- 2021 marked the year when Flora Growth held its IPO – the company’s common shares commenced trading on the Nasdaq Capital Market in May under the ticker symbol “FLGC”
- It also marked the year when the company ventured into the European market, as well as other key regions such as Mexico
- Significant acquisitions for the 2021 calendar year included Koch & Gsell, Vessel Brand Inc., and GMP-Certified Laboratory
- Flora Growth also made notable appointments to its executive leadership as well as its board of directors
Flora Growth (NASDAQ: FLGC) had an impressive year in 2021, highlighted by the company’s Initial Public Offering (“IPO”) in May, the addition of strategic team members and new products, and further expansion into global markets.
Following the IPO, Flora Growth first ventured into the United Kingdom (“UK”) and Central American markets, marking the inaugural shipment of the company’s Mambe, Mind Naturals, and Almost Virgin Brands. Additionally, the company signed a distribution agreement with GMD Latinoamérica, a distributor based in Costa Rica that focuses on the Central American food and beverage market (https://ibn.fm/WCK5q).
Flora Growth then expanded into the European Union (“EU”) after closing a €2 million investment in Hoshi International Inc., a fully integrated cannabis company (https://ibn.fm/SEapG). This led to the formation of a manufacturing division for cannabis products, Flora Lab, with a capacity to produce over 190 products. This division played an integral role in boosting Flora Growth’s 1,500+ distribution channels while also developing new cannabinoid and non-cannabinoid products to market. This move, furthermore, allowed for a 6% growth in the company’s share prices in May 2021 (https://ibn.fm/08hqc).
The company also saw additions to its top-level management, with the appointment of Jason Warnock as the company’s Chief Revenue Officer (“CRO”) and Lee Leiderman as the Chief Financial Officer (“CFO”) (https://ibn.fm/4EHNx). Additionally, the company hired Dr. Annabelle Manalo-Morgan as its Lead Scientific Advisor and later as a member of its board of directors (https://ibn.fm/6RV95).
Flora Growth marked some significant acquisitions for the 2021 financial year, with the main ones including Koch & Gsell, Vessel Brand Inc., and a GMP-Certified Laboratory. These acquisitions have been integral to its product diversification and to the overall expansion of its market reach.
By the close of 2021, Flora Growth had added Mexico and Spain to the markets it operates in, marking an aggressive year-long market expansion campaign meant to create value for its shareholders. As it focuses on expanding globally and sustaining one of the largest outdoor cultivation facilities in the world, the company will benefit from the foundation laid down throughout the 2021 calendar year.
With its strategic partnerships, acquisitions, and relationships with key players within specific global markets, Flora Growth is set to achieve increased sales and a growing market share for the 2022 calendar year, ultimately asserting its position as a leader in the global CBD sector.
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://ibn.fm/FLGC
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