Flora Growth Corp Stock Price, News & Analysis

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.

Flora Growth Corp. (NASDAQ: FLGC) will host its H1 2022 earnings call on August 15, 2022, at 4:30 p.m. ET. The call will cover financial results for the six months ended June 30, 2022, and provide insights into the company’s commercial operations and strategies in the cannabis sector. Investors and analysts will have the opportunity to engage during a Q&A session following the presentation. The live webcast can be accessed through the company’s website.

Flora Growth Corp. (NASDAQ: FLGC) has entered a joint venture with Pharma Indigena Misak Manasr Sas, the largest indigenous tribe in Colombia. This partnership focuses on developing cannabis cultivation best practices, manufacturing, and marketing cannabis products. Flora will provide regulatory and business support while Manasr will assist in advancing cannabis exports from Colombia. The agreement is set for an initial term of three years, with a goal of establishing a long-term relationship.

Flora Growth Corp. supports a new Colombian bill proposed on July 20 to legalize recreational cannabis. CEO Luis Merchan met with Sen. Gustavo Bolivar to discuss the bill’s implications for local and international trade. The legislation aims to establish a regulatory framework for a legal cannabis market, including oversight by INVIMA. Colombia seeks to be a leader in cannabis exports, building on its existing medical cannabis legal framework established in 2015.

Flora Growth Corp. (NASDAQ: FLGC) has appointed Elshad Garayev as its new Chief Financial Officer, effective after the company files its mid-year financial results. Garayev, with over 25 years of experience from Amazon, Boeing, and BP, will focus on enhancing financial discipline and governance at Flora. He aims to optimize resource utilization and aid the company's growth strategy in the cannabis sector. The current CFO, Lee Leiderman, will transition to an advisory role to prioritize his health and family.

Flora Growth Corp. (NASDAQ: FLGC) announced that shareholders approved all proposals at the annual meeting held on July 5, 2022. Key proposals included the election of seven Board members, re-appointment of auditors, and approval of the 2022 Incentive Compensation Plan. Notably, Brandon Konigsberg was elected to the Board and will also serve as Chair of the Audit Committee. His extensive experience in finance, including a 24-year career at JP Morgan Chase, is expected to enhance Flora's financial growth and governance.

Flora Growth Corp. (NASDAQ: FLGC) congratulates President-Elect Gustavo Petro and the Humane Colombia Party following their election victory. The company expresses optimism about progressive cannabis legislation in Colombia that could boost the legal market. Flora’s CEO highlights Colombia's potential for high-quality cannabis production. With a 249-acre facility in Bucaramanga, the company anticipates 90% of its revenue from international markets. In 2021, Colombia exported $1.5 billion in cut flowers, positioning it as a significant player in global exports, similar to cannabis prospects.

Flora Growth Corp. (NASDAQ: FLGC) announced a share repurchase program of up to $5 million to enhance shareholder value amid market fluctuations. CEO Luis Merchan noted that the company aims to utilize available cash strategically as the stock price has dipped due to broader financial market weakness and significant selling by early shareholders. The repurchase program is expected to reinforce confidence in Flora's strong brand portfolio and growth strategies. Repurchases may occur through various means depending on market conditions.