In This Story
Flora Growth Corp. (FLGC-8.72%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations as a multi-national cannabis company that manufactures and distributes consumer packaged goods and medicinal cannabis products.
Flora Growth's business strategy is centered on two core pillars: House of Brands and Commercial & Wholesale. The House of Brands includes products across various categories such as food and beverage, nutraceuticals, cannabis accessories, and personal care.
The Commercial & Wholesale segment focuses on the distribution of pharmaceutical products internationally, primarily through its subsidiary Phatebo, which operates in Germany.
For the fiscal year ended December 31, 2024, Flora Growth reported revenue of $59.5 million, a decrease from $76.1 million in the previous year. The decrease was primarily attributed to lower sales at JustCBD and Vessel.
The company reported a net loss of $15.9 million for the year, compared to a net loss of $56.3 million in the previous year. The improvement was due to lower operating expenses and the absence of losses from discontinued operations.
Flora Growth's balance sheet showed total assets of $26.2 million as of December 31, 2024, with total liabilities amounting to $21.7 million.
The company highlighted risks related to its business and industry, including the dynamic nature of cannabis laws, competition, and potential product liability claims.
Flora Growth's management has raised substantial doubt about the company's ability to continue as a going concern, citing the need for additional capital to fund operations and growth.
The filing also notes the company's focus on expanding its market presence and product offerings, as well as exploring strategic partnerships and acquisitions to drive growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Flora Growth Corp. annual 10-K report dated March 24, 2025. To report an error, please email earnings@qz.com.