Flora Growth (NASDAQ: FLGC), a leading cultivator, manufacturer and distributor of global cannabis products and brands, has announced its 2022 financial and operating results for the fiscal year ended Dec. 31, 2022. Highlights of the report include $37.2 million in revenue for the year, which is a year-over-year increase of 314% and includes record revenue for the fourth quarter, which totaled $11.5 million, a 7% sequential increase over Flora Growth’s third quarter. Gross profit for the year increased 494%, from $2.4 million in 2021 to $14.4 million in 2022. According to the company, its 2023 revenue guidance will remain between $90 to $105 million. “In 2022, we not only met our revenue guidance but reported both quarterly and annual record revenue,” said Flora Growth chair and CEO Luis Merchan in the press release. “This accomplishment was thanks to the successful completion and integration of our M&A transactions, the compelling value proposition of our products in our house of brands and the operational milestones we achieved throughout the year. It is important to note that we have accomplished all this despite having to navigate one of the most hostile business environments to date, especially for the cannabis industry. Nonetheless, we achieved both quarterly and annual record revenue, improved margins and increased our gross profits — all while cutting costs and improving operational efficiencies. Today, I remain more confident than ever in Flora’s opportunity to not only be one of the largest players in the international cannabis industry but to change the global landscape of cannabis. I am proud to reaffirm the 2023 revenue guidance we shared earlier in the year of between $90 million and $105 million.”
To view the full press release, visit https://ibn.fm/oApK9
About Flora Growth Corp.
Flora Growth Corp. is a global cannabis company dedicated to bringing the benefits of cannabis to people worldwide. Our commitment is to create, master and connect the international cannabis supply chain by setting the standard for world-class cultivation and manufacturing, thoughtful brand development, and rigorous research and development of medical-grade cannabis products that meet the highest standards of quality, safety, and efficacy. Our mission is to create a world where the benefits of cannabis are accessible to everyone, and we are working toward that goal by becoming a leading importer and exporter of cannabis to meet demand in every corner of the market. For more information about the company, please visit www www.FloraGrowth.com
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