Tiny Gem

Flora Growth Corp. (NASDAQ: FLGC) Authorizes the Repurchase of up to $5 Million Shares

  • 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

About TinyGems

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

Please see full terms of use and disclaimers on the TinyGems website applicable to all content provided by TinyGems, wherever published or re-published: https://www.TinyGems.com/Disclaimer

TinyGems
Los Angeles, California
www.TinyGems.com
310.299.1717 Office
Editor@TinyGems.com

TinyGems is part of the InvestorBrandNetwork

Christian Amiscua

Share
Published by
Christian Amiscua

Recent Posts

How Quantum Computing Could Transform the World 

Quantum computers aren’t just faster versions of classical computers; they are fundamentally different tools that…

8 hours ago

New Machine Learning Model Predicts Cancer Severity, Aids Treatment Planning

A joint team of Polish and Brazilian researchers has developed a new machine learning model…

2 days ago

D-Wave Quantum Inc. (NYSE: QBTS) Secures $400 Million in Equity Offering, Eyes Acquisitions and Expansion

The $400M at-the-market equity offering was completed in just over two weeks. The average sale…

5 days ago

SEGG Media Corp. (NASDAQ: SEGG) Is ‘One to Watch’

SEGG Media has completed a comprehensive corporate transformation, including rebranding, structural realignment, and strategic repositioning.…

6 days ago

SolarBank Corp. (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) Aligns Strategy as North American Energy Policy Shifts

U.S. clean energy tax credits under the new Big Beautiful Bill require projects to commence…

1 week ago

Study Suggests Herpes Virus Can Be Modified to Fight Advanced Melanoma 

Findings from a recent study suggest that the herpes virus can be modified into an…

1 week ago