STOCK TITAN

Vessel Brand Unveils the Second-Generation Compass Rise - The Next Evolution in Functionality and Elegance

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Positive)
Tags
Rhea-AI Summary

Flora Growth's Vessel Brand has launched the second-generation Compass Rise, a high-quality vape device. Built with a nearly indestructible metal frame, enhanced heat settings, and top-tier ergonomics, Compass Rise aims to elevate the vaping experience for discerning customers. The product is now available on Vessel's website, through Multi-State Operators, and select retailers.

In Q1 2024, Vessel achieved a gross profit margin of 39% from $1.3 million in sales, with Compass products contributing 31% of total sales. Revenue was split evenly between direct-to-consumer and business-to-business sales, including significant contributions from MSOs.

Positive
  • Launch of Compass Rise, a high-quality and innovative product, likely to attract new customers.
  • Compass Rise features durable construction, enhanced heat settings, and superior ergonomics.
  • Available through multiple channels: website, MSOs, and select retailers.
  • Q1 2024 gross profit margin of 39%, a strong financial indicator.
  • Compass products contributed 31% to total sales, showing strong product demand.
Negative
  • No significant new revenue streams or partnerships announced.
  • Strong dependency on Compass products for sales, representing 31% of total revenue.

Fort Lauderdale, Florida--(Newsfile Corp. - May 30, 2024) - Flora Growth Corp. (NASDAQ: FLGC) ("Flora" or the "Company")'s Vessel Brand ("Vessel"), renowned for its design and precision craftsmanship, proudly announces the release of Compass Rise.

Built for the discerning connoisseur, Compass Rise embodies sophistication while delivering what consumers have come to expect from Vessel's products. From its sleek design, cutting-edge technology, and the ability to stay upright, every aspect of Compass Rise reflects Vessel's dedication to meeting changing market trends.

"Building on the continued success of Compass, our one-of-a-kind, compact, high-powered vape device, we are excited to introduce the next generation: Compass Rise. With its efficiency and quality performance, Compass Rise stands out from the crowd in a class of its own," said Clifford Starke, Chief Executive Officer.

Compass Rise features a nearly indestructible metal frame, enhanced heat settings, and first-in-class ergonomics. Every aspect of Compass Rise reflects Vessel's dedication to innovation, delivering an exceptional product to a growing and diverse audience of customers. It sets a new standard for excellence in the industry.

Compass Rise is now available for purchase on the Vessel Brand website, through Multi-State Operators ("MSOs") and select retailers nationwide. Elevate your vaping experience with Compass Rise and discover a new level of satisfaction.

In the first quarter of 2024, Vessel achieved a gross profit margin of 39% on sales of $1.3 million. Compass products contributed 31% to sales. Approximately 50% of revenues stemmed from our direct-to-consumer model including half to MSOs, while approximately 50% was generated through business-to-business sales.

About Vessel Brand.

Powered by Shopify, Vessel Brands is a leading producer of consumer technology and accessories. Vessel's products are built better, designed smarter and inspire optimism and happiness. For more information about Compass Rise and other Vessel Brand products, visit www.vesselbrand.com.

About Flora Growth Corp.

Flora Growth Corp. is a consumer-packaged goods leader and pharmaceutical distributor serving all 50 states and 28 countries with 20,000+ points of distribution around the world. For more information on Flora, visit www.floragrowth.com.

https://justcbdstore.com/

https://www.vesselbrand.com/

https://justcbdstore.uk/

https://www.phatebo.de/home-en

Investor Relations:

Investor Relations ir@floragrowth.com

Clifford Starke Clifford.Starke@floragrowth.com

Media:

media@floragrowth.com

Cautionary Statement Concerning Forward-Looking Statements

This press release contains "forward-looking statements," as defined by U.S. federal securities laws. Forward-looking statements reflect Flora's current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words "believe," "expect," "anticipate," "will," "could," "would," "should," "may," "plan," "estimate," "intend," "predict," "potential," "continue," and the negatives of these words and other similar expressions generally identify forward-looking statements. These forward-looking statements include, but are not limited to, statements about: the impact of new product launches. Such forward-looking statements are subject to various and risks and uncertainties, including those described under section entitled "Risk Factors" in Flora's Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (the "SEC") on March 28, 2024, as such factors may be updated from time to time in Flora's periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov/edgar. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in Flora's filings with the SEC. While forward-looking statements reflect Flora's good faith beliefs, they are not guarantees of future performance. Flora disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. You should not place undue reliance on any forward-looking statements, which are based on information currently available to Flora (or to third parties making the forward-looking statements).

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/211065

FAQ

What is the Compass Rise by Vessel Brand?

Compass Rise is the second-generation vaping device from Vessel Brand, featuring a durable metal frame, enhanced heat settings, and ergonomic design.

When was Compass Rise launched?

Compass Rise was launched on May 30, 2024.

How is Compass Rise different from the original Compass?

Compass Rise offers a nearly indestructible metal frame, enhanced heat settings, and superior ergonomics compared to the original Compass.

Where can I purchase Compass Rise?

Compass Rise can be purchased on the Vessel Brand website, through Multi-State Operators, and select retailers.

What were Vessel Brand's financial results for Q1 2024?

In Q1 2024, Vessel achieved a gross profit margin of 39% on $1.3 million in sales, with Compass products contributing 31% of total sales.

What percentage of Vessel Brand's revenue comes from direct-to-consumer sales?

Approximately 50% of Vessel Brand's revenue in Q1 2024 came from direct-to-consumer sales.

What is the significance of Compass products in Vessel Brand's sales?

Compass products contributed 31% to Vessel Brand's total sales in Q1 2024.

Flora Growth Corp.

NASDAQ:FLGC

FLGC Rankings

FLGC Latest News

FLGC Stock Data

14.70M
13.37M
24.56%
10.81%
1.78%
All Other Miscellaneous Chemical Product and Preparation Manufacturing
Manufacturing
Link
United States of America
FORT LAUDERDALE