Flora Growth Announces H1 2021 Financial Results | Financial Buzz

Flora Growth Announces H1 2021 Financial Results

Flora Growth Corp. (NASDAQ: FLGC) has reported financial and operating results for the six month period ended June 30th, 2021.  Flora Growth has reported revenues of over USD 2 Million with a gross profit of 60% compared to USD 100,000 in 2020.  Operating expenses for the first half were USD 6 Million, holding a net loss of USD 4 Million.  These results were heavily influences by almost USD 3 Million of one-time IPO related expenses.

“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. 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 pre-revenue, 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,“ said Luis Merchan, President and CEO of Flora. “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. In closing, the board, management, and staff at Flora would like to thank our shareholders who put their trust in us to grow their investment and return substantial value. We don’t take that lightly and are staunch believers in having a robust corporate governance regime, providing full transparency regarding our efforts and activities as we continue making progress towards becoming the global provider of premium cannabis CPG brands and products while responsibly and strategically accelerating revenue growth.”

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