Flora Growth Issues 2023 Revenue Guidance Of $90M To $105M

Flora Growth Corp. FLGC, announced revenue guidance of $90 million to $105 million for fiscal year 2023.

Flora’s 2023 revenue guidance reflects expected organic growth in the house of brands division and expansion of the commercial & wholesale division capabilities. This forecasted growth also incorporates Flora’s new German-based business as established through the acquisition of Franchise Global Health. Revenue growth is also expected to reflect the continued successful execution of product development and pricing strategies.

It is expected that the house of brands and commercial & wholesale divisions will have roughly equal contributions to the top line, while the pharmaceutical division is expected to contribute up to 10% of total revenue.

Operating Highlights for 2022 Included:

• Acquired Franchise Global Health.

• Raised gross proceeds of $5 million through a registered direct offering.

• Initiated commercial cannabis exports to new international markets including the United States, Switzerland and the Czech Republic.

• Completed acquisition of wellness brand JustCBD; expanding U.S. infrastructure and CPG portfolio.

• Completed construction of Bogota, Colombia-based Flora Lab 4, a laboratory specializing in prescription cannabis formulations.

• Acquired CBD brands Masaya and No Cap Hemp Co.

• Flora was awarded Best M&A Deal at the Benzinga Cannabis Capital Conference for the acquisition of JustCBD.

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