Zacks Report Highlights Flora Growth Corp. (NASDAQ: FLGC) Aspiring to Benefit from First Mover Advantage in Multiple Cannabis Market Categories

  • Flora’s 2021 acquisitions allowed it to expand its operations beyond North America and into Europe
  • Acquisitions have also contributed to 450% YOY revenue growth for Q1 2022
  • Its management is confident that the foundation laid down so far will yield growth for 2022 and subsequent financial years
  • Flora has also reiterated 2022 revenue guidance of $35 million to $45 million

2021 was an excellent year for Flora Growth (NASDAQ: FLGC). According to a recent research report from Zacks (https://cnw.fm/bWU0H), the company possesses a number of important qualities pointing to continued significant growth following a strong 2021. Flora Growth management even regarded the past year as “transformational,” particularly following the closing of supplier, vendor, and distribution agreements that would see the company expand its operations, market reach, and product line.

With the progress made by the company so far, it is looking to benefit from a first-mover advantage in multiple market categories in terms of increased value for its shareholders, a higher market share, and increased revenue going forward.

The report went on to talk about 2021’s acquisition of Vessel Brand, Inc., a move that allowed the company to establish a foothold in the United States cannabis accessories business while improving its e-commerce capabilities. The year would also see the construction of an all-outdoor cultivation and on-site extraction facility in Colombia, one of the largest traditional flower exporters in the world and now able to export cannabis flowers.

Such moves position Flora to take advantage of the potential of the marijuana industry, particularly the medical marijuana sector. According to a report from Grand View Research, the global medical marijuana market size was valued at USD 11.0 billion in 2021 and is projected to expand at a compound annual growth rate (“CAGR”) of 21.6% from 2022 to 2030 (https://cnw.fm/26BIe).

Through its acquisitions, Flora has expanded its operations beyond North America and into Europe. The company’s investment in Hoshi International, for instance, opened it to the European Union (“EU”), allowing it to expand its global footprint that would further spread to Hong Kong, Latin America, and Israel.

The report also pointed out Flora’s Life Sciences pillar, one of its three key pillars of growth, focused on providing scientific-based research associated with cannabis. The other two pillars include Commercial and Wholesale and House of Brands. The company believes that, while offering the products in its portfolio is critical, educating consumers and potential customers is of the essence if the conversation around cannabis is to be advanced. Therefore, Flora remains committed to creating educational platforms and conducting research studies and clinical trials to develop plant-based, medical-grade pharmaceuticals, phytotherapeutics, and dietary supplements.

Through its acquisitions and growing distribution network, Flora was able to post a 450% year-over-year revenue growth for the first quarter of the 2022 financial year. As a result, its management is confident that, for the entire fiscal year, the company will post between $35 million and $45 million in revenue. 

This will be significantly influenced by the JustCBD acquisition, the awarding of an export quota for 43.6 tons of high-THC cannabis in Colombia, and the successful completion of the requisite steps to allow for the commercial planting and export of psychoactive cannabis.

Flora looks to reach cash flow breakeven as revenue continues to ramp, having closed the 2021 fiscal year with about $37.6 million in cash and a $21.4 million loss. 2021 was its first full year of revenue. Still, the company anticipates accelerating revenue growth in 2022 as it activates its Wholesale and Life Sciences growth units while simultaneously fueling expansion in the global House of Brands.

Flora is aggressively pushing its brand and advancing the conversation around cannabis. In addition, with its able management, Flora is recognizing and capitalizing on opportunities that others are yet to identify, placing it in a unique position that not only gives it a first-mover advantage, but also presents a unique opportunity for growth.

The full Zacks Small-Cap Research Report is available at https://cnw.fm/bWU0H.

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 — NIDA Seeks Help in Creating Nationwide Registry of Medical Cannabis Use

By the end of last year, more than 30 states had launched some kind of medical cannabis market. But with each state independently passing its own policies, this has led to a patchwork of different medical cannabis legislation across the country. Last week, a top federal agency revealed that it plans on creating a countrywide medical cannabis registry that would allow it to study how patients use medical marijuana.

The National Institute on Drug Abuse (NIDA) has pledged to provide funding worth $1.5 million to researchers to help them develop a nationwide medical cannabis registry capable of tracking how medical cannabis patients in all legal states obtain and use medical cannabis as well as their medical outcomes. As NIDA stated in its request for applications (RFA), three-quarters of the states in the country have legalized medical cannabis, although each state has varying conditions regarding qualifying medical conditions and the types of medical marijuana products patients are allowed to use.

This patchwork landscape makes it extremely difficult for the agency to analyze medical cannabis use and how it is impacting the public. The information that is available is not standardized and cannot be used to understand the broader health outcomes associated with medical cannabis use, the agency explained.

NIDA also noted that there is little standardized information regarding the medical marijuana products being used because of lax laws surrounding labeling. As such, the agency will need to collect all the relevant information on medical cannabis products.

This registry will allow NIDA to study how different medical cannabis products affect patients and obtain a clearer idea of potential risks and benefits. According to the agency’s request for applications, the objective of this new information-gathering process is to find out which medical marijuana products are being used, the reasons why they are being used and the outcomes of use.

The agency is looking for a wide dataset from the medical cannabis industry that includes cannabis strains, cannabis forms, delivery methods, most prevalent cannabinoids, medical marijuana card status and the symptoms being addressed by medical cannabis treatment. NIDA is also interested in information pertaining to changes in other pharmaceutical and illicit drug use after the onset of medical marijuana treatment, as well as interactions between cannabis and other drugs.

Researchers who would like to take part in creating the registry and keeping it up to date can begin submitting applications on Oct. 15, 2022. They will be allowed to send in their applications for NIDA funding until Nov. 16, 2022.

These moves by federal agencies such as NIDA offer a ray of hope that real reforms may not be far off and industry actors, such as Flora Growth Corp. (NASDAQ: FLGC), may finally have a framework within which to operate nationally.

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.

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Flora Growth Corp. (NASDAQ: FLGC) Authorizes the Repurchase of up to $5 Million Shares

  • Flora Growth Corp. announced that the Company Board has authorized the repurchase of up to $5 million of its outstanding common shares
  • Luis Merchan, Flora’s Chairman and CEO, said that Flora is executing its growth plans while simultaneously improving gross profit margins and reducing corporate overhead expenses
  • At the closing of 2021, the company announced a 2022 revenue guidance projection of $35-45 million

Flora Growth (NASDAQ: FLGC) is a global leader in the cultivation, marketing, and distribution of premium-quality cannabis products and brands at below-market prices. Flora Growth recently announced that the company’s Board of Directors (the “Board”) has authorized the repurchase of up to $5 million of its outstanding common shares subject to market conditions and the company’s liquidity warrant (https://cnw.fm/9m47y).

Luis Merchan, Flora’s Chairman and CEO, stated that the potential to repurchase their shares at these levels represents a compelling opportunity to deploy available cash to drive shareholder value. The company’s board believes that the decline in the market price of shares is due to the generally weak financial market and cannabis sector. It is also attributed to the recent selling of several millions of shares by certain shareholders who acquired such shares at a very low-cost basis, prior the company’s had its IPO, and who had previously been subject to a one-year lockup period which expired in mid-May.

Repurchases may be made from time to time through open market purchases, and, in no event shall the company repurchase more than five percent of the total number of issued and outstanding shares as of the repurchase date.

Flora’s 249-acre cultivation facility Cosechemos, based in Colombia, is the core of the company’s business model. The ideal location, resources, and climatic conditions at the Cosechemos farm, enable Flora’s low production cost which is approximately $0.06/gram, compared to production costs that can be as high as $1/gram or more in parts of North America (https://cnw.fm/gptGk).

On Feb 22, 2022, Columbia’s President Duque approved a previously announced legislation expanding on Resolution 811.  The new Resolution 227 allows the industrial use of cannabis in sectors such as food, beverages and textile. This new regulation will further pave way for increased revenues for the company (https://cnw.fm/WfqLT). Recently, Flora also solidified its foothold in the U.S., by acquiring the luxury cannabis consumer brand Vessel Brand Inc. 

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 — NIDA Calls for Applications from Cannabis Testing Companies

A key federal agency has just sent out a call to the cannabis industry requesting that companies with the technology to analyze marijuana, including cannabis from state-sanctioned dispensaries, provide information for cannabis research.

In a recent notice for the investigation of cannabis for research from NIDA, the agency stated that it was looking for input from players in the cannabis industry that could provide more scientific information on the benefits and risks of marijuana.

NIDA asked for statements from businesses with the technical know-how, with the aim of collecting crucial information about cannabis, cannabis-infused products and any related materials to help inform its research on cannabis.

Technologically capable companies that come forward will be required to analyze samples of confiscated marijuana that have been submitted by law agencies or any other entity sanctioned by the federal agency. Furthermore, these samples will be drawn from seized cannabis products that were intended for public sale and consumption, not from plants that were grown specifically for research purposes. This will address an issue that has long plagued the cannabis sector and hindered cannabis research.

Federal law prohibits scientists from using cannabis sourced from dispensaries in their studies. Rather, they are only allowed to use cannabis grown at a cannabis research facility in the University of Mississippi. Researchers who have interacted with the cannabis grown at the facility argue that it is low quality and less potent than the cannabis sold in dispensaries and barely qualifies as cannabis.

This has had a negative impact on cannabis research and even called into question the validity of data sourced from marijuana research as the plants being researched are quite different from the plants being consumed by the public.

This new notice seems to open up the possibilities for researching commercial-grade cannabis rather than just government-grown plants. It states that the agency is interested in the analysis of cannabis from several sources and this potentially includes state-legal dispensaries.

NIDA still notes that federal law currently prohibits it from directly purchasing cannabis samples from dispensaries. As such, the agency will study commercial-grade cannabis through collaborations with law enforcement agencies and the marijuana research facility at the University of Mississippi.

At the moment, however, the agency’s drug-supply program only delivers government-grown cannabis to researchers for external investigation.

In recent months, the DEA has also taken steps to increase the number of growers authorized to cultivate cannabis for research purposes. It has also proposed an increase in the amount of cannabis grown annually for scientific research.

As cannabis research becomes less onerous to conduct, we are likely to see a flurry of innovative products commercialized by leading marijuana companies such as Flora Growth Corp. (NASDAQ: FLGC) in their bid to meet the interests of different market segments.

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.

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Flora Growth Corp. (NASDAQ: FLGC) Closes the First Half of 2022 with UK Product Launch, Successful Brand Acquisition, and a Collaboration with Ricky Williams’ Cannabis Brand, Highsman

  • Flora’s collaboration with Highsman seeks to elevate both Highsman and Vessel, Flora’s accessories brand, thereby inspiring greatness and creating an experience worth sharing
  • The company’s acquisition of Masaya allows it to deliver on its promise to invest in safe, thorough, and cutting-edge cannabis research
  • Flora’s product launch on Amazon.co.uk marks a big step in operations expansion in Europe

The first half of 2022 has been successful for Flora Growth (NASDAQ: FLGC). At the beginning of the year, the company’s management noted how the cannabis sector was ripe for the picking. They noted how great brands and cost advantages are optimal traits for the company’s long-term market leadership and return on investment (“ROI”), emphasizing the opportunities ahead (https://cnw.fm/MnWUI).

Flora Growth has since partnered with Highsman, a cannabis lifestyle brand built on an appreciation for greatness, founded by former NFL running back Ricky Williams. The collaboration seeks to elevate Highsman and Flora’s cannabis accessories brand, Vessel, (https://cnw.fm/9HXBx)

While announcing the collaboration, James Choe, Flora Growth Chief Strategy Officer (“CSO”) and President of Vessel noted that “Ricky’s story personifies the authenticity and individuality that exists at the core of Vessel, and this collaboration is a true representation of the freedom to be original.”

Following the announcement of the Ricky Williams collaboration, flora announced the acquisition of CBD Brand Masaya. Flora entered into an agreement with Dr. Annabelle Manalo-Morgan, a leading cell biologist, to acquire her brand, along with its patent-pending CBD formulations, which are made up of potent CBD oil and are 100% THC-free (https://cnw.fm/jRF7l).

Upon acquisition, Masaya became an owned Flora brand sold in the United States and the first offering from Flora Life Sciences. It is also projected that the patent-pending formulation, Masaya Pure, will be used in Flora’s current clinical trials with the University of Manchester in the UK. The doctor now serves on Flora’s Board of Directors as the company’s Scientific Advisor. She is also responsible for leading Flora’s global research initiatives, including the ongoing clinical trial on the use of cannabinoids with patients with fibromyalgia.

“We are excited to announce the acquisition of Masaya. The brand’s formulation was developed by Dr. Annabelle for her son and has since been used by thousands of consumers,” noted Luis Merchan, Flora’s Chairman and Chief Executive Officer (“CEO”).

“This acquisition allows us to deliver on our promise to invest in safe, thorough, cutting-edge scientific research that can bring meaningful change via an efficacious and accessible product offering for the people worldwide,” he added.

At the close of May, Flora announced that its wholly-owned subsidiary, JustCBD, would be launching its line of Novel Foods registered CBD products on Amazon.co.uk. Set to launch on the e-commerce store in June 2022, this move would see customers in the UK access JustCBD’s best-selling gummies and tinctures (https://cnw.fm/RIVWM).

This launch marked a significant step in Flora’s operations expansion in Europe. In addition, it showed the company’s commitment to delivering quality cannabis-related products to customers aiming to improve their health and wellness.

“With health and wellness playing an increasingly important role in customers’ lives, we are excited to increase the selection of quality CBD products offered to Amazon customers in the UK,” noted Hussein Rakine, JustCBD’s CEO.

“The JustCBD team looks forward to working closely with Amazon to expand our product offering to other countries as our partnership and brand presence in the United Kingdom grows,” he added.

Going into the second half of the 2022 calendar year, Flora Growth seeks to aggressively pursue the goals set at the beginning of the year, further expanding its market reach and growing its product line and customer numbers.

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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CannabisNewsBreaks – Flora Growth Corp. (NASDAQ: FLGC) Congratulates Colombia’s President-Elect Gustavo Petro

Flora (NASDAQ: FLGC), a leading all-outdoor cultivator, manufacturer and distributor of global cannabis products and brands, congratulates Gustavo Petro and the Humane Colombia Party on their victory in Sunday’s presidential runoff election in Colombia. “We would like to congratulate President-Elect Gustavo Petro on his victory, and we look forward to working with the new government to continue Colombia’s progressive momentum in the global cannabis industry,” said Luis Merchan, Flora’s chairman and CEO. “We are encouraged by President-Elect Petro’s stance on seeing Colombia become a leader in the legal cannabis industry, and we are hopeful for progressive legislation that will allow Colombia to create a safe environment for cannabis consumption domestically – potentially leading to a recreational market in the country – while also proving Colombia has all the environmental and labor conditions necessary to be a global cannabis powerhouse.”

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

About Flora Growth Corp.

Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands delivering the most compelling customer experiences in the world, one community at a time. As the operator of one of the most extensive outdoor cannabis cultivation facilities, Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its commercial, house of brands and life sciences divisions. Visit www.FloraGrowth.com or follow @floragrowthcorp on social media for more information.

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 — Report Says Marijuana Banking, Criminal Expungement Could Be Federally Approved This Year

A new report has revealed that legislators may pass federal cannabis banking reform this year as long as it is combined with existing cannabis expungement legislation. Due to federal prohibition, businesses in the cannabis sector have been unable to access banking and loan services, forcing them to operate on a cash-only basis and limiting their growth opportunity.

The lack of cashless payments has been a particularly touchy issue as it makes it difficult for marijuana businesses to track their finances and keep up with their taxes; it also makes them prime targets for burglaries and robberies.

Politico reported that Senate Majority Leader Chuck Schumer recently met with GOP Representative David Joyce and discussed the possibility of combining his Harnessing Opportunities Act by Pursuing Expungement (HOPE) Act with the SAFE Banking Act. While the SAFE Banking Act would finally grant state-legal cannabis businesses access to banking services, the HOPE Act will provide states with the funds needed to expunge prior-cannabis related offenses from people’s records.

Furthermore, U.S. Cannabis Council president and CEO Steve Hawkins stated earlier this year that the HOPE Act may also contain criminal justice provisions that weren’t included in Representative Ed Perlmutter’s SAFE Banking Act but that appealed to Schumer and other progressive Democrats.

According to Cantor Fitzgerald investment analyst Pablo Zuanic, the reported discussions between Schumer and Joyce are a sign that the Senate majority leader could be open to a “reasonable and realistic” compromise on the SAFE Banking Bill.

Although Schumer has been an avid supporter of comprehensive cannabis reform, he hasn’t been a big fan of the SAFE Banking Act, stating that it seems to protect industry interests first and doesn’t align with his goal of comprehensive cannabis reform. In late 2021, he stated that key senators had agreed not to advance the cannabis banking legislation before federal legalization. The reported talks signal a major change in Schumer’s views on the importance of cannabis banking.

On the other hand, Zuanic isn’t 100% certain that the SAFE Banking Bill will make it into the final version of American competitiveness legislation that is currently being discussed by a bipartisan conference committee. He believes that Joyce’s HOPE Act could be a reasonable compromise for Schumer, who is probably starting to feel the pressure from lawmakers and lobbyists to pass cannabis banking legislation.

Schumer is also expected to officially introduce his Cannabis Administration and Opportunity Act later this month after a couple of delays.

If these regulatory changes are made allowing cannabis banking and other reforms, the industry and its leading players, including Flora Growth Corp. (NASDAQ: FLGC), will check off one hurdle that has bogged down the industry for years.

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.

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Flora Growth Corp. (NASDAQ: FLGC) Achieves Key Milestone in Global Expansion Plan with JustCBD Launch on Amazon UK

  • Flora Growth completed the acquisition of Just Brands LLC and High Roller Private Label LLC, owners of the JustCBD brand, on February 28, 2022
  • The company then expanded its operational footprint in Europe and the UK in May 2022 to further its international growth strategy
  • JustCBD products, including gummies and tinctures, will be available on www.Amazon.co.uk starting this month in a pilot-only program
  • Flora Growth is optimistic that this launch will allow the company to reach a larger consumer base as it works towards further expanding its operations across Europe

On February 28, 2022, Flora Growth (NASDAQ: FLGC) completed the acquisition of 100% equity interests of Just Brands LLC and High Roller Private Label LLC, owners of the JustCBD brand. The transaction, which involved a consideration of $16 million in cash and 9.5 million in privately issued Flora common shares, was a move by Flora Growth to explore global expansion opportunities and increase the company’s customer database (https://cnw.fm/ccydT).

By mid-May 2022, Flora Growth had already announced the expansion of its operational footprint in Europe and the United Kingdom to further its international growth strategy. But, more importantly, the move signaled the company’s assertive push to broaden the reach for its JustCBD’s 79 products registered with the UK Novel Foods, paving the way for meaningful distribution of its growing house of brands.

“Establishing our roots in the UK and EU will not only afford us opportunities to increase our distribution and grow market share, but it will generate actionable market insights for our team to continue to innovate and deliver the most

compelling experiences we can,” noted Luis Merchan, Flora Growth’s President and Chief Executive Officer (“CEO”) (https://cnw.fm/Nx2Jm).

In what marks a noteworthy milestone for Flora Growth and its expansion plan, the company announced that JustCBD would launch its Novel Foods registered CBD products on Amazon.co.uk.

JustCBD’s product line will be available on the site starting this month, making available a portfolio of the company’s best-selling gummies and tinctures.

“With health and wellness playing an increasingly important role in customers’ lives, we are excited to increase the selection of quality CBD products offered to Amazon customers in the UK,” noted Hussein Rakine, the CEO of JustCBD.

“The JustCBD team looks forward to working closely with Amazon to expand our product offering to other countries as our partnership and brand presence in the United Kingdom Grows,” he added (https://cnw.fm/i76q9).

The CBD market in the UK is currently valued at £700 million and is projected to hit £1 billion by 2025. This growth is attributed mainly to the UK’s regulatory framework, which is regarded as the most evolved in the world. Such structures have seen key corporations such as Amazon venturing into this market, introducing a pilot-only program that includes vendors who have already demonstrated compliance with the UK CBD Novel Food regulations.

JustCBD has already undergone the Novel Food regulations approval process and has been awarded the necessary authorization proving that its products are safe for consumption and labeled correctly. With the launch of its product line on Amazon UK, Flora Growth is optimistic that it will reach a larger consumer base even as it works towards further expanding its operations across Europe.

“International growth is a key objective of our company’s strategy,” noted Mr. Merchan.

“The launch of Amazon UK allows Flora to reach a larger consumer base in search of quality CBD products. We are excited to continue expanding our operations in Europe and to deliver top-quality cannabis-related products to customers aiming to improve their health and wellness,” he added.

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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CannabisNewsBreaks – Flora Growth Corp. (NASDAQ: FLGC) Announces $5M Share Repurchase Program

Flora (NASDAQ: FLGC), a leading all-outdoor cultivator, manufacturer and distributor of global cannabis products and brands, today announced that its board of directors has authorized the repurchase of up to $5 million of its outstanding common shares as market conditions and the company’s liquidity warrant. “We believe that the potential to repurchase our shares at these levels represents a compelling opportunity to deploy available cash to drive shareholder value,” said Luis Merchan, Flora’s chairman and CEO. “Flora continues to move assertively to execute its growth plans while simultaneously improving gross profit margins and reducing corporate overhead expenses. We are confident in the company’s short, medium and long-term growth prospects based on our strong in-market brand portfolio together with our cultivation and export capabilities and life sciences research. The repurchase program affords us the opportunity to increase our ownership in our portfolio of high-quality brands through our shares, which in our view are trading well below NAV.”

To view the full press release, visit https://cnw.fm/2zFZw

About Flora Growth Corp.

Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands designed to deliver the most compelling customer experiences in the world, one community at a time. As the operator of one of the most extensive outdoor cannabis cultivation facilities, Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its commercial, house of brands and life sciences divisions. Visit www.FloraGrowth.com or follow @floragrowthcorp on social media for more information.

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.

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

For more information please visit https://www.CannabisNewsWire.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW, wherever published or re-published: http://CNW.fm/Disclaimer

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420 with CNW — The Do’s and Don’ts as Thailand Eases Marijuana Restrictions

Thailand has become the first country in Asia to decriminalize the cultivation and sale of marijuana. However, Thai residents won’t be living in a recreational cannabis paradise anytime soon.

The Asian country plans on enacting strict cannabis policies and tough penalties for anyone caught indulging in recreational weed. According to Thai Health Minister Anutin Charnvirakul, the move is meant to boost Thailand’s economy by tapping into the billion-dollar medical cannabis industry.

Anutin cautions against using cannabis recreationally as the country still has laws that control the consumption of marijuana products in a “nonproductive” way. Rather than launch a recreational market, Thailand’s new cannabis laws will allow citizens to grow and sell cannabis and hemp products.

Restaurants will also be allowed to stock and serve cannabis-infused drinks and foods as long as the product contain less than 0.2% of delta-9 tetrahydrocannabinol (THC). This is the main component in marijuana that makes users feel “high.” Hemp, which is virtually identical to cannabis except for its THC levels, has minimal to no THC.

Thailand’s cannabis policies will mainly be centered on medical marijuana. Already allowed by dozens of territories around the world, medical marijuana has been found to have potential in treating a variety of medical conditions.

Anutin says the country has no plans to be a recreational cannabis haven for tourists either, stating that Thailand will only promote medical cannabis policies. Tourists who wish to purchase medical cannabis products are free to visit, but those coming to indulge in adult-use cannabis are not welcome, he says.

Thailand is known for its tough anti-drug laws. As it stands, the Public Health act levies a punishment of up to three months in jail and a fine of $800 for lighting up in public. According to Anutin, the government has never considered legalizing cannabis for recreational consumption or to be used in ways that could “irritate others.”

The Public Health Ministry also announced that more than 3,000 inmates who were imprisoned for hemp- and cannabis-related drug offenses will soon be released. In wake of the legalization news, marijuana advocacy group Highland Legalization has organized a weekend festival that will involve panel discussions, musical performances and cannabis food sales.

However, some activists are still apprehensive about Thailand’s new cannabis policies as law enforcement hasn’t been as quick to adapt to changing laws. Thailand first decriminalized medical cannabis use in 2018 and has been steadily loosening its cannabis laws under Anutin’s watchful eye.

However, law enforcement hasn’t always kept up with these changes. A few weeks ago, a 56-year-old woman in eastern Chonburi Province who had diabetes and high blood pressure was arrested by plainclothes police officers after they saw a potted cannabis plant in her bedroom. Anutin states that the four officers have already been disciplined. He adds that the government will need to educate both law enforcers and ordinary citizens about the evolving cannabis laws.

As the strict marijuana laws around the region begin to loosen, an opportunity may be created for established cannabis companies such as Flora Growth Corp. (NASDAQ: FLGC) to expand into these emerging markets.

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.

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