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EXHIBIT 99.1

Flora Growth Corp.: Exhibit 99.1 - Filed by newsfilecorp.com

Flora Growth Corp. Reports Second Quarter 2023 Financial Results

FORT LAUDERDALE, FLORIDA – August 10, 2023 – Flora Growth Corp. (NASDAQ: FLGC) ("Flora" or the "Company"), a consumer-packaged goods leader and pharmaceutical distributor serving all 50 states and 28 countries with 20,000+ points of distribution around the world, reported today its financial and operating results for the three and six months ended June 30, 2023. All financial information is provided in U.S. dollars unless indicated otherwise.

“The second quarter marked a transitional phase for Flora. Our dedicated efforts were focused on cost reductions and resource optimization, the effects of which are expected to be felt in quarters to come. Throughout this rebuilding phase, we will continue to prioritize Flora as a leading consumer brand globally,” said Clifford Starke, Chief Executive Officer.

Financial and Operating Highlights for the Quarter

Flora generated $21.5 million in revenue, a 140% increase year-over-year.

Gross profit increased 19% year-over-year, to $4.0 million.

Net loss of $44.6 million. Net loss in the quarter includes the impact of impairment expenses of $34.9 million, losses on discontinued operations of $7.6 million, depreciation and amortization of $0.9 million and share-based compensation of $0.3 million.

Financial and Operating Highlights for the Year-to-Date

Flora generated $40.8 million in revenue, a 210% increase year-over-year.

Gross profit for increased 68% year-over-year, to $9.3 million.

Net loss of $48.5 million. Net loss in the period includes the impact of impairment expenses of $34.9 million, losses on discontinued operations of $8.3 million, depreciation and amortization of $1.7 million and share-based compensation of $1.0 million.

Board of Directors Update

Beverley Richardson, a member of the board of directors, has resigned from the Company.

Conference Call

A conference call hosted by senior management will be held on Tuesday, August 15, 2023 at 9:00 AM EST. Please join the conference call approximately ten minutes prior to the scheduled start time.

Dial-in details for the conference call are as follows:

Toll-Free (North America): 1-800-319-4610

International Toll: +1-604-638-5340

About Flora Growth Corp.

Flora Growth Corp. is a consumer-packaged goods leader and pharmaceutical distributor serving all 50 states and 28 countries with 20,000+ points of distribution around the world. For more information on Flora, visit www.floragrowth.com.

https://justcbdstore.com/

https://www.vesselbrand.com/

https://justcbdstore.uk/

https://www.phatebo.de/home-en

Investor Relations:

Investor Relations ir@floragrowth.com

Clifford Starke Clifford.Starke@floragrowth.com

Media:

media@floragrowth.com

Cautionary Statement Concerning Forward­ Looking Statements

This press release contains “forward looking statements,” as defined by federal securities laws. Forward-looking statements reflect Flora’s current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words “believe,” “expect,” “anticipate,” “will,” “could,” “would,” “should,” “may,” “plan,” “estimate,” “intend,” “predict,” “potential,” “continue,” and the negatives of these words and other similar expressions generally identify forward looking statements. Such forward looking statements are subject to various and risks and uncertainties, including those described under section entitled “Risk Factors” in Flora’s Annual Report on Form 10K filed with the SEC on March 31, 2023, as such factors may be updated from time to time in Flora’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in Flora’s filings with the SEC. While forward looking statements reflect Flora’s good faith beliefs, they are not guarantees of future performance. Flora disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. You should not place undue reliance on any forward-looking statements, which are based on information currently available to Flora (or to third parties making the forward-looking statements).

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PRESS RELEASE

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EXHIBIT 99.1

Flora Growth Reports First Quarter 2023 Financial Results

· Flora generated $20.1 million in revenue in Q1 2023, a 307% increase year-over-year.

· Gross profit for Q1 2023 increased 105% year-over-year, to $5.5 million.

· Posted a net loss of $3.9 million for Q1 2023 (decreased from Q1 2022). New leadership plans to further reduce expenses and focus on organic revenue growth.

FORT LAUDERDALE, FLORIDA – May 15, 2023 -- Flora Growth Corp. (NASDAQ: FLGC) (“Flora’’ or the “Company”), a global cultivator, manufacturer, and distributor of cannabis products and brands, reported today its financial and operating results for the quarter ended March 31, 2023. All financial information is provided in U.S. dollars unless indicated otherwise.

“As I take the reins of the organization, I am pleased to share the results of the first quarter of 2023, which included increased revenue generation for the Company,” said Hussein Rakine, newly appointed CEO of Flora. “The first quarter was focused on strengthening our operational performance, focusing on financial discipline, and optimizing the integrations of all our M&A transactions. Our House of Brands continued to be the primary revenue-generating pillar, posting sequential growth and steady margins. Our Commercial and Wholesale division was positively impacted by the addition of our German distribution business while our pharmaceutical initiatives continued to progress.”

Rakine continued, “However, the first quarter was not without its challenges which included impediments in our ability to export cannabis from Cosechemos, delays in the realization of operating expense reductions, and the prior period’s M&A-related transaction costs and liabilities, all affecting both the Company’s liquidity position and ability to fully realize our strategic plan for the quarter.

With respect to the challenges in exporting cannabis, we did not have the inventory of premium cannabis material required for the fulfillment of pending purchase orders and purchase intent notices in the first quarter. In addition, the export process from Colombia has proven to take longer and operate with less consistency than we had anticipated.  Additionally, despite implementing various cost-saving initiatives to lower operating expenses, the Company has not yet achieved its ultimate organization-wide cost-reduction goals. To address this challenge, we will continue exploring various strategies to reduce operating costs.”

Rakine noted, “If we are not successful in meeting our business plans we may continue to face cash flow deficiencies. As a result, we may explore debt, equity financing or strategic alternatives to fund continued operations.

My priority is to further optimize the organization, reduce spend and focus on organic growth in revenue areas which offer the highest margin contribution and return on investment. I look forward to sharing our progress in the coming months, as we seek to chart the path to unlock the most shareholder value possible. I would like to thank the Flora team for their hard work and for welcoming me into my new role.”

Q1 2023 Financial and Operational Summary

· 1Q2023 revenue of $20.1 million, representing a 307% increase year-over-year and the highest revenue-generating quarter in the Company’s history.

· Expanding revenue generation in the quarter and for the House of Brands segment, which contributed $14.2 million of the total revenue.

· The Commercial and Wholesale segment delivered nearly $8.0 million in revenue, driven by the German-based pharmaceutical distribution subsidiary.

· Gross profit for 1Q2023 increased by 105% year-over-year to $5.5 million.

· Gross margin was 27%, a decrease from 54% in 1Q2022. This expected reduction was primarily driven by the contribution of lower-margin sales in the German pharmaceutical distribution subsidiary.

· Adjusted EBITDA loss for 1Q2023 was $1.4 million, compared to a loss of $3.4 million in 1Q2022.

· Adjusted EBITDA margin for 1Q2023 improved to -7% from -69% in 1Q2022. This improvement is in line with our expectations for the quarter.

· Net loss for the period was $3.9 million, as compared to $7.6 million for Q12022, and net loss margin for Q12023 improved to -19% from -154% in Q12022.

· Operating expenses for Q12023 were $8.6 million, a 17% decrease year-over-year.

· As a percentage of sales, operating expenses for 1Q2023 decreased to 43% from 209% in 1Q2022.

· As of March 31, 2023, the Company had approximately $5.3 million in cash and cash equivalents as compared to $9.5 million as of December 31, 2022.

· Delays with revenue capture from Cosechemos, challenges in the realization of overhead reductions, and acquisition-related costs and liabilities continue to be the primary contributors to the Company’s liquidity position.

About Flora Growth Corp.

Flora Growth Corp. is a global cannabis company dedicated to bringing the benefits of ca

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PRESS RELEASE

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EXHIBIT 99.1

Flora Growth Reports 2022 Year-End Financial Results:

$37.2M in Revenue, 314% Growth Year-Over-Year

· Flora generated $37.2 million in revenue in FY2022, a 314% increase YoY

· Record Q4 2022 revenue increased to $11.5 million, a 7% sequential increase from Q3 2022

· Gross profit for FY2022 increased by 494%, from $2.4 million to $14.4 million YoY

· Company reaffirms its 2023 revenue guidance to range between $90 million - $105 million

· Flora management to host a webcast Monday, April 3, at 8:00 am ET

FORT LAUDERDALE, FLORIDA – March 31, 2023 -- Flora Growth Corp. (NASDAQ: FLGC) (“Flora'' or the “Company”), a leading cultivator, manufacturer and distributor of global cannabis products and brands, reported today its financial and operating results for the fiscal year ended December 31, 2022. All financial information is provided in U.S. dollars unless indicated otherwise.

“In 2022, we not only met our revenue guidance but reported both quarterly and annual record revenue. This accomplishment was thanks to the successful completion and integration of our M&A transactions, the compelling value proposition of our products in our House of Brands and the operational milestones we achieved throughout the year,” said Luis Merchan, Chairman and CEO of Flora. "It is important to note that we have accomplished all this despite having to navigate one of the most hostile business environments to date, especially for the cannabis industry. Nonetheless, we achieved both quarterly and annual record revenue, improved margins and increased our gross profits - all while cutting costs and improving operational efficiencies.”

“Today, I remain more confident than ever in Flora’s opportunity to not only be one of the largest players in the international cannabis industry but to change the global landscape of cannabis. I am proud to reaffirm the 2023 revenue guidance we shared earlier in the year of between $90 million and $105 million,” Merchan added.

FY2022 Financial Highlights

· For the FY2022, Flora generated $37.2 million in revenue, a 314% increase year-over-year. This was primarily driven by the House of Brands businesses. Additionally, in Q4 2022, revenue was $11.5 million, a 7% sequential increase from Q3 2022, driven primarily by organic growth.

· Gross profit for FY2022 increased by 494% year-over-year to $14.4 million.

· Gross margin improved year-over-year from 27% in FY2021 to 39% FY2022.

· Adjusted EBITDA loss for FY2022 was $18.3 million, up from $16.5 million in FY2021.

· Adjusted EBITDA margin for FY2022 improved to -49.3% from -184.2% in FY2021.

· Net loss for FY2022 was $52.6 million as compared to $21.4 million for FY2021 and net loss margin for FY2022 improved to -141.6% from -237.9% in FY2021.

· FY2022 capex decreased to $1.3 million from $4 million in the prior year. This decrease was primarily driven by the completion of larger projects in 2021, such as the build-out of the Company’s Colombian cannabis production facility, Cosechemos, while 2022 capital expenditures included smaller-scale projects focused on realizing operations at Cosechemos and Flora’s labs.

· Operating expenses for FY2022 were $67.7 million, of which almost half were due to non-cash charges, including an impairment charge of $26.2 million as well as depreciation and amortization, purchase price allocation, and share-based compensation charges.

· As a percentage of sales, operating expenses for 2022 decreased from 239% in FY2021 to 182% in FY2022.

· As of December 31, 2022, the Company had approximately $9.5 million in cash and cash equivalents as compared to $37.6 million as of December 31, 2021.

Adjusted EBITDA loss and Adjusted EBITDA margin are non-U.S. GAAP figures. A reconciliation of U.S. GAAP to non-U.S. GAAP financial measures has been provided in the section titled “About Non-GAAP Financial Measures”. Important disclosures regarding the use of non-U.S. GAAP supplemental financial measures are also included below.

2023 Outlook

· Flora’s 2023 revenue guidance of $90 million to $105 million reflects expected organic growth in the House of Brands division and expansion of the Commercial and Wholesale division’s capabilities.

· House of Brands and Commercial and Wholesale divisions expect roughly equal contributions to total revenue, while the Pharmaceutical division is expected to contribute up to 10% of total revenue.

· Flora continues to evaluate future M&A transactions that align with the goal of creating one of the world's largest end-to-end cannabis supply chains.

· The Company furthered its commitment to organizational and financial efficiencies, implementing internal cost controls and focusing on high-margin revenue generation.

Recent Operational Highlights

· Acquired Franchise Global Health (FGH), an international cannabis company with primary operations in Germany.

· Flora’s House of Brands saw an increase in customer base t