Financial Data and Key Metrics - Q2 2023 revenue was $21.5 million, a 140% increase compared to Q2 2022 [15] - H1 2023 revenue was $40.8 million, a 210% year-over-year increase [15] - Q2 2023 gross profit was $4.0 million, a 19% increase compared to Q2 2022 [15] - H1 2023 gross profit was $9.3 million, a 68% year-over-year increase [15] - Q2 2023 net loss was $44.6 million, primarily due to impairment expenses of $34.9 million, loss from discontinued operations of $7.6 million, and non-cash expenses of $1.2 million [17] - H1 2023 net loss was $48.5 million, consisting of impairment expenses of $34.9 million, loss from discontinued operations of $8.3 million, and non-cash expenses of $2.7 million [17] Business Line Data and Key Metrics - Just Brands operates in all 50 US states, 21 countries, and over 20,000 distribution points globally, offering products like gummies, Delta 8, and HHC [10] - Vessel is a leading brand in consumer technology, including vape pens, batteries, and accessories, with a premium product base and high customer loyalty [11] - Phatebo is a German-based distributor of patented brand pharmaceuticals, reaching 28 countries, with potential to become a key player in cannabis therapeutics in Europe [11] Market Data and Key Metrics - The global financial markets downturn, particularly in the cannabis sector, continues to challenge the industry [12] - The company remains optimistic about the long-term prospects of the cannabis sector, emphasizing the need for consolidation, cost reduction, and efficient business models [12] Company Strategy and Industry Competition - The company divested its Colombian operations and implemented $6.1 million in cost savings, including significant reductions in corporate overhead [8] - The company is focusing on cash flow diversity and growth in core businesses, which are expected to remain cash flow positive [9] - The company plans to continue cost-cutting and resource optimization without sacrificing performance [14] - The company is seeking additional financing to improve liquidity, viewing the current market as a generational opportunity for investment in the sector [18] Management Commentary on Operating Environment and Future Outlook - The company believes favorable regulatory outcomes for adult-use cannabis in the US and Europe could deliver significant upside in the future [9] - The company is confident in its trajectory and committed to delivering value to shareholders [18] Other Important Information - Just Brands formed an exclusive worldwide partnership with Hulk Hogan to produce and sell branded products, expected to be accretive to Flora [3] - The company expects to form additional partnerships with entertainers and celebrities in the near future [3] Q&A Session - No questions were asked during the Q&A session [20]
Flora Growth(FLGC) - 2023 Q2 - Earnings Call Transcript