Flora Growth Corp (FLGC) experienced a notable price increase of 6.73%, crossing above its 5-day SMA, despite the broader market decline with the Nasdaq-100 down 1.85% and the S&P 500 down 1.10%.
This rise is attributed to the company's recent filing of a Form 1-A with the SEC to sell up to 30 million common shares at $2.50 each, aiming to raise up to $75 million. The filing indicates a strategic move to bolster its financial position, which has garnered investor interest amid a challenging market environment.
The implications of this filing could be significant for Flora Growth Corp, as it seeks to improve its liquidity and operational capabilities. Investors may view this as a proactive step towards recovery, especially given the company's recent financial struggles.
Flora Growth Corp. is a cannabis company that manufactures and distributes consumer packaged goods and distributes medicinal cannabis and pharmaceutical products. Its brand consists of JustCBD, Vessel, Melo, Haze, and Australian Vaporizers. JustCBD is a consumer-packaged goods brand with over 350 products, including cannabidiol gummies, topicals, tinctures, and vape products. JustCBD products are available for purchase in smoke and vape shops, clinics, spas, and pet stores, as well as other independent non-traditional retail channels. Vessel is the cannabis accessory and technology brand servicing the United States and Canada through direct-to-consumer and retail sales. Vessel's products include cannabis consumption accessories, personal storage, and travel accessories for the vape and dry herb categories, which are sold to consumers, dispensaries, smoke shops, and cannabis brands. Australian Vaporizers is an online retailer of vaporizers, hardware, and accessories in Australia.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
