will be available at this link and archived on their website approximately 24 hours post-event. The call is part of Flora's commitment to transparency and engagement with its stakeholders.

Flora Growth Corp. (NASDAQ: FLGC) has signed an agreement to acquire Franchise Global Health Inc. (TSXV: FGH), expanding its footprint in the European medical cannabis market. The acquisition will allow Flora to distribute Colombian cannabis directly to German pharmacies, encompassing 1,200 pharmacies and 28 additional countries. With FGH's reported revenue of CA$30.1 million and gross profit of CA$2.1 million in the first half of 2022, Flora anticipates annual synergies of at least US$3 million post-acquisition. Regulatory approvals from the Supreme Court of British Columbia and FGH shareholders are required for completion.

Flora Growth Corp. (NASDAQ: FLGC) announced the successful export of its high-CBD dried cannabis flower to Switzerland and the Czech Republic, along with its first shipment of CBD isolate to the United States. CEO Luis Merchan highlighted this milestone as a testament to the growing demand for its Colombian products. The global CBD market is projected to surge to US$47 billion by 2028. The company also launched a commercial website for buyers to access its cannabis offerings.

Flora Growth Corp. (NASDAQ: FLGC) has been awarded the Best M&A Deal at Benzinga’s 2022 Cannabis Capital Conference in Chicago. This recognition highlights the company's strategic objectives, particularly the acquisition of JustCBD in February 2022, which added an established brand with over 300 products and a customer base exceeding 300,000. JustCBD generated US$28 million in audited revenue and US$7 million in EBITDA for fiscal year 2020. Flora executives will also be present at the conference to discuss the company’s growth and product offerings.

Flora Growth Corp. (NASDAQ: FLGC) has acquired substantially all assets of No Cap Hemp Co. without upfront payment. Instead, Flora will remit 10% of gross sales, capped at $2M, providing an immediate revenue stream. This acquisition enhances Flora's distribution in the US and adds approximately 75 SKUs, including the 'No Cap' and 'Moonblunt' trademarks. The deal aims to leverage No Cap's gas infusion technology and expand Flora's product portfolio, particularly in flower and smokeables, aligning with Flora's growth strategy.

Flora Growth Corp. (NASDAQ: FLGC) reported H1 2022 revenues of approximately $15.0 million, up 604% year-over-year, with gross profit reaching ~$7.0 million. The company reaffirms its 2022 revenue guidance of $35.0 million to $45.0 million, indicating a projected growth of 300% to 400% from 2021. Notably, the net loss increased to ~$32.7 million, largely due to a $16.0 million non-cash goodwill impairment related to the Vessel acquisition. Despite macro challenges, the company is optimistic about maintaining profitability as it expands its House of Brands and Life Sciences divisions, and manages overhead prudently.