The No. 1 Crypto for 2024

It's expected to soar 20X bigger than Bitcoin.

CRITICAL May 1st Warning

Flora Growth Shares Trading Higher On Reported Q3 Revenue Growth Of 414% YoY

Vuk Zdinjak
November 28, 2022

Flora Growth Corp. (NASDAQ:FLGC) released its financial and operating results for the third quarter ended September 30, 2022, revealing total revenue for the quarter was $10.8 million, an increase of 414% year over year, driven by Flora’s House of Brands division, which includes the acquisitions of JustCBD and Vessel.

Q3 2022 Financial Highlights

  • Gross profit increased to approximately $5.0 million, up approximately 703% year over year.

  • Gross margin in the quarter improved from 29.6% to 46.2% year over year, and demonstrated a gradual improvement from 43.9% during H1 2022.

  • Net loss was approximately $7.4 million compared to a net loss of $3.6 million in Q3 2021. Net loss margins reduced year over year, year to date, and in comparison to H1 2022.

  • Adjusted EBITDA was $(3.9) million compared to $(3.1) million in Q3 2021. Adjusted EBITDA margin improved significantly from -150.1 % in Q3 2021 to -36.5 % in Q3 2022.

  • As of September 30, 2022, the company had approximately $5.9 million in cash compared to $37.6 million as of December 31, 2021. The decrease was primarily due to cash paid for the acquisition of JustCBD, as well as higher operating expenses related to investments in headcount, sales and marketing and one-time expenses associated with Cosechemos operations and the Flora Lab expansion.

“The third quarter of 2022 was another exciting quarter for Flora as we continued to lay the foundation of our business for the long-term,” stated Luis Merchan, chairman a CEO of Flora Growth. “During the quarter, we exported products to several new markets, including distribution of our Colombian grown high-CBD dried cannabis flower to Switzerland and the Czech Republic, as well as CBD isolate to the United States. Our global distribution network, coupled with our high-quality Colombian flower and derivatives, leave Flora well positioned to capitalize on the evolving global cannabis landscape.”

“Subsequent to the quarter, we signed a definitive agreement to acquire Franchise Global Health, a pharmaceutical and medical cannabis distributor with principal operations in Germany. This transformative deal would connect our Colombian commercial infrastructure and product portfolio to the German and EU cannabis markets, allowing Flora to significantly increase its international footprint.

2022 Outlook

Flora Growth reiteratedits 2022 revenue guidance of $35-45 million.

Price Action

Flora Growth shares were trading 6.02% higher at $0.53 per share, during Monday’s pre-market session.

Get your daily dose of cannabis news on Benzinga Cannabis. Don’t miss out on any important developments in the industry.

Photo: Benzinga; Sources: courtesy of Kindel Media via Pexels

Related News

Cannabis Can Help Fibromyalgia, Says New Israeli Study, Confirming Previous Research

Flora Growth Completes Construction Of Laboratory, Specializing In Prescription Cannabis Formulations

Flora Growth Sets A Foothold In Germany Via Acquisition Of Franchise Global Health

Continue Reading...

Popular

Donald Trump Jr. Wants A VP 'Fighter' Who Can 'Take Hits,' 3 Names Are On His List

In the lead-up to the 2024 presidential race, former President Donald Trump's son Donald Trump Jr. is advocating for a "fighter" to

'You're About To Get A Sale' On Nvidia: Jim Cramer Shares Insight On Buying During Pullbacks

CNBC's "Mad Money" host Jim Cramer encouraged investors to view potential market pullbacks as opportunities rather than threats. He suggested that a pullback could be on the horizon and advised investors to prepare by raising some cash.

2,000,000 "A.I. Crown Jewels" Set for Mass Production - Ad

A.I. investors...get ready: Because this little-known supplier just received a GIGANTIC order from Nvidia. It's one of the biggest production runs in technology history. And it's part of the reason why Barrons says this supplier could see $100 BILLION in sales by 2025.

TikTok is under investigation by the FTC over data practices and could face a lawsuit

NEW YORK (AP) — The Federal Trade Commission is investigating TikTok over its data and security practices, a probe that could lead to a settlement or a lawsuit against the company, according to a person familiar with the matter.

Jim Cramer Reveals Nvidia's Non-Tech Partners That Can Be Potential Market Winner: 'Best Opportunities'

CNBC host Jim Cramer has spotlighted several lesser-known partners of Nvidia that could potentially benefit from the company's advanced artificial intelligence technology.

Kicking Yourself for Missing Out on Bitcoin? - Ad

Don't worry. One expert is saying another coin has 20X the potential of bitcoin. And with cryptos heating up, it could be the perfect time to get in.

Team Biden Unveils Comprehensive Policy For Federal AI Use: Here's What It Entails

The new White House policy requires federal agencies to appoint chief AI officer and is an extension of President Biden's AI executive order.

US changes how it categorizes people by race and ethnicity. It's the first revision in 27 years

ORLANDO, Fla. (AP) — For the first time , the U.S. government is changing by race and ethnicity, an effort that federal officials believe will more accurately count residents who identify as Hispanic and of Middle Eastern and North African heritage.

The No. 1 AI Stock of 2024 (Not Nvidia) - Ad

It's not Nvidia, Meta Platforms, Alphabet, or Amazon. But thanks to a recent major deal, an under-the-radar stock could become the No. 1 winner of the AI boom. "This company just teamed up with one of the biggest power players in the AI industry... yet you can still buy it for just one-twelfth the price of Nvidia -- the time to buy is NOW," says Marc Chaikin.

Why Is UPS Stock Shooting Higher Today?

United Parcel Service forecasts robust FY26 revenue of $108 billion - $114 billion, with adjusted operating margin expected above 13%. With anticipated free cash flow of $17 billion - $18 billion. UPS will host its investor and analyst conference today at its Worldport air hub in Louisville.

Stock market today: Asian shares are mixed after Wall Street retreats from all-time highs

BANGKOK (AP) — Asian shares were mixed on Wednesday after Wall Street slipped a bit further from its record highs.

Man Who Called $3 Trillion Apple Predicts the Next Trillion Dollar Stock - Ad

In 2007, he predicted Facebook would become a $100B company.... In 2010, he predicted Apple would reach a three-trillion-dollar valuation.... In 2013, he called Bitcoin -- before it rose 50,000% and ultimately reached a trillion-dollar market cap. And now... This A.I. Genius is stepping into the spotlight to predict the next-trillion stock.

Stock market today: Asian shares trade mixed after Wall Street closes near record finish

TOKYO (AP) — Asian shares were trading mixed on Monday, as investors awaited further indications the Federal Reserve might begin cutting interest rates.

Bezos and Gates Invest in Search for Tech's Best-Kept Secret - Ad

Billionaires who've made their fortunes in tech, are quietly investing in essential yet rare elements known as "The Seeds of Technology". Learn more about this massive rare earth treasure hunt and the very elements making emerging technologies possible.

Billionaire Tech Investor - How He Got Rich - Ad

He's already made gains of 200,000% ... 499,000% ... and even 3,250,000% on tech startups over the last two decades. Now, he's invested in a stock few people have heard of, which is trading for just $25 a share. See how you can invest alongside him (but you'll want to do it between now and May 5th.

Ken Buck, A Thorn In The Side Of GOP Leadership, Deals Final Blow Before Leaving Congress

Rep. Ken Buck (R-Colo.) signed a Democratic discharge petition for foreign aid, marking a significant shift in the Republican stance on the issue.

The Sneaky (Yet 100% Legal) Way for Obama to Return to Power - Ad

The ONLY way Democrats can keep the White House is to bring back Barack Obama. And there's a sneaky (yet 100% legal) way to achieve this. In fact, this disaster scenario is already underway. See what they're up to, and how you can get ready today.

Angela Chao, Mitch McConnell's sister-in-law, was drunk when she drove into pond, police say

JOHNSON CITY, Texas (AP) — Angela Chao, a shipping industry CEO and sister-in-law to Senate Minority Leader Mitch McConnell, was intoxicated when she drove into a pond and died last month in Texas, according to a law enforcement report released Wednesday.

Bank Of America Bullish On AI: Spotlights Top Supply Chain Stocks To Watch

Bank of America has identified key global stocks along the AI supply chain, including several Nvidia suppliers, that are poised to benefit from the AI boom.

$25 Stock to Fuel the AI Market Boom of 2024 - Ad

One secretive company's new technology is poised to disrupt the AI market -- a market that is projected to grow from roughly $500 billion to $200 trillion. That's a surge of 39,900% over the next six years. Today, you can invest in this one-of-a-kind company for just $25 a share.

MyPillow, owned by election denier Mike Lindell, faces eviction from Minnesota warehouse

ST. PAUL, Minn. (AP) — A court plans to order the eviction of MyPillow from a suburban Minneapolis warehouse that it formerly used, but company founder and prominent election denier Mike Lindell said Wednesday that it's just a formality because the landlord wants to take the property back.

One Crypto Can Change Your Financial Life - Ad

The catch is you won't be able to become a millionaire by buying Bitcoin today. There are five little-known coins I've discovered that I believe will skyrocket over the course of the next few months.

Amazon pours an additional $2.75 billion into AI startup Anthropic

NEW YORK (AP) — Amazon said Wednesday it is pouring an additional $2.75 billion into Anthropic, bringing its total investment in the artificial intelligence startup to $4 billion.

China's latest EV is a 'connected' car from smart appliance maker Xiaomi

BEIJING (AP) — Xiaomi, a well-known maker of smart consumer electronics in China, is joining the country's booming but crowded market for electric cars.

The Man Who Bought Bitcoin at $5 Reveals His Next Tiny Crypto Gem for 2024 - Ad

Early Bitcoin Millionaire Charlie Shrem just revealed his five little-known crypto coins that he believes could create generational wealth over the next 12 months. What's more, some of these tiny cryptos he's discovered trade for less than $1!

Robert F. Kennedy Jr., Environmental Lawyer, Receives Oil Company Profits

A financial disclosure shows that a family trust owned by Robert F. Kennedy makes money from the same oil and gas companies the presidential candidate opposes.

Hunter Biden's tax case heads to a California courtroom as his defense seeks to have it tossed out

LOS ANGELES (AP) — Attorneys for are expected in court Wednesday in Los Angeles, where he is accused in what prosecutors call a four-year scheme to avoid paying $1.4 million in taxes while living an extravagant lifestyle.

This Is Where the World's Richest Men Are Putting Their Money - Ad

Bill Gates, Peter Thiel, Mark Zuckerberg -- they're pouring millions into something we call Imperium technology. And you can invest in this tech alongside them starting with just $10. Bill Gates called Imperium "one of the most powerful technologies of the 21st century."

Serbians are petitioning against a planned luxury project backed by Trump son-in-law's firm

BELGRADE, Serbia (AP) — An opposition group in Serbia launched a petition Monday against a real estate development project that would be financed by the firm of Donald Trump’s son-in-law Jared Kushner at the site of the former Serbian army headquarters destroyed in a NATO bombing campaign in 1999.

Coming Soon: Federal QR Codes? - Ad

Thanks to a major overhaul of the US banking system taking place today, a QR code just like this one could soon be mandatory for millions of Americans and it has the backing of the White House, Federal Reserve and Treasury. What changes do these powerful organizations have planned for your money?

Ex-Gucci designer Alessandro Michele named the new creative head at Valentino

PARIS (AP) — The flamboyant former designer at Gucci, Alessandro Michele, has been named the new creative director at storied Roman luxury house Valentino, following the sudden departure last week of Pierpaolo Piccioli after 25 years.

These Analysts Raise Their Forecasts On RH After Q4 Results

RH (NYSE: RH) posted weaker-than-expected results for its fourth quarter, but issued upbeat forecast on Wednesday.

"Titan of Tech" Bets Big on Tiny AI Company - Ad

He's made as much as 3,250,000% in just three years on companies like Facebook, Airbnb, and PayPal... But our research shows his latest investment could be his most successful venture yet. See how you can invest alongside him (with a starting stake of just $25). But you'll want to do it between now and May 5th.

US Warned Russia Of Potential Terrorist Attack Before Moscow Concert Hall Massacre: Report

The United States had issued a confidential warning to Russia about a possible terrorist attack targeting large gatherings in Moscow.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright activatrade.ca
Privacy Policy | Terms of Service