- Flora Growth has been building a design-led collective of plant-based wellness and lifestyle brands
- Through the work done by its pharma division, the company earned over $31.5 million in gross proceeds in the year ended November 2021
- The company still maintains its revenue guidance projection of $35-45 million for 2022, attributed mainly to product diversification initiatives, strengthening its supply chain, and adoption of cost-effective cultivation practices
Since its inception, Flora Growth (NASDAQ: FLGC) has remained committed to building a design-led collective of plant-based wellness and lifestyle brands. This objective has defined Flora Growth’s three central pillars- wholesale cannabis, pharmaceutical cannabis, and CPG cannabis brands. Moreover, it has given the company and its management a platform to interact with and exchange ideas with other players in the plant-based wellness space, even as it seeks to grow its revenue through acquisitions and strengthening its distribution network.
Specifically, Flora Growth’s pharma division has been a leader in its sector. Headed by Dr. Annabelle Morgan-Manalo, a renowned neuroscientist, this division aims to understand the applicable modalities and formulations of cannabinoid-based products that offer the most bioavailable and efficient experiences for markets the world over. Through its work, the company has achieved significant growth, earning over $31.5 million in gross proceeds in the year ended November 2021.
The company’s President and Chief Executive Officer (“CEO”), Luis Merchan, has been keen to share his optimism about its future while acknowledging the strides that his company and each of its divisions have made so far. This was well reflected in the just-concluded Benzinga Cannabis Capital Conference, which ran from April 20-21, 2022, in Miami, where he spoke, as well as the Plant Medicine Week conference that was held from April 5-8, 2022, in Malta, where he was the keynote speaker (https://cnw.fm/Znuqg).
Flora Growth still maintains its revenue guidance projection of $35-45 million for the 2022 fiscal year, potentially a 4X growth from 2021. According to the company’s management, this growth will be primarily attributed to its product diversification initiatives, strengthening its supply chain, and its adoption of cost-effective cultivation practices (https://cnw.fm/QTnbx).
As it continues to curate a collection of consumer brands for key market segments in its space, Flora Growth continues to push the envelope from a research and marketing standpoint, showcasing opportunities in the plant-based wellness and lifestyle space, for which it is the arguable leader.
Going further into 2022, Flora seeks to maintain the momentum it started in 2021, from opening brick and mortar stores to distribution agreements with mainstream retail establishments. The company also seeks to further its market reach, as evidenced by its venture into the Colombian market through Tropi, the country’s largest food and beverage distributor.
For more information, visit the company’s website at www.FloraGrowth.com.
NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://cnw.fm/FLGC
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