Flora Growth Corp. (FLGC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico del cannabis medicinal, Flora Growth Corp. (FLGC) emerge como una fuerza pionera, aprovechando estratégicamente el terreno fértil de Colombia y el entorno regulatorio progresivo para revolucionar la industria mundial de cannabis. Al crear meticulosamente un modelo de negocio integral que entrelazan el cultivo sostenible, la investigación de vanguardia y el desarrollo innovador de productos, FLGC se está posicionando como un jugador transformador en los mercados de cannabis médico y de bienestar. Su enfoque único combina la producción de bajo costo, las tecnologías agrícolas avanzadas y una cartera de productos diversa que promete remodelar cómo percibimos y utilizamos el cannabis medicinal a escala internacional.

Flora Growth Corp. (FLGC) - Modelo de negocios: asociaciones clave

Cultivadores y procesadores de cannabis en Colombia

El crecimiento de la flora mantiene asociaciones con cultivadores locales de cannabis colombianos en 270 hectáreas de tierras agrícolas con licencia. La compañía tiene acuerdos de cultivo directo con 12 cooperativas de agricultura local en las regiones de Cauca y Huila.

Detalles de la asociación	Métrica
Área de cultivo con licencia total	270 hectáreas
Número de cooperativas agrícolas locales	12
Regiones de cultivo primario	Cauca y Huila

Distribuidores internacionales de cannabis medicinal

Flora Growth ha establecido asociaciones de distribución en múltiples mercados internacionales, que incluyen:

• Estados Unidos
• Canadá
• Alemania
• Israel
• Reino Unido

Proveedores de equipos de tecnología agrícola y cultivo

Socio tecnológico	Equipo/servicio específico
Agrotech Solutions Inc.	Sistemas de riego de precisión
Tecnologías GrowControl	Equipo de monitoreo climático
SoilHealth Diagnostics	Herramientas de análisis de nutrientes del suelo

Instituciones de investigación para el desarrollo de productos

El crecimiento de la flora colabora con centros de investigación académicos, que incluyen:

• Universidad Nacional de Colombia
• Universidad del Cauca
• Centro Internacional de Investigación de Cannabis

Compañías globales de productos farmacéuticos y de bienestar

Compañía	Enfoque de colaboración
Medcann Pharmaceuticals	Desarrollo de productos de cannabis medicinal
WellnessGlobal Inc.	Formulación del producto de bienestar del consumidor

Flora Growth Corp. (FLGC) - Modelo de negocio: actividades clave

Cultivo de cannabis orgánico en Colombia

Flora Growth opera una instalación de cultivo de cannabis de 3.4 hectáreas en Santa Marta, Colombia. La compañía ha asegurado Licencias para el cultivo de más de 300 acres de tierra.

Métricas de cultivo	Detalles
Total de tierra con licencia	300 acres
Cultivo activo actual	3.4 hectáreas
Capacidad de producción anual	20,000 kg de biomasa de cannabis

Fabricación de productos de cannabis medicinal

El crecimiento de la flora produce productos de cannabis medicinal a través de su Instalación de fabricación certificada por GMP.

• Fabricación de formulaciones basadas en CBD y THC
• Líneas de productos de cuidado de la piel y bienestar
• Extractos de cannabis medicinal y derivados

Exportación y distribución internacional de cannabis

La compañía exporta los productos de cannabis a múltiples mercados internacionales, incluidos los países de los Estados Unidos, Canadá y Europa.

Mercado de exportación	Estado regulatorio
Estados Unidos	Distribución activa de productos de CBD
Canadá	Acuerdos de exportación de cannabis medicinal
unión Europea	Pensas regulatorias pendientes

Investigación y desarrollo de formulaciones basadas en cannabis

El crecimiento de la flora invierte en investigaciones continuas y desarrollo de formulaciones innovadoras de cannabis.

• Colaboración con instituciones de investigación académica
• Desarrollo de tecnologías patentadas de extracción de cannabis
• Inversión en investigación de cannabis de grado farmacéutico

Cumplimiento y gestión regulatoria

La compañía mantiene un estricto cumplimiento de las regulaciones internacionales de cannabis.

Cumplimiento regulatorio	Proceso de dar un título
Buenas prácticas de fabricación (GMP)	Certificado
Licencias de cannabis colombianas	Licencia operativa completa
Permisos de exportación internacional	Aprobaciones de múltiples países

Flora Growth Corp. (FLGC) - Modelo de negocio: recursos clave

Instalaciones de cultivo de cannabis con licencia en Colombia

Flora Growth Corp. opera 300 hectáreas de tierras de cultivo de cannabis con licencia en Colombia. La empresa mantiene 3 instalaciones de cultivo primario ubicado en diferentes regiones del país.

Ubicación de la instalación	Hectáreas totales	Tipo de cultivo
Santa Marta, Colombia	150 hectáreas	Cultivo de cannabis al aire libre
Región de Medellín	100 hectáreas	Cultivo de cannabis de invernadero
Región de Cali	50 hectáreas	Cultivo de cannabis en interiores

Tecnología e infraestructura agrícola avanzada

Flora Growth Corp. ha invertido $ 4.2 millones en tecnologías e infraestructura agrícolas avanzadas.

• Sistemas de riego automatizados
• Invernaderos climatizados
• Equipo de monitoreo de cultivo de alta precisión
• Tecnologías avanzadas de preservación genética

Fuerza laboral calificada con experiencia en cannabis

La empresa emplea 127 profesionales especializados de cannabis, con una experiencia de la industria promedio de 7.3 años.

Categoría profesional	Número de empleados
Especialistas agrícolas	42
Investigadores genéticos	23
Expertos de control de calidad	35
Técnicos de extracción	27

Programas patentadas de genética y cría de cannabis

Flora Growth Corp. se ha desarrollado 12 cepas genéticas de cannabis patentadas, con una inversión de $ 1.8 millones en investigación y desarrollo.

Licencias y certificaciones regulatorias

La compañía posee múltiples licencias críticas:

• Licencia de cultivo de cannabis de la Autoridad Nacional de Licencias Colombianas
• Buena certificación de prácticas agrícolas y de recolección (GACP)
• Certificación del sistema de gestión de calidad ISO 9001: 2015
• Permiso de exportación de cannabis del Ministerio de Salud de la Salud Colombiana

Flora Growth Corp. (FLGC) - Modelo de negocio: propuestas de valor

Productos de cannabis medicinal de alta calidad y rentables

Flora Growth Corp. produce productos de cannabis medicinal con las siguientes especificaciones:

Categoría de productos	Capacidad de producción	Producción anual
Aceites de cannabis medicinal	500 kg por cosecha	2,000 kg por año
Productos de bienestar de CBD	250 kg por cosecha	1,000 kg por año
Formulaciones médicas de THC	150 kg por cosecha	600 kg por año

Cultivo sostenible y ambientalmente responsable

Métricas de cultivo sostenible:

• Uso de agua: 60% menos que la agricultura tradicional
• Reducción de la huella de carbono: 40% en comparación con el cultivo interior
• Uso de energía renovable: 75% del cultivo alimentado por energía solar

Cartera de productos diversos para mercados médicos y de bienestar

Segmento de mercado	Tipos de productos	Penetración del mercado
Cannabis medicinal	Manejo del dolor, trastornos neurológicos	35% de participación de mercado en Colombia
Productos de bienestar	Suplementos de CBD, tópicos	Cuota de mercado del 25% en América Latina

Precios competitivos a través de la producción de bajo costo en Colombia

Ventajas de costos de producción:

• Costo de cultivo por kg: $ 50 USD
• Promedio del mercado global: $ 150- $ 200 USD por kg
• Reducción de costos: 70% en comparación con los productores norteamericanos

Investigación y desarrollo innovadoras de cannabis

Área de enfoque de I + D	Inversión anual	Asociaciones de investigación
Formulaciones de cannabis medicinal	$ 2.5 millones USD	3 colaboraciones de investigación universitaria
Desarrollo de tensión genética	$ 1.8 millones USD	2 Laboratorios de Genómica Internacional

Flora Growth Corp. (FLGC) - Modelo de negocio: relaciones con los clientes

Ventas directas a distribuidores de cannabis medicinal

Flora Growth reportó ingresos totales de $ 8.8 millones para el año fiscal 2022, con una porción significativa derivada de las ventas directas de distribuidores de cannabis medicinal.

Canal de ventas	Contribución de ingresos	Segmento de mercado
Distribuidores médicos	62% de los ingresos totales	Colombia y mercados internacionales
Productos de bienestar	28% de los ingresos totales	Mercados nacionales y de exportación

Plataformas de productos en línea

Flora Growth opera múltiples canales de ventas digitales con un enfoque en las estrategias de comercio electrónico.

• Ingresos de la plataforma digital: $ 2.5 millones en 2022
• Tasa de crecimiento de ventas en línea: 15.3% año tras año
• Base de clientes en línea activo: aproximadamente 12,000 usuarios registrados

Servicios de soporte y consulta al cliente

La compañía ofrece servicios especializados de consulta de cannabis medicinal a través de equipos de apoyo dedicados.

Canal de soporte	Tiempo de respuesta	Tasa de satisfacción del cliente
Consulta médica	Respuesta las 24 horas	87% de retroalimentación positiva
Apoyo técnico	Promedio de 4-6 horas	Tasa de resolución del 92%

Recursos educativos sobre cannabis medicinal

Flora Growth invierte en contenido educativo integral en plataformas digitales.

• Webinarios educativos en línea: 24 sesiones en 2022
• Vistas de contenido educativo total: 85,000
• Materiales de investigación descargables: 12 publicaciones científicas

Enfoque de asociación a largo plazo con clientes

La compañía enfatiza las relaciones estratégicas a largo plazo con socios médicos y de bienestar clave.

Tipo de asociación	Número de asociaciones activas	Duración promedio de la asociación
Instituciones médicas	17 asociaciones activas	3.5 años
Marcas de bienestar	22 acuerdos de colaboración	2.8 años

Flora Growth Corp. (FLGC) - Modelo de negocio: canales

Equipo de ventas internacional directo

Flora Growth Corp. mantiene un equipo de ventas internacional directo dirigido a múltiples mercados con cannabis y productos de bienestar.

Región de ventas	Número de representantes de ventas	Mercados objetivo
América del norte	8	Estados Unidos, Canadá
América Latina	6	Colombia, Brasil, México
Mercados internacionales	4	Alemania, Israel, Australia

Plataformas de comercio electrónico

Flora Growth utiliza múltiples canales de ventas digitales para la distribución del producto.

• Sitio web oficial de la empresa
• Mercado de Amazon.com
• Tienda en línea de shopify

Plataforma	Ventas anuales en línea (2023)	Tasa de conversión
Sitio web de la empresa	$ 1.2 millones	3.7%
Amazonas	$750,000	2.9%
Shop	$450,000	2.5%

Redes de distribución de cannabis medicinal

Flora Growth se asocia con distribuidores de cannabis medicinal con licencia en múltiples jurisdicciones.

Socio de distribución	Regiones cubiertas	Volumen de distribución anual
Farmacán	Estados Unidos	12,500 kg
Medona	Canadá	8.750 kg
Litammed	América Latina	6.250 kg

Ferias comerciales y conferencias de la industria

El crecimiento de la flora participa en eventos clave de la industria para networking y exhibición de productos.

Nombre de conferencia	Ubicación	Costo de participación anual
Mjbizcon	Las Vegas, EE. UU.	$125,000
Cannameeting	Berlín, Alemania	$85,000
Expo de cannabis latino	São Paulo, Brasil	$65,000

Marketing digital y redes sociales

El crecimiento de la flora implementa estrategias integrales de marketing digital en múltiples plataformas.

Plataforma	Seguidores	Presupuesto anual de marketing digital
Instagram	45,000	$250,000
LinkedIn	22,500	$125,000
Tiktok	18,000	$100,000

Flora Growth Corp. (FLGC) - Modelo de negocio: segmentos de clientes

Practicantes de cannabis medicinal

Según los informes financieros de 2023 de Flora Growth Corp., los profesionales de cannabis medicinal representan un segmento clave de clientes con características específicas del mercado:

Métrico de segmento	Punto de datos
Recetas totales de cannabis medicinal	37,500 en 2023
Valor de prescripción promedio	$ 125 por receta
Cobertura geográfica	Colombia, Estados Unidos, Canadá

Compañías farmacéuticas

El segmento de clientes farmacéuticos de Flora Growth incluye:

• Asociaciones farmacéuticas activas: 6
• Colaboraciones totales de investigación farmacéutica: 3
• Valor anual del contrato farmacéutico: $ 2.3 millones

Mercados de suplementos de bienestar y salud

Segmento de mercado	Contribución de ingresos
Venta de productos de CBD	$ 4.7 millones en 2023
Líneas de productos de bienestar	7 categorías de productos distintos
Porcentaje de ventas de comercio electrónico	42% de los ingresos del mercado de bienestar

Distribuidores internacionales de cannabis

Detalles de la red de distribución:

• Canales de distribución internacionales totales: 12
• Países con distribución activa: 8
• Ingresos anuales de distribución internacional: $ 5.6 millones

Instituciones de investigación

Métrica de colaboración de investigación	Punto de datos
Asociaciones de investigación activa	4 colaboraciones institucionales
Financiación de la subvención de investigación	$ 1.2 millones en 2023
Documentos de investigación publicados	6 publicaciones revisadas por pares

Flora Growth Corp. (FLGC) - Modelo de negocio: Estructura de costos

Cultivo de cannabis y gastos de procesamiento

A partir del cuarto trimestre de 2023, Flora Growth Corp. informó el siguiente desglose de costos de cultivo y procesamiento:

Categoría de gastos	Costo anual (USD)
Costos operativos de invernadero	$2,750,000
Fuerza laboral laboral y agrícola	$1,450,000
Mantenimiento de equipos de cultivo	$680,000
Semilla y material genético	$350,000

Inversiones de investigación y desarrollo

Gastos de I + D para el año fiscal 2023:

• Inversión total de I + D: $ 1,200,000
• Presupuesto de innovación de productos: $ 750,000
• Desarrollo de la tecnología: $ 450,000

Costos de cumplimiento regulatorio

Gastos reglamentarios para 2023 año fiscal:

Área de cumplimiento	Costo anual (USD)
Legal y licencias	$620,000
Control de calidad	$340,000
Procesos de certificación	$280,000

Gastos de marketing y ventas

Asignación de presupuesto de marketing para 2023:

• Marketing digital: $ 480,000
• Participación de la feria y eventos: $ 220,000
• Desarrollo de la marca: $ 350,000
• Operaciones del equipo de ventas: $ 410,000

Logística de distribución internacional

Logística y desglose de costos de distribución:

Gasto de distribución	Costo anual (USD)
Envío internacional	$890,000
Almacenamiento	$420,000
Tarifas de aduanas e importación	$310,000
Gestión del transporte	$280,000

Flora Growth Corp. (FLGC) - Modelo de negocios: flujos de ingresos

Venta de productos de cannabis medicinal

En el tercer trimestre de 2023, Flora Growth informó ingresos por ventas de productos de cannabis medicinal de $ 2.1 millones.

Categoría de productos	Ingresos (USD)
Flor de cannabis seca	$850,000
Extractos de cannabis	$750,000
Aceites de cannabis medicinal	$500,000

Exportación de biomasa de cannabis

Los ingresos por exportación de biomasa de cannabis para 2023 totalizaron $ 1.5 millones.

Licencias de genética patentada de cannabis

La licencia genética generó $ 450,000 en ingresos durante 2023.

• Número de acuerdos de licencia: 7
• Tarifa de licencia promedio por acuerdo: $ 64,285

Servicios de consultoría e investigación

Los servicios de investigación y consultoría produjeron $ 350,000 en ingresos para 2023.

Distribución al por mayor de derivados de cannabis

Los ingresos de distribución al por mayor alcanzaron $ 1.2 millones en 2023.

Tipo derivado	Ingresos (USD)
Productos de CBD	$600,000
Derivados de THC	$400,000
Otros derivados de cannabis	$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.