Flora Growth Corp. (NASDAQ: FLGC) Subsidiary Introduces New Dry Herb Consumer Products; Issues 2022 Revenue Guidance of $35-45 Million

December 16, 2021 14:02:27
  • Flora Growth’s subsidiary, Vessel Brand, recently introduced new products for dry herb consumption and anticipates releasing additional products in 2022
  • FLGC acquired Vessel in a transaction that closed in November
  • Founded in 2018, Vessel is an industry leader in the cannabis consumer technology and accessories space
  • Flora Growth also announced a 2022 revenue guidance of $35-45 million
  • CEO Luis Merchan held a webinar on December 14 in which he highlighted the company’s 2021 operational performance, commented on the revenue guidance, and fielded questions
Flora Growth (NASDAQ: FLGC), an internationally focused company committed to delivering the most compelling customer experiences in the world through its collection of plant-based wellness and lifestyle brands, is building an ecosystem of products that will support market-leading innovation within categories that matter most to consumers exploring plant-based consumer goods. In fulfilling this objective as well as its operational tenet ‘lead by design’, Flora Growth recently announced its wholly owned subsidiary, Vessel Brand, had introduced a robust portfolio of new products for dry herb consumption (https://cnw.fm/JaFzc). The products include Helix, a patent-pending one-hitter made of pure brass for the cleanest inhalation and featuring a spiralized interior that doubles the length of the smoke path and filters as residue builds up; Eclipse Kit, an all-in-one dry herb smoking kit that includes a Drift case, a one-hitter, an inverted Carbon lighter, and a Basin stash jar; Ash, an exquisite and artful ashtray made with concrete and genuine walnut; and Grinder, a four-piece premium grinder made with precision-engineered aluminum and magnetic closures for easy use. Vessel anticipates releasing other new dry herb accessories in 2022, including a small, lightweight grinder with wood inlay and textured grip. “At Vessel, we work tirelessly to set new industry standards and look forward to continuing to deliver on that brand promise within the dry herb market,” said Vessel CEO and Founder James Choe. “These new products are just the beginning of what Vessel has in store for consumers across the globe.” Acquired by Flora Growth in a transaction that closed in November, Vessel is an industry leader in cannabis consumer technology and accessories. The company strives to develop and offer products that elevate and personalize the consumption experience while delivering the best performance. Since its establishment in 2018, Vessel has witnessed rapid revenue growth by leveraging a go-to-market strategy for direct-to-consumer sales in the United States and global cannabis market. Its trailing 12-months revenue stood at $6.6 million, representing a 90% year-over-year increase (https://cnw.fm/KjKJM). Vessel finds continued success by bringing to market innovative products and experiences that raise users’ expectations – the recently announced products, as well as those slated for launch in 2022, attest to this. Meanwhile, revenues from Vessel as well as Flora’s other operating divisions, including wholesale cannabis revenues from its Cosechemos farm in Colombia, contributed to a 2022 revenue guidance of $35-45 million issued in a December 6 press release (https://cnw.fm/LQeWc). Flora subsequently held a webinar on December 14, in which CEO Luis Merchan updated shareholders and listeners on the company’s operational performance for 2021 to date, provided additional comments on the revenue guidance, and fielded questions. As an internationally focused cannabis brand builder, Flora Growth has expanded its product offerings, assets, and brand portfolio through investments and acquisitions. So far, the brands and assets affiliated with the company can be found within the cannabis and hemp, food and beverage, skincare and cosmetics, lifestyle and apparel, ancillary and technology (under which Vessel falls), and nutraceuticals and wellness spaces. Along with the design-led approach, which combines product design, user experience (“UX”), packaging, and social and environmental thoughtfulness to promote customer experience and engagement, Flora Growth focuses on building an experienced workforce as well as a community of customers. For more information, visit the company’s website at www.FloraGrowth.ca. 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