- Kasa, Flora’s food and beverage division, announced that it had completed its first purchase order valued at approximately US$1.1m
- This fulfillment is in line with the sales agreement with Tropi, the largest distributor in Colombia, that dates back to July 2021 and is set to last for a year
- This initial sale demonstrated the company’s ability to follow through with its commitments
- Flora is also set to hold its earnings call for the first half of the 2021 fiscal year
- The virtual event is scheduled for Thursday, August 19, 2021, at 4:30 p.m. E.T.
Back in July 2021, Flora Growth (NASDAQ: FLGC), through its food and beverage division, Kasa Wholefoods Company S.A.S. (“Kasa”), inked a sales agreement with Importaciones y Asesorias Tropi S.A.S. (“Tropi”), the largest food and beverage distributor in Colombia. The agreement was intended to last up to one year, with Flora projecting revenue generation of up to US$10 million over that period (https://ibn.fm/pbAdx).
In August 2021, Kasa announced that it had completed the first purchase order in line with the agreement. The purchase order, valued at approximately US$1.1 million, marked a key milestone for Flora and also demonstrated the company’s ability to follow through with its commitments (https://ibn.fm/r2rj6). While making the announcement, Jason Warnock, the Chief Revenue Officer (“C.R.O.”) of Flora, noted:
“We believe this initial sale demonstrates Flora’s ability to rapidly follow through on its commitments and marks a major turning point for our Kasa Wholefoods division.”
He further added, “We expect this relationship with Tropi to generate significant revenue potential in both the short and long term as we build upon a relationship with the leading food and beverage distributor in Colombia.”
Flora is an internationally focused cannabis brand builder. It is known for leveraging natural, cost-effective cultivation practices to supply cannabis derivatives to its different product divisions, including pharmaceuticals, natural wellness, hemp textiles, cosmetics, food and beverage. The company also currently operates one of the largest outdoor cultivation facilities in the world. Its fundamental goal /is to market a higher-quality premium product at competitive market prices.
Tropi, on the other hand, is an enterprise committed to developing commercial and logistical strategies that allow for the positioning of consumer packaged goods (“C.P.G.”) across different categories through various distribution models, with a focus on the Colombian market. Since it was founded back in 1996, it has made a name for itself by offering healthy and quality products, excellent customer service, and commitment to meeting customers’ needs.
With this initial sale, Flora hopes to increase its monthly sales to US$2 million as it further ventures into the newly permitted product category of cannabis-containing ingestible products. This milestone is a move towards the company maximizing the value of the relationship with Tropi, allowing for its growth and expanding its product line.
Flora is also set to hold its earnings call for the first half of the 2021 fiscal year. The call, which will be held via webcast, is scheduled for Thursday, August 19, 2021, at 4:30 p.m. Eastern Daylight Time, right after market close (https://ibn.fm/FtBcT).
The webcast will have Flora’s management deliver financial results, offer operational updates and even comment on recent growth as well as mergers and acquisition (“M&A”) initiatives announced since the company got listed on NASDAQ back on May 11, 2021. The event will also have a question-and-answer session where investors, the media, and analysts can seek clarification or ask specific questions that they might have.
If you wish to participate in the webcast, you can register via this link: https://ibn.fm/IhJgn
If any member of the investment community needs access to a phone dial-in, please email flora@cmwmedia.com and one will be provided promptly. For those who would simply like to listen to the replay of the call, here are the available options:
Canada/USA: 1-844-512-2921
International Toll: 1-412-317-6671
Replay Access Code: 13722364
The replay dial-in service will be available after 7:30 p.m. Eastern Daylight Time until September 3, 2021
The live webcast will also be accessible online via the link shared above. It will then be archived and available on Flora’s website within approximately 24 hours.
For more information, visit the company’s website at www.FloraGrowth.ca.
NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://ibn.fm/FLGC
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