Successor identity and cannabis perimeter
ZeroStack Corp. is the successor to Flora Growth Corp. The August 21, 2026 Form S-3 says the company changed its name from Flora Growth to ZeroStack on January 29, changed its Nasdaq ticker from FLGC to ZSTK, and reincorporated from Ontario to Texas on August 18. The saved FLRA directory alias remains unverified and must not be treated as a second security or current listing.
The June 2026 Form 10-Q says the company transferred all subsidiaries comprising its legacy hemp and cannabis business on September 26, 2025. Discontinued-operations loss was nil in the first half of 2026. Continuing operations are a digital-asset and AI treasury strategy plus Phatebo, a German pharmaceutical distributor. The filings describe Phatebo’s broad medicine distribution but do not demonstrate material current cannabinoid products, rights or economics. That supports a cannabis-perimeter hold; it does not prove every possible residual exposure is zero.
Financial position
Figures are U.S. dollars. At June 30, ZeroStack reported $2.640 million cash, $0.325 million restricted cash, $10.548 million current assets, $11.107 million current liabilities, $25.187 million total assets and $11.369 million total liabilities. Working capital was therefore negative $0.559 million. Digital assets were $15.218 million, 60.4% of total assets.
First-half commercial and wholesale revenue was $17.143 million against $16.168 million cost of sales, producing $0.975 million gross profit and a 5.7% margin. Digital-asset staking added $3.789 million of revenue, taking total revenue to $20.932 million and gross profit to $4.764 million. Continuing net loss was $61.275 million, dominated by an $82.506 million fair-value loss on digital assets, partly offset by gains on financial instruments. Management concluded that substantial doubt about going concern remained because liquidity depends on volatile digital assets.
Capital and CIN conclusion
The 10-Q reported 17,489,828 common shares outstanding on July 27. The S-3 registered up to 54,609,992 shares for selling holders—about 3.12 times that count—including shares issued or issuable from earlier transactions and awards. Registration is not proof that every share will be sold or newly issued, and the company generally receives no resale proceeds.
ZeroStack is a verified successor security, but the historical cannabis business was disposed and current material cannabinoid exposure is not demonstrated. CIN assigns NotRated, treats FLGC as historical and ZSTK as current, keeps FLRA unresolved, and issues no cannabis-derived valuation, price target, reference quote or upside. This is a perimeter and company review, not a cryptocurrency, pharmaceutical-distribution or equity valuation underwrite.