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://cnw.fm/9m47y).

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://cnw.fm/gptGk).

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://cnw.fm/WfqLT). 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://cnw.fm/FLGC

About HempWire

HempWire (HW) is a dedicated information provider focused on (1) aggregating hemp-related news, (2) issuing HempNewsBreaks designed to update investors on the latest developments in the hemp market, (3) enhancing corporate news releases, (4) providing full-service distribution and social media offerings to public and private client-partners and (5) designing and implementing all-inclusive corporate communication solutions. HW is strategically positioned within the rapidly expanding hemp sector with a team of journalists working to help a growing roster of public and private companies reach a wide audience of investors, consumers and members of the media. We leverage a vast network of more than 5,000 key syndication outlets to deliver unparalleled visibility, recognition and content to the hemp industry. HempWire (HW) is where HEMP news, content and information converge.

To receive instant SMS alerts, text HEMPWIRE to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.HempWire.com

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

Do you have a questions or are you interested in working with HW? Ask our Editor

HempWire (HW)
Denver, Colorado
www.HempWire.com
303.498.7722 Office
Editor@HempWire.net

HempWire is part of the InvestorBrandNetwork.

Archives

Select A Month

HempWire Currently Accepts

Bitcoin

Bitcoin

Bitcoin Cash

Bitcoin Cash

Doge Coin

Dogecoin

Ethereum

Ethereum

Litecoin

Litecoin

USD Coin

USD Coin

Contact us: 303.498.7722