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Here are 1-3 brief analogies to describe Flora Growth (FLGC):

• A global cannabis company, like an internationally focused Canopy Growth.
• A global producer and distributor of cannabis and cannabis-derived products, similar to how Altria or British American Tobacco operate in the tobacco space, but for cannabis.
• A large-scale, low-cost cultivator and processor of cannabis for global medical and consumer markets, like a cannabis-focused Tyson Foods.

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• Medical Cannabis Products: Cultivated cannabis flower, extracts, and oils primarily for pharmaceutical and therapeutic applications in regulated markets.
• Recreational Cannabis Products: A portfolio of cannabis products, including flower, vapes, and edibles, distributed for adult-use consumption in legal jurisdictions.
• CBD Wellness & Lifestyle Products: A diverse range of consumer goods such as tinctures, edibles, topicals, and skincare infused with CBD, offered under brands like JustCBD and Mind Naturals.

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Based on Flora Growth Corp.'s (FLGC) public filings, including its latest annual report (10-K for the fiscal year ended December 31, 2023), the company explicitly states: "No customer accounted for 10% or more of our total revenue for the years ended December 31, 2023 and 2022."

This indicates that Flora Growth does not have any single "major customer" company that accounts for a significant portion of its revenue, and therefore, specific corporate customer names cannot be identified or listed as major customers as per the prompt's condition. The company's revenue streams are diversified across multiple channels and a broad customer base.

Given the absence of individually significant corporate customers, and recognizing Flora Growth's diversified business model which includes both business-to-business (B2B) and business-to-consumer (B2C) sales, the company serves the following categories of customers:

1. Direct Consumers of Wellness and Lifestyle Products: This category primarily includes individuals who purchase Flora Growth's consumer packaged goods (CPG) from brands like Mind Naturals (skincare) and Mambe (food, wellness, accessories). These sales typically occur through e-commerce platforms or general retail channels, reaching individuals directly.

2. Licensed Cannabis Retailers and Dispensaries: Flora Growth sells its various cannabis products, including dried flower, oils, and other finished goods, to licensed cannabis dispensaries and retail stores in regulated markets. These businesses then distribute or sell the products to medical patients and adult-use consumers.

3. Other Cannabis Businesses (B2B Ingredients & Bulk): This category encompasses other licensed cannabis producers, manufacturers, and extractors who purchase bulk cannabis biomass, specific cannabis-derived ingredients (e.g., CBD, CBG isolates/distillates), or extracts from Flora Growth. These are used as raw materials or components for their own processing, product development, or inclusion in their branded offerings.

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Daniel Reis-Faria, Chief Executive Officer

Daniel Reis-Faria is a global technology entrepreneur, investor, and diplomat with over fifteen years of experience building and scaling companies across AI, blockchain, and cyber-security. He is the founder of Erebor Capital Inc., an investment firm with holdings spanning North America, Japan, Africa, Europe, and the Caribbean, focused on Big Data, Artificial Intelligence, Cyber Security, and Digital Assets. Reis-Faria was the founding CEO of OARO, Canada's leading aviation cyber-security company, where he pioneered large-scale deployment of blockchain biometric identity systems for airlines. He also originated and facilitated an investment deal that led to the creation of the first Solana Treasury Vehicle in the United States. He currently serves as CEO of FLGC ZeroStack, an international pharmaceutical distributor and digital asset treasury company, driving innovation at the intersection of public markets and decentralized finance. His work includes designing regulated token contribution frameworks, on-chain treasury strategies, and hybrid equity/token structures.

Dany Vaiman, Chief Financial Officer and Chief Accounting Officer

Dany Vaiman brings nearly two decades of experience in finance and capital markets. He joined Flora Growth in 2022 and has been instrumental in transforming the company into a digital asset treasury company, including a $400 million transaction related to the AI-driven $0G coin. Prior to his role at Flora Growth, Vaiman led Franchise Global Health's go-public on the Toronto Stock Exchange, which included its acquisition by Flora Growth.

Michael Heinrich, Executive Chairman

Michael Heinrich is recognized as a Forbes 40 under 40 entrepreneur who has started two "unicorn companies." He currently serves as the Executive Chairman of Zerostack and oversees 0G Labs (0g.ai), described as the largest AI Layer 1 powered by the first decentralized AI Operating System. Heinrich has a track record of generating over $200 million in revenue and raising more than $1 billion in capital. His strategic leadership has guided over 650 employees through volatile markets. His professional background includes experience at Microsoft, SAP Labs, Bain, and Bridgewater Associates. He has been recognized as a top technologist, top YCombinator company, and top entrepreneur, and is educated at Stanford, Harvard, and UC Berkeley.

Jason Warnock, Chief Revenue Officer

Jason Warnock is an experienced executive and global sales leader with over 20 years of experience in driving revenue growth and go-to-market strategies for high-profile, Fortune 500 brands. He has spent more than a decade in the cannabis industry. Prior to joining Flora Growth, Warnock served as the CEO of TheraCann International. His appointment as Chief Revenue Officer at Flora Growth was announced in June 2021, aiming to enhance the company's growth and commercialization.

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The company's management has expressed substantial doubt about its ability to continue operations due to ongoing financial challenges, including declining revenues, persistent net losses, increased liabilities, and a dwindling cash balance. Flora Growth requires significant additional capital to fund its operations and growth initiatives.

Another key risk stems from the highly dynamic and complex regulatory landscape of the cannabis industry. Changes in cannabis laws and regulations, both globally and locally, as well as shifts in public perception, could negatively impact the company's business. Furthermore, the federal prohibition of cannabis in certain key markets, such as the U.S., increases operational costs and tax burdens for cannabis businesses.

Finally, Flora Growth operates in an intensely competitive cannabis market. This competition comes from both established companies and new entrants, including potential involvement from the pharmaceutical industry. The market is also characterized by saturation and pricing pressures, which can hinder Flora Growth's ability to execute its business plan and achieve profitability.

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• Global Oversupply and Intensifying Competition: As more countries and companies worldwide establish and scale up cannabis cultivation and processing operations, there is an increasing risk of market oversupply. This emerging trend, coupled with ongoing regulatory hurdles for international trade, is creating significant downward pressure on wholesale cannabis prices globally. Even with Flora Growth's low-cost production capabilities in Colombia, a glut of supply can erode margins, hinder market share expansion, and make it challenging to maintain profitability in a commoditized market segment.
• Rapid Advancements in Controlled Environment Agriculture (CEA) and Precision Cultivation: Flora Growth's primary competitive advantage relies heavily on its low-cost outdoor cultivation in Colombia. However, the cannabis industry is experiencing rapid technological innovation in indoor, highly controlled cultivation methods, including vertical farming, AI-optimized hydroponics, and advanced LED lighting. These technologies are increasingly capable of producing exceptionally high-quality, consistent, and pure cannabis with precise cannabinoid profiles, potentially at costs that are becoming competitive with, or even superior to, outdoor cultivation when factoring in consistency, purity, and localized production closer to end markets. This technological evolution could diminish Flora Growth's outdoor cultivation cost advantage and challenge its ability to meet the stringent quality and consistency demands of discerning medical and premium recreational markets.

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Flora Growth (symbol: FLGC) operates in several key markets, primarily focusing on medicinal cannabis, cannabidiol (CBD) products, general wellness products, and the distribution of pharmaceutical goods, with a strong emphasis on medical cannabis in Europe. The addressable market sizes for their main products and services are outlined below:

Medicinal Cannabis and Cannabis Derivatives

• Global Medical Cannabis Market: The global medical cannabis market was valued at approximately USD 25.86 billion in 2024 and is projected to reach USD 133.73 billion by 2032.
• North America Legal Cannabis Market: The legal cannabis market in North America, which includes medical cannabis, was valued at USD 44.83 billion in 2024 and is estimated to reach USD 354.82 billion by 2033.
• European Medical Cannabis Market: The European medical cannabis market was valued at USD 2.5861 billion (USD 2,586.1 million) in 2024 and is expected to grow to USD 12.6529 billion (USD 12,652.9 million) by 2033.
• German Medical Cannabis Market: Germany's medical cannabis sales are expected to reach USD 450 million in 2024. The legal German cannabis market is projected to reach an estimated USD 4.6 billion by 2034.

Cannabidiol (CBD) Products

• Global CBD Market: The global cannabidiol (CBD) market was valued at USD 11.08 billion in 2024 and is projected to reach USD 51.43 billion by 2033.
• European CBD Market: The estimated market size of European CBD in 2024 is €1.97 billion (approximately USD 2.12 billion).

General Wellness Products

• Global Wellness Economy: The global wellness economy reached USD 6.3 trillion by the end of 2023 and is forecast to hit USD 9 trillion by 2028.
• North America Wellness Market: North America held the largest regional wellness market, valued at USD 2.2 trillion in 2023. The U.S. health and wellness market size was estimated at USD 2.31 trillion in 2025 and is expected to expand to approximately USD 3.70 trillion by 2034.
• European Wellness Market: The wellness market in Europe was valued at USD 1.7 trillion in 2023.

Pharmaceutical Products (Distribution)

Flora Growth's pharmaceutical segment focuses on the distribution of pharmaceutical products, including medical cannabis, particularly in Germany and across Europe.

• Global Pharmaceutical Industry: The global pharmaceutical industry was worth USD 1.6 trillion in 2023.

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1. Expansion into the THC-infused Beverage Market: Flora Growth launched its THC-infused beverage brand, Melo, in October and December 2024, distributing it through Total Wine & More, a major U.S. alcohol retailer. The company also introduced a THC-infused Cola in October 2024, expanding its portfolio in this rapidly growing market. Flora Growth anticipates substantial brand expansion for its THC-infused beverages as more states legalize THC products.
2. International Market Expansion, particularly in Germany: Flora Growth is optimistic about benefits from evolving cannabis regulations and legislative advancements in Germany, including new hemp legislation. The company is establishing a Parallel Import business in Germany to address the demand for affordable pharmaceuticals and has leased a warehouse in Hilzingen, Germany, to enhance its logistics capabilities in the EU. Additionally, a supply agreement with Curaleaf Holdings for the German market was reported in Q4 2024.
3. Growth of Recently Launched and Existing Product Lines: Flora Growth is actively expanding its product offerings within its existing brands. For instance, the JustCBD brand launched new Calm and Sleep Gummies in August 2024. Both the JustCBD and Vessel brands continue to expand their wholesale customer base, indicating ongoing efforts to grow market share for these established product lines.
4. U.S. Cannabis Regulatory Advancements: The company anticipates significant revenue benefits from potential regulatory changes and legislative advancements in the U.S., such as the Cannabinoid Safety and Regulations Act. Flora Growth is optimistic about leveraging federal rescheduling of cannabis to enhance its market presence across the United States.

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Share Repurchases

• Flora Growth Corp. announced a $5 million share repurchase program on June 16, 2022.
• This program authorized the repurchase of up to $5 million of outstanding common shares, with a limit of five percent of the total issued and outstanding shares.

Share Issuance

• On September 19, 2025, Flora Growth completed a private placement involving the issuance and sale of 116,340 common shares at $25.19 per share and 425,929 pre-funded warrants at $25.1899 per warrant, generating approximately $13.66 million in net proceeds from the cash private placement.
• The company filed a prospectus supplement on September 29, 2025, authorizing the sale of up to an additional $3,450,000 of common shares through an at-the-market (ATM) program.
• A 1-for-39 share consolidation was effected on August 3, 2025, with trading on a post-consolidation basis starting August 4, 2025, primarily to increase the bid price and regain compliance with Nasdaq listing requirements.

Inbound Investments

• On September 19, 2025, Flora Growth announced a $401 million funding round, which included a $22.88 million strategic investment from DeFi Development Corp. (DFDV).
• This private investment consisted of $366 million in digital assets and $35 million in cash and equivalent commitments.
• The primary purpose of this funding is to acquire $0G tokens, the native cryptocurrency of the 0G ecosystem, an AI-first blockchain platform, as part of a new digital asset treasury strategy.

Outbound Investments

• In 2021, Flora Growth made an initial equity investment of $2.4 million in HoshiCap, securing a 10% ownership in the Portuguese cannabis-cultivation facility.
• In May 2025, Flora Growth announced strategic investments in the crypto space, specifically in Ethereum, Solana, Sui, and Ripple.
• The company made a second purchase of 880,025 $0G tokens at an average price of $2.27 on October 21, 2025, contributing to a total holding of 123,418,360 $0G tokens, valued at approximately $231 million, as part of its 0G treasury strategy.

Capital Expenditures

• As of December 31, 2024, Flora Growth reported cash used in operating activities of $5.0 million.
• Approximately $20 million has been invested to date in constructing a world-class cannabis cultivation facility in Portugal through its investment in HoshiCap.
• A new financial partner for Hoshi agreed to take over capital expenditures and operational expenses in exchange for an equity stake, leading to the completion of the first phase of construction for a 1,200-square meter greenhouse with a production capacity of up to 1,500 kilograms per year.