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Why Shares of Flora Growth Are Soaring Today

Flora Growth (NASDAQ: FLGC) surged as high as $7.95 in afternoon trading Wednesday, a rise of more than 50% to the highest level the stock has touched since its initial public offering in May. Colombia-based Flora, which just announced plans to move its corporate headquarters to Miami from Canada, cultivates cannabis and processes it into medicinal-grade cannabis oil and other products, which it supplies to pharmacies, cosmetics companies, and medical clinics. The cream, already sold in Canada, will now also be sold through Flora’s distribution channels in Latin America.

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