Flora Growth Corp Stock Price, News & Analysis

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.

Flora Growth Corp. (NASDAQ: FLGC) has announced that its subsidiary, JustCBD, will launch its CBD products on Amazon.co.uk following UK Novel Foods authorization. This move allows JustCBD to enter the £700 million UK CBD market, which has seen Amazon expand its program for compliant vendors since October 2021. CEO Hussein Rakine expressed excitement about enhancing product offerings and expanding internationally. The launch is expected in June 2022, focusing on popular gummies and tinctures, thus broadening Flora's consumer base.

Flora Growth Corp. (NASDAQ: FLGC) has announced the acquisition of the Masaya brand and its patent-pending CBD formulations from Dr. Annabelle Manalo-Morgan. This acquisition aims to enhance Flora's product offerings and expand its global distribution. Masaya's formulations, which are THC-free, have garnered positive reviews and will be used in ongoing clinical trials at the University of Manchester. The acquisition is anticipated to support Flora's research initiatives and align with its commitment to safe and effective cannabis products.

Flora Growth Corp. (NASDAQ: FLGC) has partnered with Vessel, a cannabis accessories brand, to launch the Highsman Helix one-hitter, designed in collaboration with former NFL star Ricky Williams. The product, showcasing a patent-pending double helix design, is crafted from non-toxic brass to enhance the cannabis experience. Priced at $75, it embodies both brands' commitment to quality and style. This partnership aims to elevate the cannabis consumption experience, aligning with Flora's vision of creating compelling customer experiences through innovative plant-based products.