- Flora Growth Corp. announced that the Company Board has authorized the repurchase of up to $5 million of its outstanding common shares
- Luis Merchan, Flora’s Chairman and CEO, said that Flora is executing its growth plans while simultaneously improving gross profit margins and reducing corporate overhead expenses
- At the closing of 2021, the company announced a 2022 revenue guidance projection of $35-45 million
Flora Growth (NASDAQ: FLGC) is a global leader in the cultivation, marketing, and distribution of premium-quality cannabis products and brands at below-market prices. Flora Growth recently announced that the company’s Board of Directors (the “Board”) has authorized the repurchase of up to $5 million of its outstanding common shares subject to market conditions and the company’s liquidity warrant (https://ibn.fm/MN24h).
Luis Merchan, Flora’s Chairman and CEO, stated that the potential to repurchase their shares at these levels represents a compelling opportunity to deploy available cash to drive shareholder value. The company’s board believes that the decline in the market price of shares is due to the generally weak financial market and cannabis sector. It is also attributed to the recent selling of several millions of shares by certain shareholders who acquired such shares at a very low-cost basis, prior the company’s had its IPO, and who had previously been subject to a one-year lockup period which expired in mid-May.
Repurchases may be made from time to time through open market purchases, and, in no event shall the company repurchase more than five percent of the total number of issued and outstanding shares as of the repurchase date.
Flora’s 249-acre cultivation facility Cosechemos, based in Colombia, is the core of the company’s business model. The ideal location, resources, and climatic conditions at the Cosechemos farm, enable Flora’s low production cost which is approximately $0.06/gram, compared to production costs that can be as high as $1/gram or more in parts of North America (https://ibn.fm/AmzIv).
On Feb 22, 2022, Columbia’s President Duque approved a previously announced legislation expanding on Resolution 811. The new Resolution 227 allows the industrial use of cannabis in sectors such as food, beverages and textile. This new regulation will further pave way for increased revenues for the company (https://ibn.fm/IKQjp). Recently, Flora also solidified its foothold in the U.S., by acquiring the luxury cannabis consumer brand Vessel Brand Inc.
For more information, visit the company’s website at 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
TinyGems is your guide to the best and brightest in the under-appreciated small-cap sector. As one of 50+ brands within the InvestorBrandNetwork (“IBN”), TinyGems provides: (1) access to a network of wire solutions via InvestorWire to reach all target markets, industries and demographics in the most effective manner possible; (2) article and editorial syndication to 5,000+ news outlets; (3) enhanced press release solutions to ensure maximum impact; (4) social media distribution via IBN to reach millions of social media followers; and (5) a full array of corporate communications solutions. It’s time to uncover some of the best-kept secrets on Wall Street. TinyGems features innovative small-cap companies with huge potential, putting a spotlight on the best and brightest of these disruptors that have the technology, the talent, the drive, and the business models to make a huge impact in the markets and in portfolios. Whether it’s a game changing technology, a new more profitable product or service, or a star in a hot sector, TinyGems is the go-to source for actionable intelligence.
To receive SMS text alerts from TinyGems, text “Gems” to 888-902-4192 (U.S. Mobile Phones Only)
For more information, please visit https://www.TinyGems.com
TinyGems is part of the InvestorBrandNetwork