Flora Growth Stock (FLGC): Why The Price Substantially Went Up Today

By Amit Chowdhry ● Jan 24, 2022
  • The stock price of Flora Growth Corp (NASDAQ: FLGC) increased 14.83% today. This is why it happened.

The stock price of Flora Growth Corp (NASDAQ: FLGC) – a leading all-outdoor cultivator and manufacturer of global cannabis products and brands – increased 14.83% today. Investors responded positively to Flora Growth announcing the appointment of world-renowned cannabis genetics and cultivation expert Derek Pedro as an advisor to its Cosechemos cultivation facility. 

Pedro brings extensive experience as a cannabis industry pioneer, having consulted on cannabis genetics and cultivation in Canada, the US, Latin America, Europe, and China. And Pedro will build upon Flora’s existing register of high-THC and high-CBD strains to bring to market uniquely Colombian cannabis flower to both domestic and international markets.

The establishment of the genetics and cultivation advisor role comes as Flora is ramping up cannabis production, including its recently completed EU-GMP compliant extraction lab. The appointment of Pedro supports Flora’s continued adaptation of proven genetics to the unique Colombian climate, at one of the lowest cost bases in the world. And Pedro has worked with cannabis over three decades and developed and cultivated hundreds of strains, commercializing over 50 within the legal Canadian market, with many of his genetics still in circulation today. His high-THC strain “Pedro’s Sweet Sativa” was named top sativa flower in Canada by King Magazine.

Plus Pedro maintains his interests in cannabis businesses around the world and houses one of the largest libraries of cannabis genetics through Cannabio, a leading specialty genetics breeder. He had previously overseen WeedMD’s Canadian cultivation development and design as Chief Cannabis Officer, installing one of Canada’s first successful legal outdoor grows.

KEY QUOTES:

“As an internationally recognized industry expert and innovative cultivator, the appointment of Derek Pedro aligns perfectly with our goals to optimize our expanding Cosechemos facility operations and increase our varietal offering of cannabis flowers. Mr. Pedro has a well-earned reputation as one of the world’s leading experts on cannabis cultivation, and we are thrilled to have him join us as we develop our growing portfolio of brands and expand our global distribution.”

— Luis Merchan, President and CEO of Flora Growth Corp

“The Flora team has become a leader in the cannabis sector since their successful IPO in 2021 and continues to focus on growth and world class production into 2022. I am excited to join this talented team, contributing to the management of Cosechemos’ large-scale grow in Colombia, one of the most beautiful and well-designed EU-GMP built processing facilities I have visited across the world. We look to match both EU-GMP export capabilities with some of the most successful and sought-after genetics that were designed to be grown in equatorial Colombia.”

— Derek Pedro

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.