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) 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.
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.