[[{“value”:”
Flora Growth Corp. (NASDAQ: FLGC) reported revenue in 2024 plunged to $59.5 million versus last year’s $76.1 million. The decrease crossed all of the Florida-based company’s businesses, including:
Phatebo, which reported revenue of $35.9 million for 2024 versus $38.3 million for 2023.
JustCBD, which contributed $17.7 million for 2024 versus $31.1 million for 2023.
Vessel, where sales declined to $5.2 million for 2024 versus $6.7 million for 2023.
AV, which was just acquired in June 2024, contributed $700,000 during the year ended Dec. 31, 2024.
The company managed to cut operating expenses to $28.1 million in 2024 from last year’s $68.1 million.
Flora Growth reported a net loss of $15.9 million, which was an improvement from last year’s net loss of $56.3 million. This improvement was driven by lower operating expenses and the loss from the disposed Colombia operations in 2023, partially offset by lower gross profit and income tax benefit, as well as higher non-operating losses in 2024.
Still, the company ended the quarter with cash and cash equivalents of only $6.1 million. The company’s accounting firm has raised substantial doubt about the company’s ability to continue.
According to the latest regulatory filing, “The Company believes that its current level of cash and cash equivalents are not sufficient to continue investing in growth, while at the same time meeting its obligations as they become due.”
Flora Growth did manage to raise $3.6 million in December 2024, but it is uncertain whether the company can raise additional capital to fund its operations.
The company also told investors that for the end of 2024, the combined total assets of its Canadian and German insolvent entities was $4.4 million, and the entities contributed a combined net loss for the period ending Dec. 31, 2024, of $1.3 million.
The company had an accumulated deficit of $158 million and a working capital of $900,000 at the end of 2024. On Feb. 25, the company was notified by Nasdaq that it was not in compliance with the minimum bid price requirement of $1 and has until August to regain compliance.
The company also acknowledged recent changes to its management team.
“Flora is committed to being at the forefront of cannabis innovation, and we are thrilled to welcome industry pioneer Sammy Dorf to our leadership team. Together, we are positioning Flora to capitalize on a category poised to disrupt traditional alcohol consumption,” CEO Clifford Starke said. “With evolving regulatory landscapes and shifting consumer preferences, we believe THC-Infused beverages represent the next frontier, and Flora intends to lead the charge.”
“}]] [[{“value”:”The company continues expansion plans despite its financial pressures.
The post Flora Growth sees revenue drop across all businesses in 2024 appeared first on Green Market Report.”}]] Read More
