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Flora Growth Corp (NASDAQ:FLGC) (FSE:7301) reported its financial and operating results Monday for the second quarter ended June 30. The Florida-based cannabis company disclosed revenue of $15.68 million, down from $21.46 million in the same period last year.
As per the regulatory filing, the company attributed the revenue decline to JustCBD's performance in the quarter, which had $4.4 million in sales. In the same period of 2023, JustCBD had $9.0 million in sales. This performance was caused by the company's 2023 decision to discontinue several unprofitable product lines as well as growing competition and market saturation.
The earnings report comes shortly after company listed on the Frankfurt Stock Exchange, with the goal of connecting with European investors.
“In the second quarter of 2024, we at Flora, demonstrated an aptitude to make accretive acquisitions and form strategic partnerships to capitalize on the most robust market trends," stated CEO Clifford Starke.
Starke was referring to the company's acquisition of Germany-based TruHC Pharma GmbH in response to the country's recent cannabis reform. In the United States, Flora Growth entered into a joint venture with Althea Group Holdings to capitalize on the rapid growth in the beverages market.
"Our operating expenses and cash flows used in operating activities have decreased notably across the board compared to the prior period. We ended the quarter with cash of $6.1 million and set the stage for a wide array of financing alternatives to further fuel our business plan," Starke said.
Read Also: Global Weed Business: Flora Buys Australian Vaporizers As IM Cannabis Doubles Down On Germany
Flora Growth shares closed Monday's market session 1.07% lower at $0.93 per share.
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Posted In: FLGC