Flora Growth Corp. FLGC shares are trading higher Monday, and the stock is up more than 35% over the past five days. Here’s a look at what’s going on.
What To Know:
Shares of cannabis-related companies have gained on renewed optimism that the DEA may reschedule cannabis following comments from Vice President Kamala Harris at an event held at the White House on March 15.
“This issue is stark when one considers the fact that on the schedule currently, marijuana is considered as dangerous as heroin. Marijuana is considered as dangerous as heroin and more dangerous than fentanyl,” Harris said.
“I cannot emphasize enough that they need to get to it as quickly as possible, and we need to have a resolution based on their findings and their assessment,” Harris added.
Flora Growth shares were also bolstered by the announcement of the German government’s approval of legislation which legalizes the possession and cultivation of cannabis beginning April 1.
Flora Growth Corp is a multi-national cannabis company that manufactures and distributes consumer packaged goods, cultivates and distributes medicinal cannabis, and distributes pharmaceutical products in the United States, Germany, Colombia, the United Kingdom and Canada.
Related News: What’s Going On With Marijuana Stocks Tilray And Canopy Growth As Germany Legalizes Pot?
FLGC Stock Forecast in 2030:
Predicting the future in stock prices over long periods of time is challenging. Wall Street analysts use complex models that take into account interest rates, economic growth, competitive advantages, management teams and historical profitability, among a host of other factors.
If, as an investor, you want to assume most of the major factors remain stable, you can use trend analysis as a helpful tool. Using a longer term trend line or historical performance of the stock, you can aim to forecast a stock’s annual rate of return.
For Flora Growth, over the past 5 years, it’s annualized stock performance is -56.0%, and if you assume that trend continues for another 5 years, you can expect a stock to trade at $0.03.
Using a trend line (see how to perform this function here), If you choose to use a trend line, connect your two points and look into the future to the point in time in which you’re curious. Once you’ve identified that stock price, you may want to consider what type of conditions would need to exist for the stock to justify the share price – be it an outside influence or managerial decision making.
FLGC Price Action: According to Biedex Markets Pro, Flora Growth shares are up 9.18% at $1.72 at the time of publication Monday.
Image generated using artificial intelligence with Midjourney.
