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Flora Growth Corporation (NASDAQ: FLGC), a vertically integrated cannabis company, entered the industry intending to become the world’s largest producer of low-cost, naturally grown medicinal-grade cannabis oils and extracts in the world.
Since then, Flora reported it has entered into a strategic partnership with Hoshi International to increase its presence in Portugal, Malta and the EU while expanding its brand portfolio and retail presence.
“The 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.”
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With over a decade of experience in corporate strategy, enterprise sales management, merchandising, and workforce management, Merchan has served as CEO of Flora since December 2020. During Merchan’s term as CEO, Flora has added over 10,000 new investors and went public on the NASDAQ, making it the first cannabis company to list on an American exchange through a traditional IPO.
The Architect Behind Vital M&A's To Turn Flora Into A Global Cannabis Business
Flora estimated in December 2022 revenue guidance between $35-45 million, incorporating revenue contributions from its various operating divisions, including the Vessel Brand and wholesale cannabis revenues from its facility in Colombia, Cosechemos.
In January, Flora announced that the team at Cosechemos had produced the first batch of crude oil initiating the process of becoming EU-GMP certified. Under Merchan’s direction, the firm has secured $34.5 million in financing and signed deals with retail distributors, including Walmart (NYSE: WMT), Macy’s and international Colombia-based Tropi.
In addition, Flora signed an agreement with luxury clothing and lifestyle brand Tonino Lamborghini, to distribute designer CBD beverages through the high-end retailer.
In March, Flora completed its first import of CBD-containing food and beverage products into the United States from Colombia under its Mambe brand.
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By February, Flora acquired JustCBD, an established CPG brand with a portfolio of over 300 products including a direct-to-consumer business with over 300,000 customers and a network of over 14,000 stores across the globe.
Merchan said the acquisition continues to strengthen Flora’s foothold in the U.S. “There is an incredible opportunity to leverage our economically-advantaged cultivation to support the expansion of the JustCBD brand in the global market.”
Integrating Flora’s Supply Chain
Flora will also explore integrating its supply chain by utilizing the CBD oils and isolates from its Cosechemos cultivation in JustCBD products to leverage its owned, cost-advantaged cultivation to drive lower cost of goods.
Flora also signed a distribution agreement with Israel-based DNO Group to distribute Mind Naturals in the Hong Kong region. DNO Group is a leading distributor of global independent brands and has over 50,000 points of sale throughout Asia in addition to its broader global reach.
If you’d like to learn more about the challenges and benefits of integration of the global cannabis supply chain, come to the Benzinga Cannabis Capital Conference, Sept. 13-14 in Chicago and meet Luis Merchan in person as well as many other seasoned cannabis executives, entrepreneurs, researchers, CEOs and investors. Get your tickets HERE and reserve your spot at the Palmer House Hotel HERE.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.