Flora Growth (NASDAQ: FLGC), an all-outdoor cultivator and manufacturer of cannabis-derived products and brands, has reported financial and operating results for the six-month period ending June 30, 2021. Highlights of the report include revenue of more than $2 million with an estimated unaudited gross profit of 60% as compared to revenues of approximately $100,000 for 2020, operating expenses of $6 million, and a cash balance of approximately $19 million with minimal debt. In addition, an operational highlight for the company included the signing of a major distribution deal with a significant Colombian food distributor Flora Growth expects to generate more than $10 million annually in revenue as well as add an additional 130,000 distribution points across 38 cities in Colombia. FLGC also noted an H2 revenue guidance of $9 to $11 million, which does not include proposed transactions of Koch & Gsell and Vessel Brand or recent changes in Colombian cannabis law that now permits the export of dried flower. “The first half of our fiscal year is highlighted by a number of tremendous accomplishments by our team despite challenges related to the global pandemic,” said Flora Growth president and CEO Luis Merchan. “Management believes each of our divisions gained significant traction relative to where we started the year as we execute on the strategic growth plan we laid out in December 2020, positioning shareholders for future success. At the end of last year, Flora was private, largely prerevenue, and focused primarily in Latin America; during the past six months, Flora completed its IPO on the NASDAQ, while increasing its global distribution, revenue, and expanding its premium portfolio of global cannabis brands and products. . . . We made a number of strategic hires and appointments in order to form a robust, highly experienced leadership team, while simultaneously putting our capital to work on an attractive risk-adjusted basis. We announced our intent to complete multiple strategic investments and acquisitions, entered into several international sales agreements for our cannabis flower and derivatives, and significantly expanded distribution and sales with our downstream, premium cannabis CPG brands and products in the pharmaceutical, natural wellness, cosmetics, food and beverage, and hemp textile segments. Going forward, we are excited about the strategic opportunities for incremental growth as we look to leverage our globally recognized house of brands and products into new markets and categories around the world, particularly throughout the Americas, EU, and Australia.”
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About Flora Growth Corp.
Flora Growth is a cannabis company that leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its diverse business divisions of cosmetics, hemp textiles, and food and beverage. As the operator of one of the largest outdoor cultivation facilities, Flora strives to market a higher-quality premium product at below-market prices. By prioritizing natural ingredients and value-chain sustainability across its portfolio, Flora creates premium products that help consumers restore and thrive. For more information about the company, please visit www.FloraGrowth.ca.
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