Flora Growth Corp. announced its 2023 revenue guidance of $90 million -- $105 million via press release and a live webcast hosted by the company's chairman and CEO, Luis Merchan.
Revenue guidance for 2022 will be released and Merchan will issue revenue guidance of $90 million $105 million for the year 2023, according to Merchan. Our forecasted revenue range for 2023 represents anticipated growth in excess of 100% over the last year and highlights our continued momentum despite a challenging macroeconomic backdrop that has disproportionately impacted the cannabis industry. The company's revenue guidance for the year 2023 reflects expected growth in the House of Brands division and expansion of the Commercial Wholesale division capabilities, per the company press release.
Flora's new German-based business was established as a result of the acquisition of Franchise Global Health, which is a part of the forecasted growth. Flora's German operations solidify a crucial foothold in a growing international cannabis market, providing a unique opportunity for operational synergies and diversified growth. Revenue growth is expected to be reflected by the continued successful execution of product development and pricing strategies. The pharmaceutical division is expected to contribute up to 10% of total revenue, while the House of Brands and Commercial Wholesale divisions will have roughly equal contributions to the top line.
Merchan said Germany's existing infrastructure will allow us to sell medical cannabis to thousands of pharmacies and distribute pharmaceutical products to 28 countries. After passing the legal framework for the export of medical cannabis out of Colombia in the second quarter of 2022, we were able to begin shipping cannabis and derivatives to countries worldwide, including the Czech Republic, Switzerland and the United States. Flora was awarded Best M&A Deal at the Benzinga Cannabis Capital Conference for the acquisition of JustCBD.
Flora Growth CMO, Jessie Casner, said we're particularly excited to move into 2023 and realizing the opportunity to open new international markets. We think that's where we'll see some meaningful movements this year.
This is the place where money is raised, M&A starts, and companies meet key partners. On April 11 - 12 at the Fontainebleau Miami Beach Hotel in Florida.