Flora Growth (NASDAQ: FLGC), a global cultivator, manufacturer and distributor of cannabis products and brands is reporting on its financial and operating results for the quarter ended March 31, 2023. Highlights of the report note that Flora generated $20.1 million in revenue during the quarter, a 307% increase year-over-year, with gross profit for the quarter up 105% year-over-year, totaling $5.5 million. The company also reported a net loss of $3.9 million for the quarter, a decrease from the same quarter in 2022.“As I take the reins of the organization, I am pleased to share the results of the first quarter of 2023, which included increased revenue generation for the company,” said Flora Growth newly appointed CEO Hussein Rakine in the press release. “The first quarter was focused on strengthening our operational performance, focusing on financial discipline and optimizing the integrations of all our M&A transactions. Our House of Brands continued to be the primary revenue-generating pillar, posting sequential growth and steady margins. Our Commercial and Wholesale division was positively impacted by the addition of our German distribution business while our pharmaceutical initiatives continued to progress. However, the first quarter was not without its challenges, which included impediments in our ability to export cannabis from Cosechemos, delays in the realization of operating expense reductions, and the prior period’s M&A-related transaction costs and liabilities, all affecting both the company’s liquidity position and ability to fully realize our strategic plan for the quarter. . . . My priority is to further optimize the organization, reduce spend and focus on organic growth in revenue areas, which offer the highest margin contribution and return on investment.”
To view the full press release, visit https://ibn.fm/XIsyp
About Flora Growth Corp.
Flora Growth Corp. is a global cannabis company dedicated to bringing the benefits of cannabis to people worldwide. The company’s commitment is to create, master and connect the international cannabis supply chain by setting the standard for world-class cultivation and manufacturing, thoughtful brand development, and rigorous research and development of medical-grade cannabis products that meet the highest standards of quality, safety and efficacy. Flora Growth’s mission is to create a world where the benefits of cannabis are accessible to everyone, and the company is working toward that goal by becoming a leading importer and exporter of cannabis to meet demand in every corner of the market. For more information about the company, please visit www www.FloraGrowth.com
NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://ibn.fm/FLGC
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