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Wednesday, May 25, 2022

Flora Growth Corp. (FLGC) Stock Roaring Premarket Following Collaboration with Greenyard.

Flora Growth Corp. (FLGC) is a cannabinoid product-based business focusing on the development of a plant-based product line. The consumer market of the company is spread from cosmetics (moisturizer, gel cleaner, hydrating mask) to cannabis oil extracts and other products.


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FLGC stock price during the regular trading session of March 24, 2022, was $2.03 with an increase of 8.56%. Its price further rose as of the writing in the premarket session of March 25, 2022, by 12.8%.

FLGC: Events and Happenings

On March 23, 2022, FLGC updated on its brand’s collaboration with Greenyard to commence brick-and-mortar stores in Germany and Czech Republic. On March 15, 2022, FLGC reported the receipt of the 2022 export quota from the Government of Colombia, accumulating approximately 43,600 kg of high-THC cannabis. The allotment enabled the company to manufacture and export high-THC dry flower and CBD products.

On March 14, 2022, FLGC stated its entry into a distribution contract with DNO Group, for the distribution of the Mind Naturals business in Hong Kong. DNO is a leading supplier of international independent brands.

On March 4, 2022, FLGC announced the completion of its preliminary import of CBD-containing food and beverage product line to the US from Colombia under Mambe business. This announcement followed the Colombian President signing Resolution 227 which provided the framework for the distribution and export of cannabis-related products.

FLGC: Key Financials

FLGC released its H1 2021 unaudited financial statement on September 17, 2021, for the first half of 2021 ended June 30, 2021. Some of the notable features are discussed below.

Revenue

The company posted revenue of $2.1 million in the first half of 2021 as compared to no revenue recorded during the corresponding 2020 first half. Its revenue observed a 100% increase YoY.

EPS

Basic and diluted net loss in H1 2021 was $5.3 million in comparison to $2.54 million or $0.03 per share during the corresponding first half of 2020. Its net loss increased significantly YoY.

Conclusion

FLGC stock outperformed by 4% year-to-date. The company’s stock rose by 12.8% in the recent premarket session as it announced the collaboration of its brand with Greenyard which provided a pathway for the expansion of its physical presence in Europe.

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