Flora Growth Corp, an all-outdoor cultivator, manufacturer and distributor of global cannabis products, announced today that the company is expanding its operational footprint in Europe and the UK, as it furthers its international growth strategy.
The London-based offices will serve as the regional headquarters for Flora Growth’s sales force and management of its distribution centres in the UK and Netherlands. The expansion signals an assertive push to broaden the reach for Flora’s recently acquired brand JustCBD and its 79 products registered with UK Novel Foods. The company said the success of JustCBD will pave the way for distribution of it’s house of brands.
Flora Growth is also set to bolster its strategic positioning in Europe by partnering with Hoshi to distribute the company’s broader product portfolio to 11 countries, including Germany, Portugal, the UK, Italy, Poland, the Czech Republic, Denmark, the Netherlands, Switzerland, Malta, and Macedonia.
“Establishing our roots in the UK and EU will not only afford us opportunities to increase our distribution and grow market share, but it will generate actionable market insights for our team to continue to innovate and deliver the most compelling experiences we can,” said Luis Merchan, President and CEO of Flora. “The latest global expansion highlights our commitment to driving exponential growth and scale.”
Earlier this week, Flora reported approximately $9.0 million in revenue for the financial year 2021 compared to $0.1M in the previous year. 2021 was Flora’s first full year as a revenue-generating company and included the company’s initial public offering on the Nasdaq Capital Market (“Nasdaq”) in May 2021.
“Fiscal year 2021 was a foundational year for our company as we closed our first full year of revenues. In 2022 we anticipate accelerating revenue growth as we activate our Wholesale and Life Sciences growth pillars, while fueling expansion in our global House of Brands,” said Merchan.
“We are proud of the milestones we achieved in 2021, including the completion of key strategic infrastructure projects, the strengthening of our balance sheet and the deployment of our M&A strategy. In 2022, we continue to execute on our plan, highlighted by the acquisition of JustCBD, a leading consumer wellness brand. This acquisition increased Flora’s footprint to over half a million consumers and 14,000 retail stores in the United States. The transaction is already proving accretive as Flora’s unaudited revenues for April represent our strongest revenue month since inception.”
