Why Flora Growth Is Falling Today
Shares of emerging Canada-based cannabis company Flora Growth (NASDAQ: FLGC) are down 22% to $9.90 apiece as of 2:30 p.m. EDT. There was no news per se leading to the decline. However, the stock is up over 300% in the past two weeks, so profit-taking naturally took place. Investors nevertheless remain extremely bullish on its growth potential on its prospects of cultivating and selling cannabis from Colombia.
Image source: Getty Images.
Fortune favors the bold. Political and drug violence risks aside, cultivating medical cannabis in Columbia costs as little as five cents a gram. That's tiny compared to the $0.50 to $1 cost per gram of growing pot in the states. Last week, the Colombian government updated its legislation to allow the sale and export of cannabis, mainly dried flowers, to international markets.
Source Fool.com
