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.
Flora Growth Corp. (NASDAQ: FLGC), which has obtained shareholder approval to rebrand as ZeroStack, generates news that reflects its transition into a decentralized AI treasury company and its ongoing role as a global pharmaceutical distributor. Company announcements emphasize its strategy of accumulating $0G, the native cryptocurrency of the 0G AI infrastructure project, and its intention to position itself as a publicly listed 0G treasury.
Recent news releases highlight several themes. Flora has reported multiple private placement transactions involving common shares, pre-funded warrants, common share purchase warrants and convertible notes, with proceeds and tokens earmarked for its digital asset treasury strategy linked to $0G. The company has also announced specific purchases of $0G tokens, describing these as milestones in its mission to provide equity-based exposure to decentralized AI.
Corporate governance and capital markets developments are another recurring news topic. Flora has issued updates on its 2025 Annual and Special Meeting of Shareholders and a subsequent Special Meeting, where shareholders voted on director elections, amendments to the 2022 Incentive Compensation Plan, a share consolidation authority, a forward share split authority, the name change to ZeroStack, and approvals related to private placement issuances. The company has also reported on its 1-for-39 share consolidation and its successful effort to regain compliance with Nasdaq’s minimum bid price requirement.
Operational and strategic updates appear in news about Flora’s appointment of BitGo Trust Company, Inc. as custodian for its $0G treasury and its establishment of a crypto portfolio that includes Ethereum, Solana, Sui and Ripple. Other communications discuss its pharmaceutical distribution activities in Europe and its interest in German cannabis regulatory developments. Investors and observers can use this news feed to follow how Flora’s decentralized AI treasury strategy, financing activities, governance decisions and pharmaceutical distribution initiatives evolve over time.
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.
Flora Growth (NASDAQ:FLGC) has successfully completed its acquisition of Franchise Global Health (TSXV:FGH) as of December 23, 2022. This transformative deal enhances Flora's presence in Germany's medical cannabis market, enabling sales across over 1,200 pharmacies and potential cannabis distribution throughout 28 countries. For the nine-month period ending September 30, 2022, Flora reported revenues of $25.7 million and gross profits of $11.5 million, while FGH reported C$42 million in revenues. The acquisition is poised to expand Flora's distribution network, creating new opportunities in the EU market.
Flora Growth Corp. (NASDAQ: FLGC) announced a registered direct offering of 12.5 million common shares and warrants to purchase an equal number of shares. The offering price is $0.40 per share and warrant, raising approximately $5.0 million in gross proceeds. The funds will be allocated for capital expenditures, increasing operating capacity, working capital, and general corporate purposes. The offering is expected to close around December 13, 2022, subject to customary conditions. Alliance Global Partners is the sole placement agent for the offering.
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 location value="LU/co..bogota"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.