Flora Growth Corp Stock Price, News & Analysis

Flora Growth Corp. (NASDAQ:FLGC) has successfully closed an underwritten public offering of 11,500,000 units, each comprising one common share and one-half warrant, raising approximately $34.5 million in gross proceeds. The offering price was $3.00 per unit, with an additional 1,500,000 units sold through the overallotment option. Each whole warrant allows the purchase of one common share at an exercise price of $3.75, expiring in five years. A.G.P. acted as the sole book-running manager for this offering.

Flora Growth Corp. (NASDAQ: FLGC) announced a public offering of 10,000,000 units at $3.00 each, with each unit including a common share and a half warrant. The warrants can be exercised at $3.75 per share and will expire in five years. The offering is expected to close on November 23, 2021, subject to customary conditions. A.G.P./Alliance Global Partners is the sole book-running manager, with BMO Capital Markets and Roth Capital Partners as co-managers. Flora granted underwriters a 45-day option for an additional 15% of units for over-allotments. This offering aims to enhance operational capabilities.

Flora Growth Corp (NASDAQ: FLGC) has successfully acquired Vessel Brand Inc. for US$30M, including $8.0M in cash and common shares. This acquisition positions Flora strategically in the North American cannabis market, leveraging Vessel's substantial year-over-year revenue growth of $6.6M and 90%. Key members from Vessel will enhance Flora's brand portfolio, focusing on marketing strategies for its products. The merger aims to create substantial synergies and expand Flora’s market presence in cannabis and wellness sectors.

Flora Growth Corp. (NASDAQ: FLGC) announced a definitive agreement to acquire Vessel Brand Inc. for US$30M, enhancing its premium brand portfolio. This acquisition aims to boost Flora's presence in the U.S. and Canadian cannabis markets by integrating Vessel's strong revenue growth and established go-to-market strategies. The leadership from Vessel will join Flora's management, promising to leverage their expertise for enhanced growth across Flora’s product offerings. The deal anticipates closing in mid-November, subject to customary conditions.

Flora Growth Corp. (NASDAQ: FLGC) has partnered with GlossWire to feature its skincare brands, MIND Naturals and Awe (Ô), on the GlossWire digital marketplace starting November 10, 2021. This collaboration is aimed at creating awareness and enhancing visibility for Flora's products ahead of the holiday season. GlossWire provides innovative technology that offers real-time data and insights for beauty brands. MIND Naturals recently gained recognition for its biodegradable packaging at the Cosmoprof North America event, highlighting the brand's innovative approach.

Flora Growth Corp. (NASDAQ: FLGC) announced a partnership with SHOWFIELDS to showcase its skincare brands, MIND Naturals and Awe (Ô), at the South Beach, Miami flagship location, beginning November 8, 2021. This collaboration aims to increase brand awareness among U.S. consumers ahead of the holiday season. The move follows the major recognition of MIND Naturals at Cosmoprof North America for its innovation in biodegradable packaging. Flora Growth leverages outdoor cultivation practices to supply cannabis derivatives across cosmetics, textiles, and food sectors.

Flora Growth Corp. (NASDAQ: FLGC) has received Good Agricultural and Collection Practices (GACP) certification, boosting its ability to export high-quality cannabis internationally. The company is harvesting non-psychoactive CBD cannabis, with yields exceeding expectations by 40-60%. Flora has also signed several Letters of Intent (LOIs) for dried flower sales in international markets including the EU and Australia, with fulfillment expected in Q4 2021. Their flagship facility, Cosechemos, has a production cost below $0.06 per gram, and an extraction facility is set to begin operations on November 15.

Flora Growth Corp. (NASDAQ: FLGC) announced the launch of its cannabis wellness brand, Munzhi, with 12 products certified by INVIMA, available from November 1st. Munzhi will target the $2.3B wellness market in Colombia, distributed through ~800 points across five distributors. The product line includes CBD-infused cosmetics and personal care items. Flora Lab, the company's R&D division, aims to expand its distribution channels and product offerings, leveraging its 16,000 sq. ft. facility and three GMP certifications.

Flora Growth Corp. (NASDAQ: FLGC) has announced the initiation of global clinical trials focusing on cannabinoids for treating fibromyalgia and chronic pain. The trials will be conducted primarily in the US and UK, involving a partnership with the University of Manchester. Flora aims to expedite FDA and NHS processes by running phase trials concurrently. The research is part of their vision to develop pharmaceutical cannabis products, addressing unmet medical needs and enhancing shareholder value through a proprietary drug development platform.