Flora Growth Corp. (FLGC) shares plunged 21.41% in pre-market on Friday, and are trading at $2.90, as of this writing. Even yesterday, FLGC’s stock lost 13.38% in the after-hours session and closed at $3.69. FLGC shares have moved down 23.13% in the past week. Over the past three months, the stock has lost 70.90%, while over the past six months, it has jumped 13.54%.
Let’s see is there any reason behind its recent losses?
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FLGC completed Vessel Brand acquisition
On November 15, 2021, Flora Growth Corp. (FLGC) closed the acquisition of Vessel Brand Inc. Flora has acquired Vessel for $30 million, consisting of a combination of cash and the issuance of Flora common shares.
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Vessel has merged into a wholly-owned subsidiary of Flora, and Flora has acquired 100% of the equity interests of Vessel for the above-mentioned price.
GACP Certification for FLGC
On October 25, 2021, Flora Growth Corp. (FLGC) received the Good Agricultural and Collection Practices (GACP) certification by the Control Union Medical Cannabis Standard (CUMCS). After receiving this certification, Flora may now export its high-quality dry flower to international GMP active pharmaceutical ingredient (API) producers or to markets where the flower can be imported.
Agreement with GlossWire
On October 28, 2021, the Flora Beauty division of Flora Growth Corp. (FLGC) signed an agreement with GlossWire to feature its two skincare brands, MIND Naturals, and Awe (Ô), on GlossWire’s digital beauty marketplace.
FLGC launched a new brand
On October 21, 2021, Flora Growth Corp. (FLGC) announced that its Flora Lab division is launched a new cannabis wellness brand, Munzhi.
The wellness market in Colombia is valued at US$2.3 billion, according to Euromonitor and Munzhi initially will target this market with products including facial serum, shampoo, conditioner, shower gel, body ointment, and a moisturizing lotion amongst others.
FLGC global clinical trials
On October 06, 2021, Flora Growth Corp. (FLGC) signed an agreement to begin scientific clinical trials globally. The clinical trials will focus on the use of cannabinoids in patients suffering from Fibromyalgia or chronic pain.
The Human Pilot Study will initiate in the UK in coordination with an internationally recognized clinical research group based at the University of Manchester, while parallel molecular and pharmacokinetic studies will be conducted in the US with key scientists and colleagues of Dr Annabelle Manalo-Morgan, as the primary research sites are located in the United States and the United Kingdom.
Flora Stock plummeting since yesterday is a bit strange because we are unable to find any negative news which could justify its bad performance in the stock market. We hope that it will recover its loss before the weekend.