Flora Growth Corp. (FLGC) stock announced the first-half financial results of 2021 after which the stock began to soar today. FLGC’s stock price saw a surge of 33.20% to reach $11.74 a share at the time of this writing. The trading volume as of this writing was 13,997,899, significantly higher than the average. Flora Growth Corp is a cannabis company that provides cannabis products to medical clinics, pharmacies across the globe.
First Half 2021 Financial Results:
- Flora Growth reported revenues of +$2M in the first half ended June 30, 2021. The stock reported $100K revenue for the same period of the previous year. The gross profit for the reported half was 60%(unaudited).
- FLGC stock spent $6 million in operating expenses with a $4 million net loss in the first six months of 2021. $3 million IPO-related expenses significantly affected these results.
- FLGC stock had a $19 million in cash balance by the end of the first half of 2021. To date, Flora stock received commitments of more than $10 million.
FLGC stock Operational Developments in Q2 2021:
- Flora completed the IPO and was successfully listed on the Nasdaq Capital Market exchange with the ticker symbol FLGC.
- Flora announced the intent of 100% acquisition Koch & Gsell, a manufacturer of hemp and tobacco.
- Invested $2.4 million into Hoshi International.
- FLGC stock expanded its business to U.K. and Central American markets. The stock is now selling products in 13 countries.
- Made new appointments in its board of directors and management team.
- Formation of Formed Flora Lab manufacturing is another prominent development of FLGC stock.
FLGC Joint Venture with Avaria Inc.
In the last week of July 2021, FLGC stock announced the joint venture with Avaria Inc. This joint venture will pave the way for FLGC stock to register, sell and distribute its KaLaya products in many LATAM countries. Both companies will share the profit from the sale of KaLaya products under the joint venture.
Investors are responding positively to the release of first-half financial results by FLGC stock. The stock made many accomplishments amid the Covid-19 crises. The stock increased its global distribution and expanded its portfolio of cannabis products and brands. The management is keen to make this stock as the leading global provider of cannabis products. In a nutshell, this stock can be a good bet for investors in the long run.