CannabisNewsBreaks – Flora Growth Corp. (NASDAQ: FLGC) Poised for First-Mover Advantage

Flora Growth Corp. (NASDAQ: FLGC) 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,” a recent article that discusses a research report from Zacks reads. According to the report, 2021 saw Flora’s acquisition of Vessel Brand Inc., a move that allowed the company to establish a foothold in the United States cannabis accessories business while also 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… 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… 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.”

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

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

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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 — VA Clarifies That Veterans Working in Cannabis Industry Can Apply for Home Loans

Although dozens of states have now legalized medical cannabis and studies have found that cannabis can be quite effective at treating issues such as and post-traumatic stress disorder, veterans often struggle to access cannabis. Furthermore, military veterans who work in state-legal cannabis industries often lack the benefits and protections from the U.S. Department of Veteran Affairs that veterans outside the industry enjoy because cannabis is still illegal at the federal level.

In a move that is sure to be met with praise from veterans, cannabis reform activists and industry stakeholders, the VA has clarified that veterans who work in the cannabis industry are eligible for home loans. However, the department noted that while vets who now draw their income from state-legal cannabis businesses can apply for home loans, some prospective lenders may not be willing to issue them loans. Such lenders see the instability caused by marijuana’s federal status as a Schedule I drug and they may not want to run the risk of veterans in the industry defaulting on their loans.

Even so, the VA stressed in a recent memo that since hemp is federally legal under the 2018 Farm Bill, veterans who work with hemp and hemp products should not be discriminated against when applying for home loans via the department’s benefits program. Ideally, this should cover veterans who work in the CBD industry as most of the cannabidiol on the market is derived from hemp, a nonpsychoactive type of cannabis.

The VA stressed that veterans who earn a living in the marijuana industry cannot be barred from obtaining a certificate of eligibility. This is a document that confirms a veteran’s eligibility for a Veteran Affair’s guaranteed loan.

The memo did note that the current federal ban on marijuana may make it difficult for lenders to establish if the income derived from cannabis businesses is stable and reliable enough to pay a home loan. As a result, the memo stated, such lenders may be uncomfortable relying on marijuana-derived income when they underwrite VA-guaranteed loans.

On the other hand, veterans who are involved in the retail sale of hemp fabric and cannabis-related products that are federally compliant would not run into the same issues when seeking home loans.

This is not the first time the VA has raised the issue of home-loan eligibility for veterans working in the cannabis industry. For example, in 2020, the department issued a report stating that drawing income from state-legal cannabis did not render a veteran ineligible for VA benefits.

As these inconsistencies are addressed one by one, more people will reap the benefits of being in jurisdictions where entities such as Flora Growth Corp. (NASDAQ: FLGC) are allowed to operate and make a difference in the community.

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

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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 — Senators Express Disappointment with President Biden’s Failure to Enact Marijuana Reforms

President Joseph Biden based part of his campaign on marijuana reform, stating that he would pursue marijuana decriminalization and the expungement of prior cannabis-related offenses. However, one-and-a-half years after he took office, the Biden administration has barely taken any action to keep the president’s marijuana promises. This inaction has been met with criticism and disappointment from drug reform activists and lawmakers.

Six U.S. senators recently renewed their call for the president to fulfill his cannabis promises, specifically de-scheduling cannabis and granting mass pardons to people currently incarcerated for cannabis offenses. Furthermore, they said that the Justice Department’s response to a letter the lawmakers sent in October 2021 was “extraordinarily disappointing.”

Sens Bernie Sanders, Elizabeth Warren, Cory Booker, Ed Markley, Kirsten Gillibrand and Ed Markey were signatories to the new letter sent to the president, Human Services (HHS) secretary Xavier Becerra, and Attorney General Merrick Garland.

They requested that the attorney general remove marijuana from the Controlled Substances Act (CSA) and that \ Biden issue mass pardons to people who were convicted for nonviolent federal cannabis offences. According to the senators, it took the DOJ a whopping six months to reply to the letter the y sent last October asking the attorney general to use his power to independently begin the process of removing cannabis from the CSA.

The ‘half-page response’ they received this April was extraordinarily disappointing, the senators wrote in the new letter. As per the April 2022 letter, the DOJ stated that the HHS still hadn’t determined that cannabis could be a safe and effective treatment option, hence its inaction. But the senators argued in their most recent letter that this ignored the fact that the DOJ and the Drug Enforcement Administration (DEA) had the power to start the de-scheduling process without the HHS’s input.

They say that the Controlled Substances Act empowers Attorney General Garland to request a scientific review from the HHS. Even if Human Services recommends that cannabis remain a Schedule I controlled substance or move to a lower schedule, the attorney general could still start the process of removing cannabis from the CSA. As such, the DOJ does not need a determination from the HHS to begin the de-scheduling process, the senators said, and research has already proven that cannabis does have medical benefits.

A coalition of senators, including Senators Warren and Markey sent Biden a letter in November 2021 urging him to grant mass clemency to people with federal cannabis convictions. However, the administration still hasn’t responded to the letter to date. The recent letter stated that while Biden’s efforts to grant pardons to 78 people were commendable, his administration needed to do much more to handle the situation

The entire cannabis industry, including entities such as Flora Growth Corp. (NASDAQ: FLGC), is also wondering when the federal government will ever wake up and recognize that science has proven that marijuana does possess medical benefits and that many patients see it as a godsend.

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

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420 with CNW — Germany Primarily Focuses on Safety in Cannabis Legalization Plans

Like many territories across the world, Germany is on the way to legalizing the use of recreational cannabis for adults. Although the substance has provided American states with billions of dollars in taxes and can be extremely profitable for Germany, the European country is planning on taking a “safety first” approach that prioritizes public health and safety.

German Health Minister Karl Lauterbach recently revealed that the government is set on legalizing recreational cannabis and already has a draft law that is expected to be ready by the end of 2022. He stated that the legislation has been long awaited and that the government will use the safety-first principle in its efforts to legalize adult-use marijuana in the country.

Lauterbach acknowledged that the current prohibitionist and repressive ways of dealing with the controversial plant have not been successful. This was a major change in opinion as the health minister has not been a fan of cannabis legalization in the past, stating that there were potential health risks involved.

Even though he has since reversed his stance on recreational cannabis reform, Lauterbach urged lawmakers to exercise careful consideration on key provisions of the draft law regarding safety. This includes protecting minors from cannabis marketing, advertising and access as well as provisions on tax and tax law and the criminal code. He especially stressed protection for minors, stating that while cannabis can have mild effects on adults, it is dangerous for children and can destroy their lives.

The country’s current three-party coalition government is solidly behind legalizing the adult use of cannabis. The coalition of the Green Party, Social Democrats (SPD) and Free Democrats (FDP) announced that it was considering legalizing recreational marijuana even before it took over.

For years, the Green Party and FDP urged the government to launch a legal and controlled market for cannabis with a focus on tight regulation and protecting minors. Now in power, the coalition is moving forward with its plans to legalize recreational marijuana. If the draft law is passed, it will be the third European country after the Netherlands and Luxembourg to allow adult-use cannabis.

Despite these comments by the German health minister, there are still plenty of questions about the regulations that will govern the country’s recreational cannabis industry. For instance, there is no information on whether edibles and vapes will be allowed now or in the future. The government has also failed to provide any information on cannabis taxes or regulatory restrictions, or whether Germans would be allowed to produce cannabis locally or look oversees for suppliers such as Flora Growth Corp. (NASDAQ: FLGC).

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

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CannabisNewsBreaks – Flora Growth Corp. (NASDAQ: FLGC) Names Former Amazon, Boeing Exec as CFO

Flora Growth’s (NASDAQ: FLGC), a leading all-outdoor cultivator, manufacturer and distributor of global cannabis products and brands, has announced a new chief financial officer. Former Amazon and Boeing official Elshad Garayev has accepted the new position and will be joining the FLTC team on the business day following the date on which the company files its mid-year financial results with the Securities and Exchange Commission. Garayev has more than two decades of financial leadership experience, and has worked at Amazon, Boeing, BP and RPK Capital. In his new role, he will focus on FLGTC growth initiatives as well as financial discipline and reporting. According to the announcement, Garayev is currently serving as vice president of finance and is working closely with Flora Growth’s current CFO Lee Leiderman, who is moving to an advisory role to enable him to spend more time with his family and focus on his health. Garayev has a proven track record in assisting organizations with the development and implementation of accounting and reporting policies as well as building high-performance finance teams. “Mr. Garayev is a deeply talented and experienced individual, and I am thrilled to welcome him to the Flora team at this exciting time in the company’s evolution. As Flora seeks to establish itself as a global leader in cannabis, adding someone of his caliber will further strengthen our position,” said Flora Growth Corp.’s chair and CEO Luis Merchan in the press release. “On behalf of both our executive leadership team and our Board of Directors, I want to personally thank Mr. Leiderman for his commitment and service to Flora through an incredible growth phase for the company. He has played an important role in setting the foundation for our future success and we look forward to continuing to work with him in his new capacity.”

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

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 largest outdoor cannabis cultivation facilities, Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to commercial, house of brands, and life sciences divisions. For more information about the company, please visit www.FloraGrowth.ca.

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

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Flora Growth Corp.’s (NASDAQ: FLGC) Shareholders Vote in Favor of All Proposals Submitted for Approval; Elect Brandon Konigsberg to Board of Directors

Shareholders approve all proposals submitted at this year’s annual shareholders’ meeting, including board members
Among the seven members of the Board of Directors elected, six were incumbents, making Brandon Konigsberg the newest addition to the Board
Mr. Konigsberg will lend his years of experience, having held key leadership positions in various organizations in the country
Luis Merchan, Flora Growth’s Chairman and CEO, noted that Mr. Konigsberg’s appointment would help the organization achieve rapid financial growth and maximize shareholder value

Annual shareholders’ meetings are usually landmark moments of shareholder democracy, offering shareholders an opportunity to participate in the company’s decisions and offer their input on resolutions brought forth by other shareholders, the Board of Directors, and company management.

On July 5, 2022, Flora Growth (NASDAQ: FLGC), a leading all-outdoor cultivator, manufacturer, and distributor of global cannabis products and brands, held its annual shareholders’ meeting. On the agenda were four proposals for discussion:

The re-appointment of Davidson & Company LLP as the company’s auditors
The election of seven members of the company’s Board of Directors
The approval of the company’s 2022 Incentive Compensation Plan
The approval of new bylaw 1-A

Attendees voted to approve all four of the tabled proposals, details of which can be found on Flora’s Form 6-K, filed with the Securities Exchange Commission on July 6, 2022 (https://cnw.fm/Qcn3E).

The selection of a seven-member Board of Directors saw the re-election of six incumbent directors and the addition of Brandon Konigsberg. Mr. Konigsberg will serve as Chair of the Audit Committee and as a member of the Compensation Committee, in addition to executing his duties as a Board member (https://cnw.fm/kho7F).

Mr. Konigsberg will lend his years of experience in the industry, having served as an executive of JP Morgan Chase (“JPMC”) for 24 years, and held various leadership roles in different critical organizations in the country. He is currently the President and Chief Financial Officer (“CFO”) of Fynn, an education financing company, a position he has held since 2021. In addition, he holds various board director, chair, and audit committee memberships, including Chicago Atlantic Real Estate Finance, Inc., a specialty mortgage Real Estate Investment Trust (“REIT”) that lends to cannabis companies.

While confirming his appointment, Mr. Konigsberg noted “I am excited to be joining Flora’s Board of Directors and look forward to assisting the management team as the Company continues to make progress on its strategic financial plans. As an executive and entrepreneur operating for many years in finance and treasury, I look forward to taking on challenges and opportunities that lie ahead of our Board and the Flora organization.”

“The addition of Mr. Konigsberg to our Board is further testament to our ongoing commitment to fiscal discipline and sound governance,” noted Luis Merchan, Flora’s Chairman and Chief Executive Officer (“CEO”). “He brings with him exceptional experience in the fields of finance and operations and will assist in helping our organization achieve rapid financial growth and maximize our shareholder value. We are pleased to welcome Mr. Konigsberg as a valued member of our team and look forward to his contributions,” 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

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420 with CNW — New York Names Officer to Oversee Cannabis Diversity Measures

More than a year after New York legalized recreational marijuana, becoming the 15th state to allow adult-use cannabis, efforts are underway to prepare for the launch of legal recreational sales later this year. Officials have announced the appointment of Damian Fagon as the chief equity officer at the Office of Cannabis Management (OCM).

The OCM was created by the Marijuana Regulation and Taxation Act in 2021 and is tasked with overseeing the licensing, cultivation, production, distribution, sale and taxation of cannabinoid hemp, recreational cannabis and medical marijuana in New York State.

Fagon is a third-generation farmer with an extensive background in agriculture and international development with an enviable resume. He has headed several development initiatives with Guatemalan coffee exporters, rice growers in Sierre Leone and Jamaican castor farmers.

Cannabis Control Board Chair Tremaine Wright says that Fagon’s extensive knowledge of the agriculture industry, his experience as a leader in New York’s Black farming community and his support of various farming communities across the world makes him uniquely positioned to head New York’s cannabis equity program.

Back in 2017, Fagon played a major leadership role in launching several commercial marijuana operations in the Caribbean, South Carolina and New York. As the chief equity officer, he will now be charged with overseeing economic and social equity initiatives created by the Cannabis Control Board and the Office of Cannabis Management.

According to New York’s marijuana laws, 50% of recreational cannabis licenses have to go to equity applicants with a specific focus on applicants living in communities that were disproportionately affected by the drug war. Distressed farmers and businesses owned by veterans, women and minorities also qualify as social equity applicants.

Part of Fagon’s job as chief equity officer will be ensuring that 50% of adult-use cannabis licenses go to qualified and deserving social equity applicants.

The decades-long drug war has long been considered a failure for increasing racial persecution in America and treating addiction as a criminal rather than a public health issue. Millions of people have been shackled with cannabis-related offenses, and harsh sentencing, especially for people of color, has done immense damage to Black communities around the country. Social equity programs that are specifically centered around cannabis are meant to reinvest in these communities and alleviate some of the societal harms caused by the war on drugs.

Several states with legal cannabis programs, including California, Massachusetts, New Jersey and Illinois, have incorporated social equity programs into their cannabis laws. As such equity programs get underway in different states that have legalized marijuana, cannabis companies such as Flora Growth Corp. (NASDAQ: FLGC) are set to play an even bigger indirect role in the communities in which they operate.

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

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CannabisNewsBreaks – Flora Growth Corp. (NASDAQ: FLGC) Announces Results of Annual Meeting of Shareholders, Board Appointment of Brandon Konigsberg

Flora (NASDAQ: FLGC), a leading all-outdoor cultivator, manufacturer and distributor of global cannabis products and brands, today announced that the company’s shareholders voted in favor of all of the proposals submitted for their approval at Flora’s July 5 annual meeting. In addition to the re-election of the company’s six incumbent directors, shareholders also elected Brandon Konigsberg to serve on the board. Further to his responsibilities as a board member, Konigsberg will serve as chair of the audit committee and as a member of the compensation committee. “The addition of Mr. Konigsberg to our board is further testament to our ongoing commitment to fiscal discipline and sound governance. He brings with him exceptional experience in the fields of finance and operations and will assist in helping our organization achieve rapid financial growth and maximize our shareholder value,” said Luis Merchan, Flora’s chairman and CEO. “We are pleased to welcome Mr. Konigsberg as a valued member of our team and look forward to his contributions.”

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

About Flora Growth Corp.

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

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420 with CNW — Illinois Disburses $45 Million from Cannabis Taxes to Repair Drug War Harms

Early this year, the Illinois Department of Revenue estimated that in the two years since it first launched its recreational cannabis market, Illinois had collected more than $500 million in cannabis taxes. Now the state is planning on using some of those funds to repair the societal harms caused by the failed war on drugs and decades of prohibition.

Illinois officials recently announced that they would be awarding $45 million in grants to reinvest in communities that had been hit the hardest by the drug war. Money generated from taxing the sale of recreational marijuana in the state would be used to fund these grants through the state’s Restore, Reinvest, and Renew (R3) Program. The program was created in 2019 when Illinois Governor J.B. Pritzker signed a cannabis legalization initiative into law.

This is the second time the R3 program has provided funding to reinvest in communities that were disproportionately affected by prohibition.

The $45 million will be used to provide financial support to 148 programs that are operated by small organizations in socioeconomically disadvantaged communities.

Speaking during a press conference, Governor Pritzker said that fixing the mistakes of the drug war was key to creating a “modern and equitable cannabis industry.” This means dedicating funding to underserved communities that have had little access to investment and resources, he said, noting that Illinois was proud to use funds generated from cannabis sales to help these communities heal and prosper.

The state announced in December 2021 that applications for this second funding round were open. According to the Illinois Justice Information Authority (ICJIA), there were 512 complete applications for the grants. Stakeholders and community residents then vetted these applications before settling on 148 recipients. Recipients include Resilience Partners NFP, Lifehouse Recovery Organization, Women in Need Recover, Illinois Equity Staffing LLC and the Illinois Prison Project, which all received a portion of the $1.5 million grant.

Illinois provided $31 million in grant funding under the R3 program in May 2020, a year after the state began recreational cannabis sales. The organizations that were awarded grants in the first round of grants will have their funding renewed this year as well to ensure they keep serving their communities without any disruptions.

Lt. Governor Juliana Stratton stated in a press release that the state is putting its money where its mouth is and taking steps to reduce the harms caused by the drug war. Moving forward, the R3 program will be central to the state’s efforts to reinvest in and heal underserved and unheard regions.

The way in which cannabis taxes are being put to use to help communities that were most impacted by the misguided war on drugs in Illinois shows just how much good can result when jurisdictions open their doors to legitimate marijuana companies such as Flora Growth Corp. (NASDAQ: FLGC).

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

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420 with CNW — Illinois Disburses $45 Million from Cannabis Taxes to Repair Drug War Harms

This is the second time the R3 program has provided funding to reinvest in communities that were disproportionately affected by prohibition.

The $45 million will be used to provide financial support to 148 programs that are operated by small organizations in socioeconomically disadvantaged communities.

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

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