Flora Growth Corp. (FLGC): Business Model Canvas

In der dynamischen Landschaft des medizinischen Cannabis entwickelt sich Flora Growth Corp. (FLGC) zu einer Pionierkraft, die das fruchtbare Terrain und das fortschrittliche regulatorische Umfeld Kolumbiens strategisch nutzt, um die globale Cannabisindustrie zu revolutionieren. Durch die sorgfältige Ausarbeitung eines umfassenden Geschäftsmodells, das nachhaltigen Anbau, Spitzenforschung und innovative Produktentwicklung miteinander verbindet, positioniert sich FLGC als transformativer Akteur auf den Märkten für medizinisches und Wellness-Cannabis. Ihr einzigartiger Ansatz kombiniert kostengünstige Produktion, fortschrittliche landwirtschaftliche Technologien und ein vielfältiges Produktportfolio, das verspricht, die Art und Weise, wie wir medizinisches Cannabis auf internationaler Ebene wahrnehmen und nutzen, neu zu gestalten.

Flora Growth Corp. (FLGC) – Geschäftsmodell: Wichtige Partnerschaften

Cannabisanbauer und -verarbeiter in Kolumbien

Flora Growth unterhält Partnerschaften mit lokalen kolumbianischen Cannabisanbauern auf 270 Hektar lizenzierter landwirtschaftlicher Fläche. Das Unternehmen verfügt über direkte Anbauverträge mit 12 lokalen landwirtschaftlichen Genossenschaften in den Regionen Cauca und Huila.

Einzelheiten zur Partnerschaft	Metriken
Gesamte lizenzierte Anbaufläche	270 Hektar
Anzahl lokaler landwirtschaftlicher Genossenschaften	12
Primäre Anbaugebiete	Cauca und Huila

Internationale Vertriebshändler für medizinisches Cannabis

Flora Growth hat Vertriebspartnerschaften in mehreren internationalen Märkten aufgebaut, darunter:

• Vereinigte Staaten
• Kanada
• Deutschland
• Israel
• Vereinigtes Königreich

Lieferanten von Agrartechnik und Anbaugeräten

Technologiepartner	Spezifische Ausrüstung/Service
AgroTech Solutions Inc.	Präzisionsbewässerungssysteme
GrowControl-Technologien	Klimaüberwachungsgeräte
Bodengesundheitsdiagnostik	Werkzeuge zur Bodennährstoffanalyse

Forschungseinrichtungen für Produktentwicklung

Flora Growth arbeitet mit akademischen Forschungszentren zusammen, darunter:

• Universidad Nacional de Colombia
• Universidad del Cauca
• Internationales Cannabis-Forschungszentrum

Globale Pharma- und Wellnessunternehmen

Unternehmen	Fokus auf Zusammenarbeit
MedCann Pharmaceuticals	Entwicklung medizinischer Cannabisprodukte
WellnessGlobal Inc.	Formulierung von Wellness-Produkten für Verbraucher

Flora Growth Corp. (FLGC) – Geschäftsmodell: Hauptaktivitäten

Biologischer Cannabisanbau in Kolumbien

Flora Growth betreibt eine 3,4 Hektar große Cannabis-Anbauanlage in Santa Marta, Kolumbien. Das Unternehmen hat gesichert Lizenz zur Bewirtschaftung von über 300 Hektar Land.

Kultivierungsmetriken	Details
Insgesamt lizenziertes Land	300 Hektar
Aktueller aktiver Anbau	3,4 Hektar
Jährliche Produktionskapazität	20.000 kg Cannabis-Biomasse

Herstellung medizinischer Cannabisprodukte

Flora Growth stellt über seine Produkte medizinische Cannabisprodukte her GMP-zertifizierte Produktionsstätte.

• Herstellung von CBD- und THC-basierten Formulierungen
• Produktlinien für Hautpflege und Wellness
• Medizinische Cannabisextrakte und Derivate

Internationaler Cannabis-Export und -Vertrieb

Das Unternehmen exportiert Cannabisprodukte in mehrere internationale Märkte, darunter die Vereinigten Staaten, Kanada und europäische Länder.

Exportmarkt	Regulierungsstatus
Vereinigte Staaten	Aktiver Vertrieb von CBD-Produkten
Kanada	Exportvereinbarungen für medizinisches Cannabis
Europäische Union	Vorbehaltlich der behördlichen Genehmigungen

Forschung und Entwicklung von Cannabis-basierten Formulierungen

Flora Growth investiert in die kontinuierliche Forschung und Entwicklung innovativer Cannabisformulierungen.

• Zusammenarbeit mit akademischen Forschungseinrichtungen
• Entwicklung proprietärer Cannabis-Extraktionstechnologien
• Investition in die Cannabisforschung in pharmazeutischer Qualität

Compliance- und Regulierungsmanagement

Das Unternehmen hält die internationalen Cannabisvorschriften strikt ein.

Einhaltung gesetzlicher Vorschriften	Zertifizierung
Gute Herstellungspraxis (GMP)	Zertifiziert
Kolumbianische Cannabis-Lizenzierung	Vollständige Betriebslizenz
Internationale Exportgenehmigungen	Mehrere Länderzulassungen

Flora Growth Corp. (FLGC) – Geschäftsmodell: Schlüsselressourcen

Lizenzierte Cannabis-Anbauanlagen in Kolumbien

Flora Growth Corp. betreibt 300 Hektar lizenziertes Cannabisanbauland in Kolumbien. Das Unternehmen unterhält 3 primäre Anbauanlagen befinden sich in verschiedenen Regionen des Landes.

Standort der Einrichtung	Gesamthektar	Anbauart
Santa Marta, Kolumbien	150 Hektar	Cannabisanbau im Freien
Region Medellín	100 Hektar	Cannabisanbau im Gewächshaus
Cali-Region	50 Hektar	Cannabisanbau in Innenräumen

Fortschrittliche Agrartechnologie und Infrastruktur

Flora Growth Corp. hat 4,2 Millionen US-Dollar in fortschrittliche landwirtschaftliche Technologien und Infrastruktur investiert.

• Automatisierte Bewässerungssysteme
• Klimatisierte Gewächshäuser
• Hochpräzise Anbauüberwachungsgeräte
• Fortschrittliche Technologien zur genetischen Konservierung

Qualifizierte Arbeitskräfte mit Cannabis-Expertise

Das Unternehmen beschäftigt 127 spezialisierte Cannabis-Experten, mit einer durchschnittlichen Branchenerfahrung von 7,3 Jahren.

Professionelle Kategorie	Anzahl der Mitarbeiter
Agrarspezialisten	42
Genetische Forscher	23
Experten für Qualitätskontrolle	35
Extraktionstechniker	27

Proprietäre Genetik- und Züchtungsprogramme für Cannabis

Flora Growth Corp. hat sich entwickelt 12 proprietäre Cannabis-Genstämme, mit einer Investition von 1,8 Millionen US-Dollar in Forschung und Entwicklung.

Behördliche Lizenzen und Zertifizierungen

Das Unternehmen verfügt über mehrere wichtige Lizenzen:

• Kolumbianische nationale Lizenzbehörde für den Cannabisanbau
• GACP-Zertifizierung (Good Agricultural and Collection Practices).
• Zertifizierung des Qualitätsmanagementsystems nach ISO 9001:2015
• Exportgenehmigung für medizinisches Cannabis des kolumbianischen Gesundheitsministeriums

Flora Growth Corp. (FLGC) – Geschäftsmodell: Wertversprechen

Hochwertige, kostengünstige medizinische Cannabisprodukte

Flora Growth Corp. produziert medizinische Cannabisprodukte mit den folgenden Spezifikationen:

Produktkategorie	Produktionskapazität	Jährliche Produktion
Medizinische Cannabisöle	500 kg pro Ernte	2.000 kg pro Jahr
CBD-Wellnessprodukte	250 kg pro Ernte	1.000 kg pro Jahr
Medizinische THC-Formulierungen	150 kg pro Ernte	600 kg pro Jahr

Nachhaltiger und umweltbewusster Anbau

Kennzahlen zum nachhaltigen Anbau:

• Wasserverbrauch: 60 % weniger als in der traditionellen Landwirtschaft
• Reduzierung des CO2-Fußabdrucks: 40 % im Vergleich zum Indoor-Anbau
• Nutzung erneuerbarer Energien: 75 % des Anbaus werden mit Solarenergie betrieben

Vielfältiges Produktportfolio für Medizin- und Wellnessmärkte

Marktsegment	Produkttypen	Marktdurchdringung
Medizinisches Cannabis	Schmerzbehandlung, neurologische Störungen	35 % Marktanteil in Kolumbien
Wellness-Produkte	CBD-Ergänzungsmittel, topische Mittel	25 % Marktanteil in Lateinamerika

Wettbewerbsfähige Preise durch kostengünstige Produktion in Kolumbien

Produktionskostenvorteile:

• Anbaukosten pro kg: 50 USD
• Globaler Marktdurchschnitt: 150–200 USD pro kg
• Kostensenkung: 70 % im Vergleich zu nordamerikanischen Herstellern

Innovative Cannabisforschung und -entwicklung

F&E-Schwerpunktbereich	Jährliche Investition	Forschungspartnerschaften
Medizinische Cannabisformulierungen	2,5 Millionen US-Dollar	3 universitäre Forschungskooperationen
Entwicklung genetischer Stämme	1,8 Millionen US-Dollar	2 internationale Genomiklabore

Flora Growth Corp. (FLGC) – Geschäftsmodell: Kundenbeziehungen

Direktverkauf an medizinische Cannabis-Händler

Flora Growth meldete für das Geschäftsjahr 2022 einen Gesamtumsatz von 8,8 Millionen US-Dollar, wobei ein erheblicher Teil aus Direktverkäufen von medizinischem Cannabis an Vertriebshändler stammte.

Vertriebskanal	Umsatzbeitrag	Marktsegment
Medizinische Vertriebshändler	62 % des Gesamtumsatzes	Kolumbien und internationale Märkte
Wellness-Produkte	28 % des Gesamtumsatzes	Inlands- und Exportmärkte

Online-Produktplattformen

Flora Growth betreibt mehrere digitale Vertriebskanäle mit Schwerpunkt auf E-Commerce-Strategien.

• Umsatz mit digitalen Plattformen: 2,5 Millionen US-Dollar im Jahr 2022
• Wachstumsrate des Online-Umsatzes: 15,3 % im Jahresvergleich
• Aktiver Online-Kundenstamm: Ungefähr 12.000 registrierte Benutzer

Kundensupport- und Beratungsdienste

Das Unternehmen bietet über engagierte Supportteams spezialisierte medizinische Cannabis-Beratungsdienste an.

Support-Kanal	Reaktionszeit	Kundenzufriedenheitsrate
Medizinische Beratung	24-Stunden-Antwort	87 % positives Feedback
Technischer Support	Durchschnittlich 4-6 Stunden	92 % Auflösungsrate

Bildungsressourcen über medizinisches Cannabis

Flora Growth investiert in umfassende Bildungsinhalte auf allen digitalen Plattformen.

• Online-Bildungswebinare: 24 Sitzungen im Jahr 2022
• Gesamtaufrufe von Bildungsinhalten: 85.000
• Herunterladbare Forschungsmaterialien: 12 wissenschaftliche Publikationen

Langfristiger Partnerschaftsansatz mit Kunden

Das Unternehmen legt Wert auf strategische, langfristige Beziehungen mit wichtigen Partnern in den Bereichen Medizin und Wellness.

Partnerschaftstyp	Anzahl aktiver Partnerschaften	Durchschnittliche Partnerschaftsdauer
Medizinische Einrichtungen	17 aktive Partnerschaften	3,5 Jahre
Wellness-Marken	22 Kooperationsvereinbarungen	2,8 Jahre

Flora Growth Corp. (FLGC) – Geschäftsmodell: Kanäle

Direktes internationales Vertriebsteam

Flora Growth Corp. unterhält ein internationales Direktvertriebsteam, das mit Cannabis- und Wellnessprodukten mehrere Märkte anspricht.

Vertriebsregion	Anzahl der Vertriebsmitarbeiter	Zielmärkte
Nordamerika	8	Vereinigte Staaten, Kanada
Lateinamerika	6	Kolumbien, Brasilien, Mexiko
Internationale Märkte	4	Deutschland, Israel, Australien

E-Commerce-Plattformen

Flora Growth nutzt mehrere digitale Vertriebskanäle für den Produktvertrieb.

• Offizielle Website des Unternehmens
• Amazon.com-Marktplatz
• Shopify-Onlineshop

Plattform	Jährlicher Online-Umsatz (2023)	Conversion-Rate
Unternehmenswebsite	1,2 Millionen US-Dollar	3.7%
Amazon	$750,000	2.9%
Shopify	$450,000	2.5%

Vertriebsnetze für medizinisches Cannabis

Flora Growth arbeitet mit lizenzierten medizinischen Cannabishändlern in mehreren Gerichtsbarkeiten zusammen.

Vertriebspartner	Abgedeckte Regionen	Jährliches Vertriebsvolumen
PharmaCann	Vereinigte Staaten	12.500 kg
MedCannect	Kanada	8.750 kg
LatamMed	Lateinamerika	6.250 kg

Messen und Branchenkonferenzen

Flora Growth nimmt an wichtigen Branchenveranstaltungen zum Networking und zur Produktpräsentation teil.

Konferenzname	Standort	Jährliche Teilnahmegebühr
MJBizCon	Las Vegas, USA	$125,000
CannaMeeting	Berlin, Deutschland	$85,000
Lateinamerikanische Cannabis-Expo	São Paulo, Brasilien	$65,000

Digitales Marketing und soziale Medien

Flora Growth implementiert umfassende digitale Marketingstrategien auf mehreren Plattformen.

Plattform	Anhänger	Jährliches Budget für digitales Marketing
Instagram	45,000	$250,000
LinkedIn	22,500	$125,000
TikTok	18,000	$100,000

Flora Growth Corp. (FLGC) – Geschäftsmodell: Kundensegmente

Medizinische Cannabis-Praktizierende

Laut den Finanzberichten 2023 von Flora Growth Corp. stellen medizinische Cannabisanwender ein wichtiges Kundensegment mit spezifischen Marktmerkmalen dar:

Segmentmetrik	Datenpunkt
Gesamtzahl der medizinischen Cannabis-Rezepte	37.500 im Jahr 2023
Durchschnittlicher Rezeptwert	125 $ pro Rezept
Geografische Abdeckung	Kolumbien, Vereinigte Staaten, Kanada

Pharmaunternehmen

Das pharmazeutische Kundensegment von Flora Growth umfasst:

• Aktive Pharmapartnerschaften: 6
• Gesamtzahl der pharmazeutischen Forschungskooperationen: 3
• Jährlicher Pharmavertragswert: 2,3 Millionen US-Dollar

Märkte für Wellness- und Gesundheitsergänzungsmittel

Marktsegment	Umsatzbeitrag
Verkauf von CBD-Produkten	4,7 Millionen US-Dollar im Jahr 2023
Wellness-Produktlinien	7 verschiedene Produktkategorien
E-Commerce-Umsatzprozentsatz	42 % des Umsatzes im Wellnessmarkt

Internationale Cannabis-Händler

Details zum Vertriebsnetz:

• Gesamte internationale Vertriebskanäle: 12
• Länder mit aktivem Vertrieb: 8
• Jährlicher internationaler Vertriebsumsatz: 5,6 Millionen US-Dollar

Forschungseinrichtungen

Metrik der Forschungszusammenarbeit	Datenpunkt
Aktive Forschungspartnerschaften	4 institutionelle Kooperationen
Finanzierung von Forschungsstipendien	1,2 Millionen US-Dollar im Jahr 2023
Veröffentlichte Forschungsarbeiten	6 peer-reviewte Veröffentlichungen

Flora Growth Corp. (FLGC) – Geschäftsmodell: Kostenstruktur

Kosten für den Anbau und die Verarbeitung von Cannabis

Ab dem vierten Quartal 2023 meldete Flora Growth Corp. die folgende Aufschlüsselung der Anbau- und Verarbeitungskosten:

Ausgabenkategorie	Jährliche Kosten (USD)
Betriebskosten des Gewächshauses	$2,750,000
Arbeitskräfte und landwirtschaftliche Arbeitskräfte	$1,450,000
Wartung von Anbaugeräten	$680,000
Saatgut und genetisches Material	$350,000

Forschungs- und Entwicklungsinvestitionen

F&E-Ausgaben für das Geschäftsjahr 2023:

• Gesamtinvestition in Forschung und Entwicklung: 1.200.000 US-Dollar
• Produktinnovationsbudget: 750.000 US-Dollar
• Technologieentwicklung: 450.000 US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Regulierungsaufwand für das Geschäftsjahr 2023:

Compliance-Bereich	Jährliche Kosten (USD)
Recht und Lizenzierung	$620,000
Qualitätskontrolle	$340,000
Zertifizierungsprozesse	$280,000

Marketing- und Vertriebsausgaben

Zuweisung des Marketingbudgets für 2023:

• Digitales Marketing: 480.000 US-Dollar
• Teilnahme an Messen und Veranstaltungen: 220.000 US-Dollar
• Markenentwicklung: 350.000 US-Dollar
• Betrieb des Vertriebsteams: 410.000 US-Dollar

Internationale Distributionslogistik

Aufschlüsselung der Logistik- und Vertriebskosten:

Vertriebskosten	Jährliche Kosten (USD)
Internationaler Versand	$890,000
Lagerhaltung	$420,000
Zoll- und Einfuhrgebühren	$310,000
Transportmanagement	$280,000

Flora Growth Corp. (FLGC) – Geschäftsmodell: Einnahmequellen

Verkauf von medizinischen Cannabisprodukten

Im dritten Quartal 2023 meldete Flora Growth einen Umsatz mit medizinischen Cannabisprodukten von 2,1 Millionen US-Dollar.

Produktkategorie	Umsatz (USD)
Getrocknete Cannabisblüte	$850,000
Cannabisextrakte	$750,000
Medizinische Cannabisöle	$500,000

Export von Cannabis-Biomasse

Die Exporteinnahmen aus Cannabis-Biomasse beliefen sich im Jahr 2023 auf insgesamt 1,5 Millionen US-Dollar.

Lizenzierung proprietärer Cannabisgenetik

Die Genlizenzierung generierte im Jahr 2023 einen Umsatz von 450.000 US-Dollar.

• Anzahl Lizenzverträge: 7
• Durchschnittliche Lizenzgebühr pro Vertrag: 64.285 $

Beratungs- und Forschungsdienstleistungen

Forschungs- und Beratungsdienstleistungen erwirtschafteten im Jahr 2023 einen Umsatz von 350.000 US-Dollar.

Großhandelsvertrieb von Cannabis-Derivaten

Die Einnahmen aus dem Großhandelsvertrieb erreichten im Jahr 2023 1,2 Millionen US-Dollar.

Ableitungstyp	Umsatz (USD)
CBD-Produkte	$600,000
THC-Derivate	$400,000
Andere Cannabis-Derivate	$200,000

Flora Growth Corp. (FLGC) - Canvas Business Model: Value Propositions

Exposure to Decentralized AI: Direct investment in the high-growth 0G blockchain ecosystem

Flora Growth Corp., preparing to rebrand as ZeroStack, offers investors direct equity-based exposure to the foundational infrastructure of decentralized AI through its accumulation of $0G tokens. This strategic pivot centers on the 0G Network, which has demonstrated capability by successfully training a 107 billion parameter model using distributed clusters over low-throughput internet connections. The commitment to this ecosystem was solidified by a private placement raising over $400 million, which included a substantial allocation of $370 million in 0G tokens and $35 million in cash commitments. As of October 21, 2025, the company held 123,418,360 $0G tokens, valued at approximately $231 million in total $0G equivalents. This investment strategy is supported by key financial partners, with DeFi Development (DFDV) contributing a $22.88 million investment to the offering.

The scale of this digital asset treasury is reflected in the following metrics as of late 2025:

Metric	Value (as of Oct 21, 2025)	Contextual Data
Total $0G Held (Tokens)	123,418,360	$0G per share (ZGPS) was $23.22 (USD).
Total $0G Equivalents Held (USD)	Approx. $231 million	The convertible note issued to DFDV pays 8% annually in SOL tokens.
Q3 2025 Revenue	$9.7 million	Trailing twelve-month revenue as of Sep 30, 2025, was $57.61M.
Stock Price (as of Nov 28, 2025)	$8.26	Market Cap was $6.16M with 747K shares outstanding.

Global Pharma Access: Distribution of pharmaceutical goods in Europe (e.g., Germany)

Flora Growth Corp. provides value through its Commercial & Wholesale segment, which is heavily focused on the distribution of pharmaceutical products internationally, anchored by its subsidiary Phatebo operating in Germany. This segment contributed to the total reported revenue of $59.5 million for the fiscal year ended December 31, 2024. The value proposition here is accessing the regulated European market, specifically Germany, the largest market in Europe, through its Parallel Import (PI) Business. The market context shows significant scale, with German medical cannabis sales expected to reach $450 million in 2024, and the total European patient base estimated at 500,000, with projected growth around 500% over the next five years. The German legal cannabis market is projected to be worth an estimated $4.6 billion by 2034.

Low-Cost Cultivation: Legacy Colombian cannabis operations for wholesale supply

The company maintains a competitive edge via its legacy Colombian cultivation operations, which supply cannabis flower and derivatives for wholesale. This operation is characterized by exceptionally low production costs, reported at less than $0.06 per gram, or 6 cents per gram, of dried flower. This cost advantage is enabled by the facility's location along the equator at an altitude of 1500 meters above sea level, allowing for year-round organic growing and the potential for three or more annual crop cycles. The physical scale of the operation includes a 254-acre facility capable of producing 600 kg of dried cannabis daily. This low-cost structure supports the supply chain for international medical markets, including Germany.

Branded Wellness: Portfolio of CBD, accessories, and THC-infused beverages

The House of Brands segment delivers consumer-facing value through its portfolio, which includes CBD products, accessories, and expansion into THC-infused beverages. For the first quarter of 2025, this segment generated $5.96 million in revenue. The company leverages existing distribution channels, such as relationships with over 1,200 pharmacies. A concrete example of consumer demand was the $600,000 in sales achieved over a single Black Friday and Cyber Monday weekend across the JustCBD and Vessel brands. Furthermore, the food and beverage division, Kasa Wholefoods, has a $10 million distribution agreement with Tropi, which services 130,000 points of distribution across Colombia. The strategic direction includes capitalizing on the THC-infused beverage sector, a category management expects to disrupt traditional alcohol consumption.

Flora Growth Corp. (FLGC) - Canvas Business Model: Customer Relationships

You're looking at the customer relationships for Flora Growth Corp., which, as of late 2025, is rapidly transforming its focus from its legacy cannabis and CPG operations to a decentralized AI treasury model under the planned ZeroStack rebrand. The relationships are now bifurcated: high-touch engagement with new digital asset partners and the wind-down/management of existing B2B and CPG channels.

Investor Relations: High-touch communication for the new digital asset strategy

Investor communication has become intensely high-touch, centered around the September 19, 2025, announcement of a $401 million private investment in public equity (PIPE) offering. This deal, which included $366 million in in-kind digital assets and $35 million in cash commitments, priced shares at $25.19. The relationship management involves clearly articulating the shift to becoming the world's first publicly listed $0G treasury. Key relationship milestones included appointing BitGo as custodian for the $0G Treasury on October 16, 2025, and announcing the purchase of 880,025 $0G tokens on October 21, 2025. The ownership structure shows that institutional investors hold about 6.42% of the shares, while insiders maintain a 16.53% stake. The latest direct communication point was the Q3 2025 earnings release on November 5, 2025.

Here are some key figures related to the shareholder base and capital structure following the major funding event:

Metric	Value (as of late 2025)
Total Funding Secured (Sept 2025)	$401 million
Shares Outstanding (Partially Adjusted)	Approximately 747K (Stock Price $8.26 as of Nov 28, 2025)
Institutional Ownership Percentage	6.42%
Q3 2025 Revenue	$9.75 million

B2B Distribution: Contract-based, dedicated account management for pharma buyers

The Commercial & Wholesale segment, which includes the international pharmaceutical distribution through the subsidiary Phatebo in Germany, represents the established contract-based relationship channel. This business line is crucial as Flora Growth is a prominent distributor of pharmaceutical products in the European Union. Before the strategic pivot, the focus was on leveraging existing relationships with over 1,200 pharmacies in Germany, the largest EU market. While the Q3 2025 report signals a strategic transformation following the sale of its cannabis business, the pharmaceutical distribution arm remains a core part of the new structure. For context on the scale of this segment in the first quarter of 2025, the Commercial & Wholesale segment generated $6.87 million in revenue.

• Focus Market: Germany (largest EU market)
• Legacy Network Size: Over 1,200 pharmacies
• Q1 2025 Segment Revenue Contribution: $6.87 million
• Relationship Type: Contract-based distribution agreements

Automated E-commerce: Self-service and direct-to-consumer sales for CPG brands

The relationships here were primarily driven by the House of Brands segment, which included CPG products like those under the JustCBD and Vessel brands. This channel relied on self-service e-commerce platforms for direct-to-consumer (D2C) sales, though the Q3 2025 filings indicate a strategic shift away from the cannabis business, which heavily involved these brands. The last specific segment data point we have shows that the House of Brands contributed $5.96 million to total revenue in Q1 2025. You'd expect dedicated account management here to be minimal, favoring automated, high-volume transaction processing for brand partners and end consumers.

The shift means that while the infrastructure for automated CPG sales existed, the current relationship focus is on managing the transition or divestiture of these CPG customer relationships as the company prioritizes its digital asset treasury.

• Key Brands: JustCBD, Vessel
• Q1 2025 Segment Revenue: $5.96 million
• Primary Interaction Model: Automated Self-Service

Finance: draft the cash flow impact analysis for the divestiture of the House of Brands segment by next Tuesday.

Flora Growth Corp. (FLGC) - Canvas Business Model: Channels

You're looking at how Flora Growth Corp., now pivoting toward its ZeroStack identity, gets its value propositions to its various customer segments. The channels are definitely bifurcated now, moving from a pure CPG/pharma distribution focus to a dual structure involving digital assets.

Digital Asset Treasury: Direct investment from strategic partners and the public market

The primary channel for the new digital asset strategy involves direct investment via a private placement. Flora Growth Corp. completed a $401 million funding package in September 2025 to back its Zero Gravity (0G) coin treasury strategy, which is set to rebrand the company as ZeroStack.

This funding was structured as follows:

• $35 million in cash commitments.
• $366 million in in-kind digital assets, primarily 0G tokens valued at $3.00 per token at the time of the contribution.

The direct investment came from strategic partners like DeFi Development Corp. (DFDV), Hexstone Capital, and Carlsberg SE Asia PTE Ltd. The public market channel is maintained through the existing Nasdaq ticker, FLGC, which the company intends to keep post-rebrand.

International B2B Network: Phatebo's established pharmaceutical distribution channels

The Commercial & Wholesale segment relies heavily on the infrastructure established through the acquisition of Franchise Global Health, specifically its subsidiary Phatebo GmbH. Phatebo acts as a key channel for pharmaceutical and medical cannabis product distribution in Europe and beyond.

The reach of this established B2B channel includes:

• Servicing over 1,200+ pharmacies in Germany.
• Distributing pharmaceutical products across 28 countries.

This network is crucial for moving prescription and over-the-counter pharmaceuticals, connecting Flora Growth's cultivation capabilities to the European medical market.

E-commerce Platforms: Direct-to-consumer sales for JustCBD and Vessel brands

Direct-to-consumer (D2C) sales flow through the company's House of Brands, particularly JustCBD and Vessel, via their respective e-commerce platforms. These digital channels saw significant activity, with the brands reporting $600,000 in sales over the Black Friday and Cyber Monday weekend in 2024.

Here's a look at the recent performance context for these revenue streams:

Metric	Value (As of Late 2025/Latest Report)
Q3 2025 Revenue	$9.75 million
Q1 2025 Revenue	$11.8 million
Fiscal Year 2024 Annual Revenue	$59.51 million

The Vessel brand is specifically highlighted as having the highest gross margins and growth rates within the Flora group of companies. To enhance these D2C channels, the company integrated the Sezzle buy now, pay later (BNPL) platform for U.S. customers.

Retail Distribution: Traditional wholesale and retail points for CPG products

For its Consumer Packaged Goods (CPG) portfolio, which includes JustCBD and Vessel alongside Kasa Wholefoods Company, the channel involves traditional wholesale and retail points. This physical distribution network is extensive, though the revenue contribution relative to the new digital asset focus is less clear in the latest reports.

The established footprint for CPG distribution is reported to cover:

• All 50 states in the U.S..
• 28 countries globally.
• Over 20,000+ points of distribution worldwide.

The company's overall revenue generation from these segments in 2024 was $59.51 million. Finance: draft a memo detailing the expected Q4 2025 revenue split between the House of Brands (e-commerce/retail) and the Commercial & Wholesale segment by next Tuesday.

Flora Growth Corp. (FLGC) - Canvas Business Model: Customer Segments

You're looking at the customer base for Flora Growth Corp. (FLGC), which, as of late 2025, is clearly bifurcated between its legacy operational segments and its massive strategic pivot into the digital asset space. The numbers reflect this transition, showing significant activity in the new AI/Blockchain segment contrasting with the performance of the established consumer and wholesale arms.

AI/Blockchain Investors: Institutional and accredited investors seeking digital asset exposure

This segment represents the most significant recent financial event for Flora Growth Corp., which announced its intention to rebrand as ZeroStack following a massive capital raise centered on the 0G ecosystem. The customer base here is composed of institutional and accredited investors participating in this strategic shift. The private investment in public equity offering (PIPE) secured a total of $401 million in funding as of September 2025.

The composition of this funding highlights the nature of these investors:

• Secured over $366 million in in-kind digital assets ($0G tokens).
• Committed $35 million in cash and equivalent funds.
• The PIPE transaction priced common shares at $25.19 per share.
• The offering was led by DeFi Dev Corp. with a $22.88 million investment.
• Other key participants include Hexstone Capital, Carlsberg SE Asia, Dao5, Abstract ventures, Dispersion Capital, Blockchain Builders Fund, and Salt.

This group is betting on the company's new identity as the first and largest decentralized AI treasury company.

International Pharma Distributors: European wholesalers and pharmacies (e.g., Germany)

This group falls under the Commercial & Wholesale segment, which focuses on the distribution of pharmaceutical products internationally, largely through the German subsidiary, Phatebo. Flora Growth Corp. is a prominent distributor in the European Union and holds a medical cannabis license in Germany. The segment's revenue performance shows its contribution to the overall top line, though it experienced a decline in FY 2024.

Here's a look at the segment revenue contribution from the Q1 2025 report:

Segment	Q1 2025 Revenue (USD)
Commercial & Wholesale	$6.87 million

The company also launched a Parallel Import (PI) Business initially focusing on Germany, the largest market in Europe.

Wellness Consumers: Buyers of CBD, nutraceuticals, and cannabis accessories

These customers are served through the House of Brands pillar, which encompasses various consumer packaged goods. This category includes buyers of CBD products, nutraceuticals, personal care items, and cannabis accessories. The performance of this segment has been variable; lower sales at JustCBD contributed to the overall revenue decrease in Fiscal Year 2024.

The revenue generated by the House of Brands in Q1 2025 was:

Segment	Q1 2025 Revenue (USD)
House of Brands	$5.96 million

The TTM revenue ending September 30, 2025, for Flora Growth Corp. overall was $57.61 million.

THC Beverage Market: Consumers of the new Melo brand in legal US states

This customer group is targeted through the House of Brands, which includes food and beverage products. The company has been involved in the US market, serving all 50 states. However, specific revenue or sales figures directly attributable to the Melo brand for the latest reporting periods (Q2 2025 or Q3 2025) were not explicitly detailed in the available financial summaries, which focused more on the overall segment performance and the AI pivot.

For context on the overall company performance in the latest reported quarter (Q3 2025):

• Q3 2025 Revenue was $9.75 million.
• Q3 2025 Revenue missed estimates by 22.14%.
• Q3 2025 Net Loss was $6.7 million.

If onboarding takes 14+ days, churn risk rises.

Finance: draft 13-week cash view by Friday.

Flora Growth Corp. (FLGC) - Canvas Business Model: Cost Structure

You're looking at the cost side of Flora Growth Corp. (FLGC), now rebranding as ZeroStack, as they pivot hard into the decentralized AI treasury space. This cost structure reflects a mix of traditional operational spending and significant new digital asset investment costs. It's definitely a shift from their prior focus.

Digital Asset Acquisition

The most notable cost driver in the near term is the acquisition of $0G Tokens to build out the decentralized AI treasury. This isn't a traditional expense but a strategic capital outlay. As of October 2025, Flora Growth Corp. had made significant purchases:

• October 8, 2025 purchase: 772,200 $0G tokens at an average price of $2.59 per token.
• October 21, 2025 purchase: 880,025 $0G tokens at an average price of $2.27 per token.

The total position as of October 21, 2025, stood at 123,418,360 $0G tokens, reported as approximately $231 million in $0G equivalents, based on a $1.87 per-token value on October 20, 2025. These tokens are intended for long-term holding and staking to generate native yield within the $0G ecosystem.

Operating Expenses

For the quarter ended September 30, 2025, the reported total operating expense was $3.61 million. This is a key figure for understanding the burn rate outside of the digital asset strategy. For context on the trailing twelve months (TTM) ending September 2025, total operating expenses were $26.58 million.

Here's a quick look at the breakdown of operating expenses reported on a TTM basis ending September 2025 (figures in millions USD):

Expense Category	TTM (Sep '25)
Selling, General & Admin	$20.5
Research & Development	$0.42
Other Operating Expenses	$1.25
Total Operating Expenses	$26.58

Consulting/Management

Specific line items for consulting and executive compensation are typically bundled within Selling, General & Administrative expenses, which totaled $20.5 million on a TTM basis ending September 2025. The company's strategic pivot and fundraising activities suggest ongoing, significant management costs associated with this transformation, though a precise dollar amount for just consulting/management is not explicitly itemized in the latest available data points.

Distribution & Logistics

Costs related to global pharmaceutical and CPG supply chains are embedded in the Cost of Revenue and Operating Expenses, reflecting the two core segments: Commercial & Wholesale and House of Brands. The Commercial & Wholesale segment involves international pharmaceutical distribution, primarily through its subsidiary Phatebo operating in Germany. The Cost of Revenue for the TTM ending September 2025 was $45.53 million.

Share-Based Compensation

Share-based compensation represents a significant non-cash cost, often used for executive incentives. While the most recent quarterly data is not explicitly provided for Q3 2025, historical and partial 2025 figures show this component:

• Annual Share-Based Compensation for fiscal year 2022 was $3.4M.
• For the first quarter of 2025 (Q1 2025), the amount was $0.172 million (172 in the source data).

Finance: draft 13-week cash view by Friday.

Flora Growth Corp. (FLGC) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Flora Growth Corp.'s business model as of late 2025, and honestly, it's a story of two very different businesses operating under one ticker symbol.

The operational revenue still comes from the established segments, but the non-operational, asset-based value is now a massive component. The company is defintely signaling a rebrand to ZeroStack, positioning itself as an AI-focused entity, which is an existential shift from its cannabis roots. This shift is reflected in how the revenue streams are now categorized.

The core operational revenue streams are:

• Pharmaceutical Sales: Operational revenue from Phatebo's international distribution, which operates in Germany.
• CPG/Brand Sales: Revenue from JustCBD, Vessel, and Melo products, falling under the House of Brands segment.

The non-operational, asset-based stream is now the most significant in terms of reported asset value:

• Digital Asset Value: Non-operational value appreciation from the $0G token treasury. As of late October 2025, the company held 123,418,360 $0G tokens, valued at approximately $231 million.

Here's a quick look at the key top-line revenue figures reported around the end of the third quarter of 2025:

Metric	Amount
Total Revenue (TTM Sep 30, 2025)	$57.61 million
Q3 2025 Revenue	$9.7 million

To be fair, the operational revenue from the CPG and pharmaceutical sides has seen pressure. For example, the Q3 2025 revenue of $9.7 million was below some analyst estimates of $12.50 million. Still, the company intends to hold the $0G tokens for the long-term and expects to continue to accumulate more as part of its treasury strategy.

The structure of the revenue-generating operations includes:

• Phatebo: Focuses on business-to-business sales of branded pharmaceuticals internationally.
• JustCBD: Generates revenue from over 350 products across direct-to-consumer and wholesale channels.
• Vessel: Services the US and Canada with cannabis accessory and technology products.

Finance: draft the cash flow impact of the $0G token valuation changes for the next board meeting by Monday.