Flora Growth Corp (FLGC) experienced a notable price increase of 7.96%, crossing above the 20-day SMA, as the stock gained momentum during regular trading hours.
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, despite the stock's significant decline of 85.25% over the past year and a net loss reported in its latest financial overview.
The implications of this filing could be significant for Flora Growth Corp, as it seeks to improve its capital structure and investor confidence. The market's reaction suggests that investors are optimistic about the potential for future growth, even in the face of past performance challenges.
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.
