- Cannabis cultivator and distributor Flora Growth has announced its annual financial and operating results, showing “significantly higher” revenues and profit gain for 2021 over the previous year
- Flora maintains an outlook for 2022 of an additional 288 to 400 percent revenue growth by year end, largely driven by the company’s acquisition of consumer wellness brand JustCBD
- The JustCBD acquisition increased Flora’s reach to more than half a million consumers through 14,000 retail stores in the United States
- Flora’s operations are centered at its Cosechemos cultivation facility in central Colombia, where the company enjoys ideal growing conditions year-round and has easy access to an experienced labor force
- The company recently announced the appointment of industry veteran Holly Bell as Vice President of Regulatory Affairs to help guide the company’s expansion strategy throughout the United States and internationally
Cannabis cultivator and brand builder Flora Growth (NASDAQ: FLGC) spent 2021 establishing the company footprint as a global market distributor and on May 10 announced financial and operating results for the fiscal year that show the success of its efforts as revenues and profits begin what is expected to be rapid climb.
Flora Growth’s financial growth arises from operations based in Colombia’s prime growth conditions heartland, the nation’s new regulatory openness to cannabis product exports for health and wellness uses, and Flora’s prescient preparedness to reap the benefits of the changing legal landscape.
The company’s 100-hectare (about 247-acre) Cosechemos facility is capable of producing 600 kg of dried cannabis daily and more than 10,000 kg of cannabis derivatives annually under EU-GMP guidelines. Flora has filed licenses for about two dozen cannabinoid-infused food and beverage products that include juices, sparkling seltzers, gummies, chocolates, ghee butter and healthy snack foods, and the company received authorizations that allowed it to be the first Colombian cannabis operator to move international distribution forward under the new laws.
The year-end financial results show about $9 million in revenues, which is “significantly higher” than those reported the prior year before the law change and Flora’s IPO launch on the Nasdaq Capital Market. The report maintains the company’s outlook for ending 2022 with revenues of $35 million to $45 million, which would be growth of between 288 percent and 400 percent over 2021.
Much of Flora’s momentum is driven by its acquisition of consumer wellness brand JustCBD, which increased Flora’s profile to more than half a million consumers through 14,000 retail stores in the United States.
“We are proud of the milestones we achieved in 2021, including the completion of key strategic infrastructure projects, the strengthening of our balance sheet and the deployment of our M&A strategy,” Chairman and CEO Luis Merchan stated in conjunction with the report’s release (https://cnw.fm/T7cAy).
“The completion of our cultivation and extraction facilities has positioned Flora for success in this rapidly evolving industry, as we satisfied the requirements for the cultivation, transformation and export of up to 43.6 tonnes of THC cannabis flower,” he added. “And in our Life Sciences pillar, we look forward to potential commercial distribution of pharmaceutical-grade products based on the research of Dr. Annabelle Manalo-Morgan.”
Flora’s management conducted a live earnings call webcast on May 10 to discuss the report, and the webcast is archived on the company’s website.
On May 16, Flora also announced that industry veteran Holly Bell has been appointed Vice President of Regulatory Affairs to help guide Flora’s domestic and global expansion strategy and lead the company’s government relations in target international markets as it grows.
“I am excited to be working with Flora, supporting our work on the global stage, by advancing how the world views cannabis as a product and as a medicine,” Bell stated (https://cnw.fm/qYg0s). “I’m looking forward to leveraging my experience launching Florida’s hemp program to help Flora improve access to some of the best wellness brands in the world.”
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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