Flora Growth (NASDAQ: FLGC), a consumer-packaged goods leader and pharmaceutical distributor, is reporting its financial and operating results for the first quarter of 2024, the period ended March 31, 2024. The report included summary results for the company’s TruHC acquisition, financing activities, new product launches and partnerships, and summaries of the company’s JustCBD, Vessel and Phatebo operations. Notable financial numbers from the report include net loss of $3.4 million compared to a net loss of $3.9 million in the comparable quarter; a 70% improvement quarter over quarter in cash used in operating activities; total operating expenses of $6.3 million, compared to $7.7 million in the comparable quarter; and Adjusted EBITDA loss of $1.5 million compared to an Adjusted EBITDA loss of $0.8 million in the comparable quarter. The report also noted that during the quarter the company appointed Brendan Cahill as an independent director and member of each of the company’s audit committee, compensation committee and nominating and corporate governance committee. “[This year] 2024 has been a catalyst-rich period for Flora,” said Flora Growth CEO Clifford Starke in the press release. “Legislators in the primary markets in which we operate, namely the U.S. and Germany, have demonstrated a willingness to advance a progressive cannabis agenda. In Germany, the descheduling of cannabis, the reforms surrounding cultivation for personal use, the establishment of cannabis social clubs, and the removal of cannabis from the list of prohibited substances in the Narcotics Act, represent historical milestones. We have been proactive in responding to Germany’s legislation. In April, we acquired TruHC Pharma GmbH, an entity with a strategically built German cannabis platform with EU-GMP processing, production, laboratory and storage licenses. TruHC also holds GDP wholesale licenses for import and export, as well the requisite medical cannabis licenses. Additionally, reports have emerged suggesting the U.S. Drug Enforcement Administration may reclassify cannabis from a Schedule I to a Schedule III substance. It could be the first real step towards a progressive federal policy in over 50 years. We believe this potential landmark reform could have positive implications for the company.”
To view the full press release, visit https://ibn.fm/0yi1S
About Flora Growth Corp.
Flora Growth is a consumer-packaged goods leader and pharmaceutical distributor serving all 50 states and 28 countries with 20,000-plus points of distribution around the world. For more information about the company, please visit www.FloraGrowth.com.
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