Flora Growth Reports Fiscal Year End 2021 Results


Ryan Allway

May 10th, 2022

News, Top News


FORT LAUDERDALE, Fla. & TORONTO–(BUSINESS WIRE)–Flora Growth Corp. (NASDAQ: FLGC) (“Flora” or the “Company”), a leading all-outdoor cultivator, manufacturer and distributor of global cannabis products and brands, today reported its financial and operating results for the fiscal year ended December 31, 2021. All financial information is provided in U.S. dollars unless indicated otherwise.

“Fiscal year 2021 was a foundational year for our company as we closed our first full year of revenues. In 2022 we anticipate accelerating revenue growth as we activate our Wholesale and Life Sciences growth pillars, while fueling expansion in our global House of Brands”

Tweet this

“Fiscal year 2021 was a foundational year for our company as we closed our first full year of revenues. In 2022 we anticipate accelerating revenue growth as we activate our Wholesale and Life Sciences growth pillars, while fueling expansion in our global House of Brands,” said Luis Merchan, Chairman and CEO of Flora. “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. In 2022, we continue to execute on our plan, highlighted by the acquisition of JustCBD, a leading consumer wellness brand. This acquisition increased Flora’s footprint to over half a million consumers and 14,000 retail stores in the United States. The transaction is already proving accretive as Flora’s unaudited revenues for April represent our strongest revenue month since inception.”

Merchan added, “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. 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.”

FY 2021 Financial Highlights:

  • Total revenue for the year ended December 31, 2021 was approximately $9.0 million. Revenue for the period was significantly higher when compared to the prior year, primarily reflecting that 2021 was Flora’s first full year as a revenue-generating company, which included the Company’s initial public offering (“IPO”) on the Nasdaq Capital Market (“Nasdaq”) in May 2021.
  • Gross profit on sales for the period was approximately $2.4 million and operating loss was approximately $19 million.
  • Cash on hand as of December 31, 2021 was approximately $37.6 million.
  • One-time charges for the year totaled approximately $8.2M including $4.7M in issuance costs and $3.5M in legal, accounting and other charges.
  • Company reiterates guidance of $35M-$45M USD in 2022, which would realize projected revenue growth of 288% – 400% year over year.

FY 2021 Operating Highlights:

  • Completed its IPO listing on Nasdaq under the ticker FLGC in May 2021, as well as completed a subsequent secondary offering, raising an aggregate of approximately $53.7 million in capital through equity offerings in 2021.
  • Completed the acquisition and integration of Vessel Brand, Inc., establishing a foothold in the U.S. cannabis accessories business and improving its e-commerce capabilities across the Flora portfolio of brands.
  • Completed build-out of Flora’s all-outdoor cultivation and on-site extraction facility to prepare for Colombia’s recently announced regulations allowing for the export of high-THC dry flower.
  • Signed licensing agreement with Tonino Lamborghini for the development and distribution of cannabis-based beverage products in the United States.
  • Entered into a strategic partnership with Hoshi International to increase Flora’s presence in Portugal, Malta and other key European countries.
  • Expanded brand portfolio and retail presence, including Macys.com, Walmart.com Mexico and Coppel as well as the opening of a brick-and-mortar location in Miami, FL.
  • Initiated development of new life sciences division, Flora Life Sciences, which launched initial clinical trial protocols to study fibromyalgia in partnership with the University of Manchester.

2022 Recent Achievements:

  • Completed the acquisition of JustCBD, adding its portfolio of award-winning products and 14,000 U.S. points of distribution.
  • Received 2022 export quota for 43.6 tonnes of high-THC cannabis in Colombia and completed the necessary steps to allow for the commercial planting and export of psychoactive cannabis.
  • Interest and LOI’s for both high-THC and high-CBD flower to begin distributing globally in the third quarter of 2022.

​​

Earnings Call: May 10, 2022, at 9am ET

Flora Growth will host its FY 2021 earnings call via webcast on May 10, 2022, at 9 AM ET following the release of the Company’s FY 2021 financial results. During the webcast, Flora management will deliver financial results, operational results and provide comments on the Company’s 2022 commercial operation, house of brands and life sciences strategies. Following the presentation, Flora will open the floor to analysts, media and investors in a Q&A session.

Live Audio Webcast Details:

Date: May 10, 2022

Time: 9 AM ET

Online Participation Link: https://floragrowth.com/flora-growth-2021-earnings/

The live webcast will be available online through the above participant link and will be archived and available on the Company’s website within approximately 24 hours.

About Flora Growth Corp.

Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands, designed to deliver the most compelling customer experiences in the world, one community at a time. As the operator of one of the largest outdoor cannabis cultivation facilities, Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its commercial, house of brands, and life sciences divisions. Visit www.floragrowth.com or follow @floragrowthcorp on social media for more information.

Cautionary Statement Concerning Forward-Looking Statements

This document contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: expected future revenue, integration of our recent acquisitions, expansion of our global footprint, expansion of our product offerings; our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this document and other statements made from time to time by us or our representatives may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, or the forward-looking events discussed in this document and other statements made from time to time by us or our representatives not occurring, except as may be required by applicable law.

Contacts

Investor Relations:
James Williams
[email protected]

Public Relations:
Cassandra Dowell
+1 (858) 221-8001
[email protected]

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.


Network Partners

Follow Us on Social Media

About CFN Media Group

CFN Enterprises Inc. (OTCQB: CNFN) owns and operates CFN Media Group, the premier agency and financial media network reaching executives, entrepreneurs and consumers worldwide. Through its proprietary content creation, video library, and distribution via www.CannabisFN.com, CFN has built an extensive database of cannabis interest, assisting many of the world’s largest cannabis firms and CBD brands to build awareness and thrive. For more information, please visit www.cfnenterprisesinc.com.

Disclaimer: Matters discussed on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time-to-time have a position in the securities mentioned herein and will increase or decrease such positions without notice. The Information contains forward-looking statements, i.e. statements or discussions that constitute predictions, expectations, beliefs, plans, estimates, or projections as indicated by such words as "expects", "will", "anticipates", and "estimates"; therefore, you should proceed with extreme caution in relying upon such statements and conduct a full investigation of the Information and the Profiled Issuer as well as any such forward-looking statements. Any forward looking statements we make in the Information are limited to the time period in which they are made, and we do not undertake to update forward looking statements that may change at any time; The Information is presented only as a brief "snapshot" of the Profiled Issuer and should only be used, at most, and if at all, as a starting point for you to conduct a thorough investigation of the Profiled Issuer and its securities and to consult your financial, legal or other adviser(s) and avail yourself of the filings and information that may be accessed at www.sec.gov, www.pinksheets.com, www.otcmarkets.com or other electronic sources, including: (a) reviewing SEC periodic reports (Forms 10-Q and 10-K), reports of material events (Form 8-K), insider reports (Forms 3, 4, 5 and Schedule 13D); (b) reviewing Information and Disclosure Statements and unaudited financial reports filed with the Pink Sheets or www.otcmarkets.com; (c) obtaining and reviewing publicly available information contained in commonlyknown search engines such as Google; and (d) consulting investment guides at www.sec.gov and www.finra.com. You should always be cognizant that the Profiled Issuers may not be current in their reporting obligations with the SEC and OTCMarkets and/or have negative signs at www.otcmarkets.com (See section below titled "Risks Related to the Profiled Issuers, which provides additional information pertaining thereto). For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity-based compensation in the companies it writes about, or a combination of the two. For full disclosure, please visit: https://www.cannabisfn.com/legal-disclaimer/. A short time after we acquire the securities of the foregoing company, we may publish the (favorable) information about the issuer referenced above advising others, including you, to purchase; and while doing so, we may sell the securities we acquired. In addition, a third-party shareholder compensating us may sell his or her shares of the issuer while we are publishing favorable information about the issuer. Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.

Copyright © Accelerize Inc. · All Rights Reserved · Privacy Policy · Legal Disclaimer

loading