Flora Growth Corp. (NASDAQ:FLGC) has reported its financial and operating results for the fiscal year ended December 31, 2021.
“Fiscal year 2021 was a foundational year for our company as we closed our first full year of revenues,” Luis Merchan, chairman and CEO of Flora, said. “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.”
FY 2021 Financial Highlights
- Total revenue for the year ended December 31, 2021 was approximately $9 million.
- 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 $8.2 million including $4.7 million in issuance costs and $3.5 million in legal, accounting and other charges.
- Second half of 2021 revenues grew by 329% compared to first half of the fiscal year.
- The company reiterated guidance of $35 million -$45 million 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.
Photo: Courtesy of Towfiqu barbhuiya on Unsplash
