Flora Growth Reports 314% Revenue Growth For 2022, Quadrupling Of Profits

Cannabis cultivator Flora Growth (NASDAQ: FLGC) last week reported year end results for 2022 demonstrating an impressive 314% revenue growth over 2021, while managing to also increase profit by 494% from $2.4 million to $14.4 million. Revenue guidance for 2023 is between $90 and $105 million, said the Colombian cultivator, manufacturer, and distributor of international cannabis products and brands with offices in the US and Canada on an earnings webcast last Monday.

“In 2022, we not only met our revenue guidance but reported both quarterly and annual record revenue. This accomplishment was thanks to the successful completion and integration of our M&A transactions, the compelling value proposition of our products in our House of Brands and the operational milestones we achieved throughout the year,” said Luis Merchan, Chairman and CEO of Flora.

Watch for an upcoming in-depth interview this month with Flora CEO Luis Merchan.

“It is important to note that we have accomplished all this despite having to navigate one of the most hostile business environments to date, especially for the cannabis industry. Nonetheless, we achieved both quarterly and annual record revenue, improved margins and increased our gross profits – all while cutting costs and improving operational efficiencies.”

“Today, I remain more confident than ever in Flora’s opportunity to not only be one of the largest players in the international cannabis industry but to change the global landscape of cannabis. I am proud to reaffirm the 2023 revenue guidance we shared earlier in the year of between $90 million and $105 million,” Merchan added.