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H1 Revenue of +$2M with a gross profit of ~60% (unaudited) as compared to revenues of ~$100K for 2020
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Provides H2 revenue guidance anticipated between $9-11M
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Revenue guidance does not include proposed transactions of Koch & Gsell and Vessel Brand, with combined 12-month
trailing revenues of $14M, nor recent changes in the cannabis law in Colombia that now allow for the export of dried flower
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Signed major distribution deal with significant Colombian food distributor, expected to generate over $10M annually in revenue and add an
additional 130,000 distribution points across 38 cities in Colombia
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Flora Growth generated revenues of +$2M with a gross profit of 60% (unaudited), as compared to revenues of ~$100K for 2020.
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Our operating expenses for the first half were $6M, yielding a net loss of $4M (unaudited). However, these results were heavily affected by almost $3M of
one-time IPO related expenses (unaudited).
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At June 30, 2021, Flora’s cash balance was approximately $19M with minimal debt (unaudited).
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Subsequent to June 30th, we have been seeing a substantial cash inflow from the exercise of the warrants sold as part of the Regulation A. To date, we have
received commitments of more than $10M (some unfunded), with $7.2M in cash received and an additional $1M pending clearing. We expect to see this amount continue to grow over the following weeks.
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Flora Growth is a foreign private issuer and is required to submit financial results on a half-year basis, with a 6-month window to file the unaudited results.
Flora anticipates filing its full results with the SEC in the following weeks.
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Completed an IPO and successful public listing on the Nasdaq Capital Market exchange
under the ticker symbol “FLGC”; Flora is the first known all-outdoor grower ever listed on the NASDAQ, the first cannabis company to list via a
traditional IPO on an American exchange, and has what management believes the largest licensed cultivation footprint in Colombia
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Announced intent to acquire 100 percent of Koch & Gsell, manufacturer of the leading Swiss hemp and tobacco pre-roll brand Heimat
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Executed a strategic investment of $2.4M into Hoshi International, opening up distribution of Flora’s product portfolio into the European Union (“EU”)
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Expanded into U.K. and Central American markets with sales to new international distribution partners; bringing the total countries that Flora and its
divisions currently have product in market to 13
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Bolstered board of directors and management team with key additions:
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Marc Mastronardi – Director
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Jason Warnock – Chief Revenue Officer
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Lee Leiderman – Chief Financial Officer
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Formed Science Advisory Team and began expansion of scientific and academic endeavours with key addition:
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Appointed Dr. Annabelle Manalo-Morgan, PhD, as Lead Scientific Advisor
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Made a commitment to environmental sustainability across the Flora value chain, including throughout cultivation and manufacturing practices, as well as
screening all potential input materials, packaging, and social outcomes associated with each product in the portfolio
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Formed Flora Lab manufacturing division that operates a modern 16,000-square-ft manufacturing facility and holds multiple GMP certifications with a
diversified portfolio including over 190 products and 63 over-the-counter (“OTC”) products registered and licensed with INVIMA (FDA-equivalent in Colombia).
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Kasa Wholefoods., Flora’s food & beverage division, signed a sales agreement
to supply food products to Colombia’s largest consumer packaged goods (“CPG”) distributor, Tropi, which has 130,000+ distribution points across 38 cities in Colombia; Kasa has since completed its first purchase order valued at
approximately $1.1M and expects this initial agreement to generate additional revenue of its CBD and hemp portfolio, expecting future sales to reach approximately $2M per month
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Announced intent to acquire 100 percent of Vessel Brand, an industry leader in luxury cannabis consumer technology
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Announced intent to form a joint venture with Canadian based Avaria, the manufacturer
and owner of KaLaya – an award-winning pain cream distributed nation-wide across Canada
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As a result of the reformed Colombian cannabis legislation aimed at improving access to cannabis products for Colombians and positioning Colombia as the leader to
supply the global cannabis market, Flora immediately announced that it had executed a Letter of Intent with Kiricann, an international distributor with operations in South Africa and distribution agreements in Germany and the EU, to
provide its dried flower and derivatives; additionally, the Company announced plans for the manufacturing, sale, and distribution of CBD-infused food and beverage products; further plans to increase awareness across its premium brand and
product portfolio as a result of the loosened marketing restrictions; and, lastly plans to manufacture custom cannabis pharmaceutical products for the Colombian medical cannabis market
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Announced intent with Evergreen Pharmacare, a licensed Australian importer and
distributor of medical cannabis products, to supply its premium dried flower and derivative products to the Australian medical cannabis and OTC CBD markets
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Flora Beauty division formally launched Ô (“Awe”),
its premium brand and product line designed and marketed by founding partner, trend-setter, and global beauty influencer Paulina Vega
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Announced that after conducting an exhaustive and meticulous review, it plans to relocate its headquarters to Miami, Florida by Q1 2022
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Continued the expansion of its scientific and academic endeavours with the appointment of another key advisor and partnership:
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Engaged Brigitte Baptiste as strategic advisor and entered into cooperative agreement with EAN University
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Bolstered board of directors with key addition:
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Dr. Annabelle Manalo-Morgan, PhD – Director
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