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Flora Growth Corp. (FLGC) Stock Moving in Aftermarket Despite any Clear Reason

Flora Growth Corp. (FLGC) is a cannabinoid product-based company. The company mainly focuses on the development of plant-based (specifically Cannabis-based) products) for consumers. The consumer market of the company is spread from cosmetics (moisturizer, gel cleaner, hydrating mask), cannabis oil extracts, and related products. It has one of the largest outdoor cannabis cultivation fields.

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The price of FLGC stock during the regular trading on December 27, 2021, with an 8% decline was $1.84. At last check in the aftermarket, the stock was up by 1.09%.

FLGC: Events and Happenings

On December 14, 2021, FLGC held a webinar on the same date. The company management updated on the operational performance for 2021 and provided the financial guidance for 2022. On December 09, 2021, FLGC reported that one of its subsidiaries offered a healthy range of products for dry herb consumption. The company’s latest product range included a one-hitter that is spiraling from inside, a dry herb smoking kit, the finest grinder, and a crafty ashtray.

On December 06, 2021, FLGC reported about 2022 revenue guidance of $35-45 Million. the revenue was contributed from its various operating divisions. On December 02, 2021, FLGC reported about the receipt of preliminary orders for its Beauty division. These orders were served to the Spanish and Mexican consumers.

On November 29, 2021, FLGC reported that it had signed a licensing agreement with Tonino Lamborghini. The agreement was made for the production and distribution of the company’s branded cannabis beverages. On November 26, 2021, FLGC reported about its entry into an agreement with Avaria Health & Beauty Corp. The two collaborated for the joint venture company equally owned by both the companies.

On November 23, 2021, FLGC reported the closing of an underwritten public offering of 11,500,000 shares and warrants. The Shares were sold at a public offering price of $3.00 per share. This resulted in gross proceeds of $34,500,000 to the Company. On October 27 and 28, 2021, FLGC informed that its Beauty division had collaborated with SHOWFIELDS and GlossWire respectively, to publicize two of its skincare products on the company’s online marketplaces.

On October 06, 2021, FLGC reported about its entry into an agreement to begin global scientific clinical trials in patients suffering from chronic pain.

FLGC: Key Financials

On September 17, 2021, FLGC reported its financial results for the six months period ended June 30, 2021. The revenue collected for the period was reported as $2.1 million. Net losses of the company for the period were $5.3 million.

Conclusion

Although the company dipped 15% from the past month, the progress shown by the company is relatively greater in terms of business collaborations and strategies. The slight increase in the stock price aftermarket is primarily due to uncertain market conditions. The investors are placing their trust in the company policies.

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