HomeFinancial MarketsWhy Flora Growth Corp (FLGC) stock price fluctuated on Wednesday?

Why Flora Growth Corp (FLGC) stock price fluctuated on Wednesday?

Flora Growth Corp. (FLGC) shares gained 7.62% in after-hours on Wednesday, September 22, 2021, and closed the daily trading at $5.79. However, in the regular trading sessions, FLGC’s stock lost 6.27%. The stock volume remained 1.01 million shares. FLGC shares have moved down 10.33% in the past week. Over the past three months, the stock has gained 52.41%. The company has a current market of $211.43 million and its outstanding shares stood at 39.30 million.

Let’s have a look at its recent news and developments.

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FLGC hosted a virtual fireside conversation

Flora Growth Corp. (FLGC) hosted a virtual fireside conversation on September 21, 2021. President & CEO, Luis Merchan, Chief Revenue Officer, Jason Warnock, and Vice President of Corporate Development, James Williams provided an overview of the recent Colombian legislative changes and timeline, including a discussion surrounding Flora’s receipt of its export quota and its near- and long-term international product roadmap.

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Recent financial results announcement

On September 17, 2021, Flora Growth Corp. reported its interim financial results for the six months ended June 30, 2021.

Financial highlights for the six months 

  • FLGC reported revenue of $2.1 million
  • Total operating expenses were $7.2 million
  • It suffered a net loss of $5.3 million
  • The company had a cash balance of $18.8 million on June 30, 2021.

FLGC letter of intent

On September 16, 2021, Flora Growth Corp (FLGC) entered into a non-binding Letter of Intent with Robust Farms Inc to supply its premium cannabidiol (CBD) derivative products from Kasa Wholefoods division. Robust will be applying for its import license of cannabis products which Flora expects to ship its medical-grade cannabis products upon receipt of this updated licensing.

FLGC flora natural received recognition

On September 13, 2021, Flora Growth Corp. (FLGC) recently participated in the 18th annual Cosmoprof North America (CPNA) event where Mind Naturals CBD Rich Moisturizer of Flora Beauty was selected for its innovation and featured in CosmoTrends.

Agreement with Applied DNA

on September 08, 2021Applied DNA Sciences, Inc. (APDN) entered into a Master Services Agreement with Flora Growth (FLGC) to deploy the Company’s CertainT® platform as part of Flora’s global cannabis product validation and authentication platform for consumers, distributors, and government regulators.

Flora issued a Statement of Work (SOW) under the MSA to APDN to implement its certain platform and supply related equipment and services for three locations where the Company’s molecular tags will be applied to quantities of Flora’s cannabis flower and derivatives, as well as select products in their portfolio.

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Well, in our opinion, there is no valid reason for its mixed performance on Wednesday. we can see more volatility for FLGC stock in the coming days.

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