Gold prices hit 2-week high as Trump-Fed feud escalates with Cook firing
FORT LAUDERDALE - Flora Growth Corp. (NASDAQ: FLGC) (FSE: 7301), currently trading at $0.84 with a market capitalization of $15.5 million, has announced the appointment of Patrick Moloney as Head of Product Development for Vessel, its cannabis accessory brand. Moloney, with over 20 years of experience in product innovation, joins the company to further its growth in the premium accessories sector. According to InvestingPro analysis, the company is currently undervalued based on its Fair Value assessment.
Previously holding senior roles at companies like Dyson and British American Tobacco (NYSE:BTI), Moloney has a history of leading teams in developing consumer products, with a focus on design and strategy. His tenure at Dyson as Design Manager on New Product Innovation saw him responsible for iconic inventions such as the Dyson Supersonic Hairdryer and Dyson Airblade Tap. At British American Tobacco, he contributed to over 170 inventions and 120 patent filings. Flora Growth reported revenue of $64.15 million in the last twelve months, with analysts expecting sales growth in the current year.
In his new role at Vessel, Moloney will be responsible for overseeing product development, driving innovation, enhancing product quality, and reinforcing Vessel’s market position. The move underscores Flora’s commitment to delivering high-quality products and elevating its brand within the evolving cannabis accessories market.
Clifford Starke, CEO of Flora, expressed confidence in Moloney’s ability to lead Vessel’s product development, citing his exceptional track record and experience with leading consumer brands. Moloney shared his enthusiasm for his new position, emphasizing his commitment to developing products that enhance consumer experiences and set new industry standards.
Flora Growth Corp. positions itself as a leader in the international cannabis market, aiming to be the top NASDAQ small-cap company in the sector. The company serves a global market, distributing consumer-packaged goods and pharmaceuticals across all 50 states and 28 countries. While the company’s gross profit margin stands at 20.81%, InvestingPro data reveals multiple growth opportunities and challenges ahead. For deeper insights into Flora Growth’s financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers, along with 14 additional ProTips for this stock.
This announcement is based on a press release statement and contains forward-looking statements regarding Moloney’s potential impact on Vessel’s growth and market position. These statements are not guarantees of future performance and are subject to risks and uncertainties, though analysts project the company will return to profitability this year, with an EPS forecast of $0.15 for fiscal year 2024.
In other recent news, Flora Growth Corp. has been making significant moves in its operations and leadership structure. The pharmaceutical preparations company awarded key team members with restricted stock awards (RSAs) and stock appreciation rights (SARs) as part of its 2022 Incentive Compensation Plan. This strategy aims to incentivize and retain top leadership within the organization.
Flora Growth also announced changes to its board and executive team, appointing Sammy Dorf as a non-independent director and Executive Chairman of the Board, and Manfred Leventhal as an independent director. These appointments are expected to strengthen the company’s strategic direction.
In addition, the company terminated its At-The-Market Issuance Sales Agreement with Aegis Capital Corp., signaling a change in its capital raising strategy. Subsequently, Flora Growth entered into a new offering of common shares, aiming to raise approximately $709,750 in gross proceeds.
These developments reflect the company’s continuous efforts to align its operations with its long-term performance goals. The information is based on recent SEC filings and press releases from the company.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.