Category: CannabisNewsWire Release

Flora Growth Corp. (NASDAQ: FLGC) Year-end Report Shows Significant Revenue and Profit Growth, with Expectations for Further Rapid Growth in 2022

  • Cannabis cultivator and distributor Flora Growth has announced its annual financial and operating results, showing “significantly higher” revenues and profit gain for 2021 over the previous year
  • Flora maintains an outlook for 2022 of an additional 288 to 400 percent revenue growth by year end, largely driven by the company’s acquisition of consumer wellness brand JustCBD
  • The JustCBD acquisition increased Flora’s reach to more than half a million consumers through 14,000 retail stores in the United States
  • Flora’s operations are centered at its Cosechemos cultivation facility in central Colombia, where the company enjoys ideal growing conditions year-round and has easy access to an experienced labor force
  • The company recently announced the appointment of industry veteran Holly Bell as Vice President of Regulatory Affairs to help guide the company’s expansion strategy throughout the United States and internationally

Cannabis cultivator and brand builder Flora Growth (NASDAQ: FLGC) spent 2021 establishing the company footprint as a global market distributor and on May 10 announced financial and operating results for the fiscal year that show the success of its efforts as revenues and profits begin what is expected to be rapid climb. 

Flora Growth’s financial growth arises from operations based in Colombia’s prime growth conditions heartland, the nation’s new regulatory openness to cannabis product exports for health and wellness uses, and Flora’s prescient preparedness to reap the benefits of the changing legal landscape. 

The company’s 100-hectare (about 247-acre) Cosechemos facility is capable of producing 600 kg of dried cannabis daily and more than 10,000 kg of cannabis derivatives annually under EU-GMP guidelines. Flora has filed licenses for about two dozen cannabinoid-infused food and beverage products that include juices, sparkling seltzers, gummies, chocolates, ghee butter and healthy snack foods, and the company received authorizations that allowed it to be the first Colombian cannabis operator to move international distribution forward under the new laws.

The year-end financial results show about $9 million in revenues, which is “significantly higher” than those reported the prior year before the law change and Flora’s IPO launch on the Nasdaq Capital Market. The report maintains the company’s outlook for ending 2022 with revenues of $35 million to $45 million, which would be growth of between 288 percent and 400 percent over 2021. 

Much of Flora’s momentum is driven by its acquisition of consumer wellness brand JustCBD, which increased Flora’s profile to more than half a million consumers through 14,000 retail stores in the United States.

“We are proud of the milestones we achieved in 2021, including the completion of key strategic infrastructure projects, the strengthening of our balance sheet and the deployment of our M&A strategy,” Chairman and CEO Luis Merchan stated in conjunction with the report’s release (https://cnw.fm/T7cAy).

“The completion of our cultivation and extraction facilities has positioned Flora for success in this rapidly evolving industry, as we satisfied the requirements for the cultivation, transformation and export of up to 43.6 tonnes of THC cannabis flower,” he added. “And in our Life Sciences pillar, we look forward to potential commercial distribution of pharmaceutical-grade products based on the research of Dr. Annabelle Manalo-Morgan.”

Flora’s management conducted a live earnings call webcast on May 10 to discuss the report, and the webcast is archived on the company’s website. 

On May 16, Flora also announced that industry veteran Holly Bell has been appointed Vice President of Regulatory Affairs to help guide Flora’s domestic and global expansion strategy and lead the company’s government relations in target international markets as it grows.

“I am excited to be working with Flora, supporting our work on the global stage, by advancing how the world views cannabis as a product and as a medicine,” Bell stated (https://cnw.fm/qYg0s). “I’m looking forward to leveraging my experience launching Florida’s hemp program to help Flora improve access to some of the best wellness brands in the world.”

For more information, visit the company’s website at www.FloraGrowth.com.

NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://cnw.fm/FLGC

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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420 with CNW — US Marijuana Sales in 2021 Exceed Those of Starbucks

People in North America have grown to expect to see a Starbucks outlet almost on every street corner. However, available information on cannabis sales suggests that marijuana could overthrow this coffee giant as legal sales of marijuana exceeded those recorded by Starbucks by a wide margin.

This is no small feat by the marijuana industry, given the fact that only 39 of all the states in the U.S. have legalized marijuana in some form, either for medicinal or/and for recreational purposes. In contrast, Starbucks has been around since the early ‘70s, and coffee has always been legal, while the legal marijuana industry traces its journey to 1996 when California voters approved a measure establishing a medical marijuana industry. The journey to complete legalization across the country is still on.

This history makes the 2021 sales records for marijuana and Starbucks all the more fascinating. Both industries grew last year, with Starbucks revenue increasing by an impressive 25%. However, marijuana edged Starbucks on the growth scale; cannabis sales saw a year-on-year growth of 30%.

As already mentioned, marijuana is legal in different jurisdictions for different reasons. Many people who used the substance obtained from state-legal sources in 2021 did so to combat pain, to improve sleep or to simply have fun as marijuana is legal for recreational use by adults in many states.

It should be remembered that the COVID-19 pandemic was still in full swing for most of 2021, and this could have had an influence on marijuana use patterns across the country. For example, some people may have used the substance as a way to cope with the anxiety brought on by the pandemic. This anxiety could also explain why for the first time in a long time, cigarette use saw an uptick; the previous trend was for smoking to decline year after year.

The trajectory of the growth in the revenue generated by the legal marijuana industry in the U.S. is likely to keep going up given that a number of states, including New York, have modified their cannabis policies and are soon to begin commercial sales while several other states are considering passing legalization laws.

Additionally, efforts are underway to reform the federal marijuana laws. For example, Chuck Schumer, the Senate Majority Leader, is expected to unveil his comprehensive marijuana policy reform bill sometime before August. All these winds of change paint a positive picture for the industry’s future as well as for the future of players that indirectly serve the industry, such as Advanced Container Technologies Inc. (OTC: ACTX).

NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW — Governor Newsom Proposes Cannabis Tax Cuts to Combat California’s Illicit Market

Last week, Gov. Gavin Newsom of California unveiled a modified budget proposal whose approval would revise the state’s marijuana tax revenue allocations and eliminate the state’s cannabis cultivation tax. The governor’s announcement comes just months after officials in the state announced that California had allocated $100 million in funding for the development of local cannabis markets, which would involve getting marijuana businesses fully licensed.

Newsom’s plan will maintain the 15% excise tax rate on cannabis sales and shift the point of collection and remittance for excise tax to retail from distribution, effective Jan. 1, 2023. This updated budget will also take steps to combat the illicit drug market in an effort to make the legal industry more competitive. This is something that stakeholders have been advocating for, especially as businesses struggle to keep up with a decrease in demand and rising inflation.

During the budget’s unveiling, Newsom noted that he was especially focused on finding ways to diminish the influence of illicit sellers and growers on undercutting licensed, legal businesses. This proposal, if enacted, will increase monthly tax revenue from cannabis in the state by more than 120% by 2024. This is according to findings from an analysis conducted by the Reason Foundation. The analysis report also noted that putting an end to the cultivation tax would also lower costs for consumers which would in turn, lead to a rise in legal purchases.

For this proposal to be implemented, it will need to be approved by a two-thirds majority in the legislature.

In a statement, the policy director for Good Farmers Great Neighbors, Sam Rodriguez, commended the governor’s move. Good Farmers Great Neighbors is a marijuana farmers’ advocacy group. Rodriguez stated that farmers in California were pleased that Newsom was taking steps to address the illicit market, noting that they were looking forward to obtaining more tax relief, which would help stabilize the supply chain.

The updated budget proposal also includes revised estimates on tax revenue allocations for the 2022–2023 fiscal year. The state of California plans to allocate almost $140 million for remediation and environmental clean-up associated with illicit marijuana manufacturing; roughly $401 million for education, school retention and youth substance misuse treatment; and about $140 million for law enforcement.

This proposal also calls for the establishment of a marijuana retail access grant program for local jurisdictions, which will support local retail licensing efforts. The $20 million allocated for this program will be disbursed from the state’s general fund.

It remains to be seen how the implementation of those proposed tax changes will impact the bottom lines of cannabis sector actors in California such as American Cannabis Partners and the entire value chain.

NOTE TO INVESTORS: The latest news and updates relating to American Cannabis Partners are available in the company’s newsroom at https://cnw.fm/ACP

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW — Poll Finds That Majority of Biden Voters Support Federal Cannabis Legalization

A new poll has discovered that a majority of people in America support letting states set their own marijuana policies, including the legalization of cannabis. The YouGov poll found that 7 in every 10 individuals who voted to elect President Joseph Biden support the nationwide legalization of cannabis, despite Biden’s opposition to the change in policy.

This survey emphasizes how unpopular cannabis prohibition is in the United States, with none of the demographics surveyed showing majority support for federal marijuana prohibition. The survey found that 25% of respondents felt that states needed to be able to decide whether or not to legalize cannabis with 45% admitting that they felt that marijuana needed to be legalized at the federal level. This figure makes up the majority of respondents who were in support of legalization.

Of those surveyed, only 17% were still in support of cannabis prohibition, with the remaining percentage still undecided on the issue. The poll also found that 78% of Democrats were in favor of legalizing marijuana federally, with 16% of this number arguing that the decision needed to be left to the states. The remainder argued that the plant needed to be legalized at the national level.

The survey also found that 23% of Republicans were in favor of national legalization while about 35% preferred that it be the states’ call. In addition to this, the poll found that more than 30% of those who identified as Republicans were in favor of federal cannabis prohibition. Of those who identified as Independent, 14% supported federal prohibition while roughly 25% were in favor of states making the decision. Additionally, the survey discovered that vast majorities of all age demographics believed that cannabis needed to be legalized, either as a state decision or across the country.

The survey also asked respondents about their coronavirus vaccination status, finding that fully vaccinated individuals who had also received their booster shots were more likely to support nationwide legalization with almost 20% preferring that it be the states’ decision. Of the number that was vaccinated without the booster, 19% were in favor of cannabis prohibition while 30% were in favor of it being the states’ choice. The survey’s findings show that support for marijuana reform was lowest among the nonvaccinated cohort.

The survey also asked questions on same-sex marriages, sex work and abortion rights. The survey involved 1,500 adults in America and was conducted May 8–10 of this year. The survey’s results show the growing popularity of cannabis reform as more states regulate marijuana and move to end its prohibition by allowing companies such as Cannabis Strategic Ventures Inc. (OTC: NUGS) to operate within the markets established.

NOTE TO INVESTORS: The latest news and updates relating to Cannabis Strategic Ventures Inc. (OTC: NUGS) are available in the company’s newsroom at http://cnw.fm/NUGS

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW — Congressional Legislators Voice Support for Cannabis Banking

A bicameral conference charged with negotiating the final text of a large-scale bill intended to make the U.S. competitive against China saw many conferees express support for including cannabis banking language in the manufacturing bill. This was during the first sitting of the conference.

At least half a dozen conferees took to the floor to mention the marijuana banking issue when debate on the manufacturing bill started. The majority of these members spoke in support of including the banking bill in the final document agreed upon during the conference.

For example, Rep. Earl Blumenauer from Oregon stated that several overdue policy changes, such as allowing cannabis companies to access banking services, needed to be addressed. He went on to mention that in just one week, there were three fatalities in the home state of the chairwoman and those fatalities were linked to robberies targeting cannabis shops.

He added that SAFE banking was now an issue of life and death and, having been passed half a dozen times before, now was the time to include it in the manufacturing bill so that public safety could be ensured.

Senator John Hickenlooper from Colorado also added his voice to those calling for cannabis banking during the conference meeting. He said that the conference was an opportunity to reinvigorate manufacturing in the United States, and reforming banking laws in order to facilitate access to banking services by marijuana companies can bring this industry from “the darkness” and into the light of the formal financial system.

Senator Patty Murray, the third-highest ranking senator on the Democratic side of the political aisle, expressed her hope that the conference would reach an agreement to include cannabis banking in the COMPETES bill so that marijuana companies in different states, including hers, would no longer face the threats arising out of operating on a cash-only basis.

Only one conferee, Senator John Barrasso, a Republican from Wyoming, spoke against including cannabis banking in the manufacturing bill. He wondered how cannabis banking is connected to competing with China on the global stage and therefore saw no reason to keep SAFE banking in the COMPETES bill.

Pressure has been mounting to enact reforms aimed at granting marijuana companies access to banking services, especially in the wake of the armed robberies that have targeted state-legal cannabis companies. As the death toll rises from this violent crime wave, so will the ridiculousness of denying marijuana industry actors such as Flora Growth Corp. (NASDAQ: FLGC) access to mainstream financial services.

NOTE TO INVESTORS: The latest news and updates relating to Flora Growth Corp. (NASDAQ: FLGC) are available in the company’s newsroom at https://cnw.fm/FLGC

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

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CannabisNewsBreaks – Bright Green Corporation (NASDAQ: BGXX) Commences Trading on the Nasdaq

Bright Green (NASDAQ: BGXX) is one of the few companies selected by the U.S. government to grow, manufacture and sell, legally under federal and state laws, cannabis and cannabis-related products for research, pharmaceutical applications and affiliated export. As previously announced, the company has commenced the trading of its common stock on the Nasdaq Capital Market under the symbol BGXX. For additional details, view the prospectus related to the registration statement Bright Green filed on Form S-1 with the Securities and Exchange Commission (“SEC”), available on the SEC’s website at www.SEC.gov.

To view the full press release, visit https://cnw.fm/Wh32t

About Bright Green Corporation

Bright Green is one of the very few companies selected by the U.S. government to grow, manufacture and sell, legally under federal and state laws, cannabis and cannabis-related products for research, pharmaceutical applications and affiliated export. Bright Green’s conditional approval, based on already agreed terms from the U.S. Drug Enforcement Administration, gives the company the opportunity to advance its vision of improving quality of life through the opportunities presented by cannabis-derived therapies. To learn more, visit www.BrightGreen.us.

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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CannabisNewsBreaks – Lexaria Bioscience Corp. (NASDAQ: LEXX) Aims to Deliver Safer Alternative for Nicotine Experience

Lexaria Bioscience Corp. (NASDAQ: LEXX) will soon begin a human clinical study, NIC-H22-1, to compare its DehydraTECH-nicotine pouch performance with that of existing brands such as ON! and Zyn, currently available in the U.S. “Animal testing has already demonstrated that DehydraTECH-nicotine can deliver peak nicotine performance to the bloodstream 10 to 20 times faster than the study’s controls,” a recent article reads. “Lexaria has long held that any form of inhaling chemical substances can be detrimental to health, and its DehydraTECH-nicotine aims to help vapers as well as smokers wean themselves off of those products, giving them relief from cravings while offering a safer nicotine alternative. ‘My father also died from lung cancer … so I am no fan [of smoking],’ CEO Chris Bunka told Forbes in 2019. ‘The fact that [DehydraTECH] is fast means that smokers might not be frustrated waiting for their nicotine experience to begin, the way they have been with traditional nicotine products such as gums and lozenges.’”

To view the full article, visit https://cnw.fm/UO4Jl

About Lexaria Bioscience Corp.

Lexaria’s patented drug delivery technology, DehydraTECH(TM), improves the way active pharmaceutical ingredients (“APIs”) enter the bloodstream by promoting more effective oral delivery. Since 2016, DehydraTECH has repeatedly demonstrated the ability to increase bio-absorption with cannabinoids and nicotine by up to 5-10x, reduce time of onset from 1 – 2 hours to minutes, and mask unwanted tastes; and is also being evaluated for orally administered anti-viral drugs, non-steroidal anti-inflammatory drugs (“NSAIDs”), PDE5 inhibitors and more. DehydraTECH has also evidenced an ability to deliver some drugs more effectively across the blood brain barrier. Lexaria operates a licensed in-house research laboratory and holds a robust intellectual property portfolio with 25 patents granted and over 50 patents pending worldwide. For more information, visit the company’s website at www.LexariaBioscience.com.

NOTE TO INVESTORS: The latest news and updates relating to LEXX are available in the company’s newsroom at https://cnw.fm/LEXX

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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CannabisNewsBreaks – Prime Harvest Inc. Selects IBN for Corporate Communications Expertise

Prime Harvest, a technology-focused, full-service cannabis company with horizontally diversified operations spanning various segments of the cannabis value chain, today announced its selection of the corporate communications expertise of IBN, a multifaceted financial news and publishing company for private and public entities. As part of the client partner relationship, IBN will leverage its investor based distribution network of 5,000+ key syndication outlets, various newsletters, social media channels, wire services via InvestorWire, blogs and other outreach tools to generate greater awareness for Prime Harvest. “In the past few years, the modern cannabis culture has blossomed as the industry shifts in real-time. Prime Harvest is at the heart of these changes, pushing its mission forward using technology as a tool for efficiency. Through its flagship brand, Jaxx Cannabis, the company is putting its values to work to enhance the overall craft cannabis experience,” said Chris Johnson, director of client solutions for IBN. “We’re excited to customize our comprehensive suite of corporate communications solutions for Prime Harvest as it continues to implement data-driven technology and the considerable experience of its leadership team to increase its foothold in the booming California cannabis market.”

To view the full press release, visit https://cnw.fm/nsSOX

About Prime Harvest Inc.

Prime Harvest is a technology-focused, full-service cannabis corporation. The company is horizontally diversified across various segments of the cannabis value chain, including licensing acquisition and compliance management, and state-wide direct-to-consumer operations. Based in the innovation hotspot of San Diego, California, Prime Harvest is expanding its footprint throughout the Golden State by executing a long-term strategy of investing in the growth and scale of licensed assets anchored by the power of data-driven technology. Prime Harvest’s flagship retail brand, Jaxx Cannabis, upholds exceptional standards of quality and services and provides a rewarding experience for customers in San Diego and the surrounding Southern California communities. Trust and credibility are at the heart of everything that the team at Prime Harvest stands for. The Prime Harvest team is composed of true experts in their respective fields, carefully assembled with the aim of building a world-class organization that can drive the cannabis industry and movement forward. For more information about the company, visit www.PrimeHarvestInc.com.

NOTE TO INVESTORS: The latest news and updates relating to Prime Harvest are available in the company’s newsroom at https://cnw.fm/PRIME

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

To receive SMS text alerts from CannabisNewsWire, text “Cannabis” to 844-397-5787 (U.S. Mobile Phones Only)

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Flora Growth Corp. (NASDAQ: FLGC), A Company Revolutionizing the Plant-Based Wellness and Lifestyle Industry

  • Flora Growth has been building a design-led collective of plant-based wellness and lifestyle brands
  • Through the work done by its pharma division, the company earned over $31.5 million in gross proceeds in the year ended November 2021
  • The company still maintains its revenue guidance projection of $35-45 million for 2022, attributed mainly to product diversification initiatives, strengthening its supply chain, and adoption of cost-effective cultivation practices

Since its inception, Flora Growth (NASDAQ: FLGC) has remained committed to building a design-led collective of plant-based wellness and lifestyle brands. This objective has defined Flora Growth’s three central pillars- wholesale cannabis, pharmaceutical cannabis, and CPG cannabis brands. Moreover, it has given the company and its management a platform to interact with and exchange ideas with other players in the plant-based wellness space, even as it seeks to grow its revenue through acquisitions and strengthening its distribution network.

Specifically, Flora Growth’s pharma division has been a leader in its sector. Headed by Dr. Annabelle Morgan-Manalo, a renowned neuroscientist, this division aims to understand the applicable modalities and formulations of cannabinoid-based products that offer the most bioavailable and efficient experiences for markets the world over. Through its work, the company has achieved significant growth, earning over $31.5 million in gross proceeds in the year ended November 2021.

The company’s President and Chief Executive Officer (“CEO”), Luis Merchan, has been keen to share his optimism about its future while acknowledging the strides that his company and each of its divisions have made so far. This was well reflected in the just-concluded Benzinga Cannabis Capital Conference, which ran from April 20-21, 2022, in Miami, where he spoke, as well as the Plant Medicine Week conference that was held from April 5-8, 2022, in Malta, where he was the keynote speaker (https://cnw.fm/Znuqg).

Flora Growth still maintains its revenue guidance projection of $35-45 million for the 2022 fiscal year, potentially a 4X growth from 2021. According to the company’s management, this growth will be primarily attributed to its product diversification initiatives, strengthening its supply chain, and its adoption of cost-effective cultivation practices (https://cnw.fm/QTnbx).

As it continues to curate a collection of consumer brands for key market segments in its space, Flora Growth continues to push the envelope from a research and marketing standpoint, showcasing opportunities in the plant-based wellness and lifestyle space, for which it is the arguable leader.

Going further into 2022, Flora seeks to maintain the momentum it started in 2021, from opening brick and mortar stores to distribution agreements with mainstream retail establishments. The company also seeks to further its market reach, as evidenced by its venture into the Colombian market through Tropi, the country’s largest food and beverage distributor.

For more information, visit the company’s website at www.FloraGrowth.com.

NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://cnw.fm/FLGC

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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420 with CNW — Washington State Offers Cannabis Shops Free Security Checks

In the wake of the recent armed robberies targeting marijuana businesses, Washington state has partnered with a private company to give cannabis businesses access to a free security check so that experts can advise the businesses about what specific steps each company needs to strengthen in order to reduce the likelihood of being adversely affected by this crime wave.

This security assessment is an offer from the Liquor and Cannabis Board (“LCB”) of the state, and the program will be implemented by Setracon, a security firm based in Tacoma. Currently, there are 180 retail marijuana businesses registered in Washington. All these firms are eligible to undergo the free security assessment, which has the following objectives;

  • Assessing the possible risks a retail outlet faces
  • Reviewing the specific threats that a particular retail business faces
  • Evaluating and documenting the current steps the business is taking to safeguard itself; provide extra measures that the business can take to beef up security
  • Giving the retailers a detailed report of the findings obtained during the security assessment

This intervention by the LCB comes after at least 50 robberies targeting cannabis shops were reported during the first quarter of this year. One of those robberies resulted in an employee of a cannabis shop being fatally shot by the robbers.

How did things get out of hand? Under current federal law, marijuana businesses are deemed to be illegal and therefore cannot access banking services even though these firms pay hefty federal taxes. This means that the rapidly growing industry is, for the most part, dependent on cash transactions, thus providing criminal elements with an attractive target.

Several attempts have been made to pass cannabis banking legislation so that financial institutions are protected from being  negatively impacted by federal agencies if they accept clients that are state-legal marijuana firms. However, the Senate has blocked each of those attempts to enact an enabling law protecting banks that work with the marijuana industry.

It is in light of this federal inaction that Washington state has elected to take some measures to address the deteriorating security of legitimate marijuana businesses within its jurisdiction. One  of the planned measures includes a series of training activities aimed at addressing the locality specific security challenges that various businesses face. This particular program is scheduled to begin now through August.

These measures will hopefully slow down the rate at which the crime wave is escalating, but the ultimate solution could be ending federal marijuana prohibition or at least allowing banks to work with the players such as American Cannabis Partners in the cannabis industry so that no cash is present in retail shops to serve as a magnet to robbers.

NOTE TO INVESTORS: The latest news and updates relating to American Cannabis Partners are available in the company’s newsroom at https://cnw.fm/ACP

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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