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Flora Growth Corp. (NASDAQ:FLGC) (“Flora”) is a cannabis company that is in it for the long haul. 2022 was an exceptional year for Flora; the company made big strides in becoming a global powerhouse in the industry.
Flora is a firm believer in the importance of an all-around product and brand. The raw material is just as important as the brand to enhance margins and market shares. This is especially true as regulatory environments ease up; alcohol and marijuana industries will see similar trends and profit margins.
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Flora is a Canadian-based producer of cannabinoid organic oils, infused food, and beverage, pharmaceutical grad, medical, and cosmetic-grade derivatives. The company has over 340 different products offered across 2,500 different distribution locations in Latin America and the United States, with expansion planned in Europe. Their business model revolves around the idea that cannabis companies will see success if they invest in their brand and the products they offer.
And their business model is seeing major success. In November 2022, the company was on track to meet its revenue of $35-45 million. The end of 2022 also marked a major acquisition for the company. Flora acquired Franchise Global Health (TSXV:FGH), a Canadian cannabis company with primary operations in Germany. The acquisition came the same week German officials revealed a plan to legalize recreational marijuana which would position Flora as a key player in the expanding adult-use cannabis industry.
International growth was prominent for the company in 2022. In June, the company launched its line of Novel Foods registered CBD products on Amazon.co.uk under its wholly-owned subsidiary JustCBD.
“International growth is a key objective of our company’s strategy. The launch on Amazon UK allows Flora to reach a larger consumer base in search of quality CBD products,” said Luis Merchan, CEO of Flora Growth. “We are excited to continue expanding our operations in Europe and to deliver top-quality cannabis-related products to customers aiming to improve their health and wellness.”
Another reason Flora is such a unique cannabis company that stands out against the crowd is its cultivation and extraction facilities. The company has one of the largest outdoor marijuana cultivation operations in the world located in Colombia. CEO Luis Merchan firmly believes in the importance of outdoor cultivation from an economic and sustainability lens.
Their outdoor cultivation and extraction are extremely low cost, averaging around $0.06 USD/gram; when compared to competitors that average around $1.49-2.36 USD/gram, Flora’s advantage is undeniable.
The company’s business model proved to move Flora to the international stage in 2022 while setting the company up for success in 2023.
This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice.
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.