Flora Growth Reports Fiscal Year End 2021 Results
May 10 2022 - 07:00AM
Business Wire
- Flora reports ~$9.0 million in revenue for FY 2021, versus
$0.1M in FY 2020
- Second Half 2021 revenues grew by 329% vs. First Half 2021
- Unaudited Q1 2022 revenues show increase of 450% over Q1
2021
- Company reiterates guidance of $35-$45M for 2022, indicating
288% - 400% projected revenue growth from fiscal year 2021
Flora Growth Corp. (NASDAQ: FLGC) (“Flora” or the “Company”), a
leading all-outdoor cultivator, manufacturer and distributor of
global cannabis products and brands, today reported its financial
and operating results for the fiscal year ended December 31, 2021.
All financial information is provided in U.S. dollars unless
indicated otherwise.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20220510005663/en/
Flora Growth (FLGC) - P & L Overview
- 2021 Fiscal Year Results (Graphic: Business Wire)
“Fiscal year 2021 was a foundational year for our company as we
closed our first full year of revenues. 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,” said Luis Merchan, Chairman and CEO of Flora. “We
are proud of the milestones we achieved in 2021, including the
completion of key strategic infrastructure projects, the
strengthening of our balance sheet and the deployment of our
M&A strategy. In 2022, we continue to execute on our plan,
highlighted by the acquisition of JustCBD, a leading consumer
wellness brand. This acquisition increased Flora’s footprint to
over half a million consumers and 14,000 retail stores in the
United States. The transaction is already proving accretive as
Flora’s unaudited revenues for April represent our strongest
revenue month since inception.”
Merchan added, “The completion of our cultivation and extraction
facilities has positioned Flora for success in this rapidly
evolving industry, as we satisfied the requirements for the
cultivation, transformation and export of up to 43.6 tonnes of THC
cannabis flower. And in our Life Sciences pillar, we look forward
to potential commercial distribution of pharmaceutical-grade
products based on the research of Dr. Annabelle Manalo-Morgan.”
FY 2021 Financial Highlights:
- Total revenue for the year ended December 31, 2021 was
approximately $9.0 million. Revenue for the period was
significantly higher when compared to the prior year, primarily
reflecting that 2021 was Flora’s first full year as a
revenue-generating company, which included the Company’s initial
public offering (“IPO”) on the Nasdaq Capital Market (“Nasdaq”) in
May 2021.
- Gross profit on sales for the period was approximately $2.4
million and operating loss was approximately $19 million.
- Cash on hand as of December 31, 2021 was approximately $37.6
million.
- One-time charges for the year totaled approximately $8.2M
including $4.7M in issuance costs and $3.5M in legal, accounting
and other charges.
- Company reiterates guidance of $35M-$45M USD in 2022, which
would realize projected revenue growth of 288% - 400% year over
year.
FY 2021 Operating Highlights:
- Completed its IPO listing on Nasdaq under the ticker FLGC in
May 2021, as well as completed a subsequent secondary offering,
raising an aggregate of approximately $53.7 million in capital
through equity offerings in 2021.
- Completed the acquisition and integration of Vessel Brand,
Inc., establishing a foothold in the U.S. cannabis accessories
business and improving its e-commerce capabilities across the Flora
portfolio of brands.
- Completed build-out of Flora’s all-outdoor cultivation and
on-site extraction facility to prepare for Colombia’s recently
announced regulations allowing for the export of high-THC dry
flower.
- Signed licensing agreement with Tonino Lamborghini for the
development and distribution of cannabis-based beverage products in
the United States.
- Entered into a strategic partnership with Hoshi International
to increase Flora’s presence in Portugal, Malta and other key
European countries.
- Expanded brand portfolio and retail presence, including
Macys.com, Walmart.com Mexico and Coppel as well as the opening of
a brick-and-mortar location in Miami, FL.
- Initiated development of new life sciences division, Flora Life
Sciences, which launched initial clinical trial protocols to study
fibromyalgia in partnership with the University of Manchester.
2022 Recent Achievements:
- Completed the acquisition of JustCBD, adding its portfolio of
award-winning products and 14,000 U.S. points of distribution.
- Received 2022 export quota for 43.6 tonnes of high-THC cannabis
in Colombia and completed the necessary steps to allow for the
commercial planting and export of psychoactive cannabis.
- Interest and LOI’s for both high-THC and high-CBD flower to
begin distributing globally in the third quarter of 2022.
Earnings Call: May 10, 2022, at 9am
ET
Flora Growth will host its FY 2021 earnings call via webcast on
May 10, 2022, at 9 AM ET following the release of the Company’s FY
2021 financial results. During the webcast, Flora management will
deliver financial results, operational results and provide comments
on the Company’s 2022 commercial operation, house of brands and
life sciences strategies. Following the presentation, Flora will
open the floor to analysts, media and investors in a Q&A
session.
Live Audio Webcast Details:
Date: May 10, 2022
Time: 9 AM ET
Online Participation Link:
https://floragrowth.com/flora-growth-2021-earnings/
The live webcast will be available online through the above
participant link and will be archived and available on the
Company’s website within approximately 24 hours.
About Flora Growth Corp.
Flora is building a connected, design-led collective of
plant-based wellness and lifestyle brands, designed to deliver the
most compelling customer experiences in the world, one community at
a time. As the operator of one of the largest outdoor cannabis
cultivation facilities, Flora leverages natural, cost-effective
cultivation practices to supply cannabis derivatives to its
commercial, house of brands, and life sciences divisions. Visit
www.floragrowth.com or follow @floragrowthcorp on social media for
more information.
Cautionary Statement Concerning Forward-Looking
Statements
This document contains forward-looking statements. In addition,
from time to time, we or our representatives may make
forward-looking statements orally or in writing. We base these
forward-looking statements on our expectations and projections
about future events, which we derive from the information currently
available to us. Such forward-looking statements relate to future
events or our future performance, including: expected future
revenue, integration of our recent acquisitions, expansion of our
global footprint, expansion of our product offerings; our financial
performance and projections; our growth in revenue and earnings;
and our business prospects and opportunities. You can identify
forward-looking statements by those that are not historical in
nature, particularly those that use terminology such as “may,”
“should,” “expects,” “anticipates,” “contemplates,” “estimates,”
“believes,” “plans,” “projected,” “predicts,” “potential,” or
“hopes” or the negative of these or similar terms. In evaluating
these forward-looking statements, you should consider various
factors, including: our ability to change the direction of the
Company; our ability to keep pace with new technology and changing
market needs; and the competitive environment of our business.
These and other factors may cause our actual results to differ
materially from any forward-looking statement. Forward-looking
statements are only predictions. The forward-looking events
discussed in this document and other statements made from time to
time by us or our representatives may not occur, and actual events
and results may differ materially and are subject to risks,
uncertainties and assumptions about us. We undertake no obligation
to publicly update or revise any forward-looking statement, whether
as a result of uncertainties and assumptions, or the
forward-looking events discussed in this document and other
statements made from time to time by us or our representatives not
occurring, except as may be required by applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220510005663/en/
Investor Relations: James Williams
james.williams@floragrowth.com Public Relations: Cassandra
Dowell +1 (858) 221-8001 flora@cmwmedia.com
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