Flora Growth Corp Stock Price, News & Analysis

Flora Growth Corp. (NASDAQ: FLGC) reported its financial results for the six months ending June 30, 2021. Revenue reached $2.1M, while operating expenses totaled $7.2M, resulting in a net loss of $5.3M. The company's cash balance stands at $18.8M. Despite the losses, Flora maintains a strong position due to its outdoor cultivation strategy and a focus on sustainability in cannabis-derived products across various sectors including cosmetics and food.

Flora Growth Corp. (NASDAQ: FLGC) has signed a Letter of Intent with Robust Farms Inc., a Panamanian distributor, to supply cannabinoid products through its Kasa Wholefoods division. This follows the recent passage of Bill 153 in Panama, legalizing medical cannabis, which will allow pharmacies to distribute licensed medical cannabis and derivatives. The new law also restricts licenses for production to seven manufacturers. The partnership marks a significant step towards expanding Flora's presence in Central America and providing patients with access to medical-grade cannabis products.

Flora Growth Corp. (NASDAQ: FLGC) announces a partnership with Zulily to distribute its Stardog Loungewear hemp textiles in the US. The campaign will initially highlight Stardog's popular hemp shoes and launch within the next month. Zulily is a major online retailer, generating over US$1.5 billion in annual sales with 5 million active customers. The agreement aims to leverage Zulily's extensive customer base and mobile platform to enhance Stardog's visibility and market presence.

The press release concerning FLGC has been removed by the news provider, and consequently, key details regarding the company's operations, financial performance, or strategic developments are unavailable. Investors are advised to seek out alternative reliable sources for updated information on FLGC's stock performance and relevant business activities.

Applied DNA Sciences (NASDAQ: APDN) has signed a Master Services Agreement with Flora Growth (NASDAQ: FLGC) to integrate its CertainT® platform for cannabis product validation and authentication. The company will implement this technology across three locations (1 in Florida, 2 in Colombia) to enhance supply chain transparency and product trust. The CertainT platform, which includes molecular tagging, aims to support Flora's global distribution strategy and compliance with pharmaceutical standards as they expand in international markets like Australia. Financial details were not disclosed.

Flora Growth Corp. (NASDAQ: FLGC) has been granted a commercial export quota of 7,900 kg of high-THC dried cannabis flower by the Colombian Technical Quotas Group. This quota is pivotal for the company as it prepares for an inaugural harvest of high-THC cultivars by November 2021, complementing its current high-CBD production. Flora has established agreements for distributing its products across major markets, including Africa, the EU, and Australia, signaling strong international demand for its offerings. The average wholesale price for THC distillate oil ranges from US$3,500 to US$8,000.

Flora Growth Corp. (NASDAQ: FLGC) announced that its Flora Lab has received GMP certification from the Colombian National Food and Drug Surveillance Institute (INVIMA) for manufacturing cosmetics. This achievement positions Flora Lab among the top 13 compliant cosmetics laboratories in Colombia. With over 190 products and 63 OTC products registered, the lab aims to expand its global supply chain strategy, enabling the production of cannabinoid and non-cannabinoid cosmetic products for international markets.

Flora Growth Corp. (NASDAQ: FLGC) has established a strategic partnership with Hoshi International to enhance its European market presence. This collaboration will enable Flora to distribute its cannabis products in Europe, leveraging Hoshi's distribution networks in key countries such as the UK, Germany, and Poland. Flora's investment includes a €2M investment and a securities swap that increases its ownership in Hoshi. Key advantages include a director seat on Hoshi's board and preferential supply agreements for cannabis derivatives, positioning Flora for growth in a burgeoning market.