• Flora just announced the repurchase of $5 million of its outstanding common shares
• This repurchase aligns with its overall global expansion plan, and its move to grow its market reach
• These moves by Flora assure shareholders of the company’s commitment to driving shareholder value and exploring various opportunities to do so

On June 16, 2022, Flora Growth (NASDAQ: FLGC) announced that its Board of Directors had authorized the repurchase of up to $5 million of its outstanding common shares. This came in the wake of the expiration of a one-year lockup period for specific shareholders who had acquired shares before the company’s Initial Public Offering (“IPO”).

While making the announcement, Luis Merchan, Flora’s Chairman and Chief Executive Officer (“CEO”), noted:

“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 in life sciences research,” he added (https://cnw.fm/678hm).

This move to repurchase shares aligns with Flora’s overall global expansion plan that has seen the company follow through with acquisitions of strategic brands and entities in the industry. For example, earlier in the year, Flora acquired 100% equity interests in Just Brands LLC and High Roller Private Label LLC, the owners of the JustCBD brand, for a consideration of $16 million in cash and 9.5 million in privately issued Flora common shares (https://cnw.fm/9QeQe).

The repurchase also aligns with the company’s move to grow its market reach, having announced the expansion of its operational footprint in Europe and the United Kingdom. This expansion would bank on JustCBD’s 79 products registered with the UK Novel Foods, allowing for the distribution of its growing house of brands.

At the beginning of the year, Flora’s management reiterated how the cannabis sector was ripe for the picking. Most notably, 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. This outlook is shaping the company’s decision-making process halfway into 2022, even as it seeks to aggressively grow its market reach, product line, and customer numbers. 

The global cannabidiol (“CBD”) industry is projected to post a CAGR of 21.3% over the forecast period (2021-2028), achieving a value of $47.22 billion, up from $4.9 billion. Flora looks to capitalize on this growth by making strategic acquisitions of key brands in the industry, aggressively expanding its market reach, and taking ownership of its brand, as evidenced by its recent repurchase of outstanding common shares.

“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,” noted Mr. Merchan.

These recent developments highlight Flora’s management’s confidence in where the company is headed and its potential for growth as the year progresses. It also assures shareholders of the company’s commitment to driving shareholder value and exploring various opportunities to do so. As such, this only emphasizes Flora’s value as a good investment.

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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A pair of congressmen has introduced a bipartisan bill that seeks to allow cannabis companies to be listed on national stock exchanges. The bill would also grant the industry access to crucial financial services like banking, solving an issue that has plagued the industry since its inception.

Rep. Guy Reschenthaler and Rep. Troy Carter are the cosponsors of the Capital Lending and Investment for Marijuana Businesses (CLIMB) Act. Filed last week, the legislation seeks to allow cannabis and ancillary businesses to access financial services such as checking accounts, cashless payments and loans, something federal law prohibits by threatening action against financial institutions that transact with these businesses.

This has forced many cannabis businesses to operate on a cash-only basis, increasing the risk of burglaries and putting customers as well as staff in danger. Furthermore, it limits the industry’s access to capital and hinders its growth.

On top of that, the CLIMB Act tackles an issue that hasn’t been raised often in the past: allowing cannabis firms to list their stock on national stock exchanges. More specifically, the bill would ensure that major stock exchanges such as the New York Stock Exchange (NYSE) and Nasdaq could list and trade the stock of registered cannabis businesses or service providers without any federal reprisal.

The CLIMB Act would be a major boon for the industry if it is passed, legitimizing the young but lucrative industry in the eyes of Wall Street and granting cannabis businesses access to much-needed banking services. It would essentially provide protections to any individual, business or agency that “provides business assistance” to a registered cannabis business. Theoretically, the federal Small Business Administration (SBA) would now be able to service state-legal cannabis businesses without fear of reprisal from the Justice Department.

According to Carter, the CLIMB Act is a great chance to bring equity and equal opportunity to the nascent cannabis industry. In a press release, he said that lack of access to capital had proven to be the most significant barrier to entry and success in the cannabis industry. The bipartisan CLIMB Act would bring some symmetry into the cannabis ecosystem and allow communities that had been disproportionately harmed by the drug war to move into the cannabis industry and benefit, he said.

As it stands, Reschenthaler said, marijuana companies in America cannot access traditional financing and lending services, making it difficult to compete with global competitors. The CLIMB Act would eliminate these barriers to entry and give America’s cannabis industry the financial tools it needs to succeed.

When U.S.-founded cannabis companies are allowed to register on domestic stock exchanges in the same way that entities with roots abroad such as Flora Growth Corp. (NASDAQ: FLGC)  can, the competition in the industry will go up several notches due to the increased flow of capital into different companies.

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 is a cannabis cultivator and distributor with a base of operations in Colombia’s fertile growing climate, capable of feeding the company’s expanding international supply chain
• Colombia has undergone a number of regulatory changes in recent years as it emerges from the shadows of years-long drug wars and embraces a growing global acceptance of cannabis products
• The South American country voted in a new presidential administration in June, and Flora Growth is applauding the president-elect’s continued openness to international cannabis trade
• Flora Growth announced significant revenue growth during its year-end financial reporting in May, and the company stated it expects another 288 to 400 percent increase in revenues during the current year

Following nationwide elections that marked a historic change in Colombia’s presidency as well as its people’s social policy aspirations, emerging cannabis brand builder Flora Growth (NASDAQ: FLGC) is expressing optimism for its market opportunities, which are based on a growing cannabis cultivation operation in the South American country. 

Longtime legislator Gustavo Petro, a sitting senator and previously Mayor of Bogota, was declared Colombia’s chief executive-elect June 19 after his remaining opponent in a runoff election conceded that Petro had won the majority of the vote in an orderly transfer of authority (https://cnw.fm/Nz0Xx).

Flora Growth enjoyed explosive energy in building an international supply chain for its cannabis products under the progressive drug policy changes instituted by outgoing President Ivan Duque’s administration, and the company anticipates Petro’s approach to the market’s opportunities will further open doors for its operations. 

“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,” Flora Growth Chairman and CEO Luis Merchan stated in a recent news release (https://cnw.fm/P1Ww6). 

“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,” Merchan added, while observing that Colombia’s environmental and labor conditions are ideal for building successful international commerce.

Petro signaled his support of the industry last year when he stated, “The possibility of legal exportation of marijuana for recreational and medicinal purposes through licenses from the national government has friends with political power in Colombia. If Colombia does not get its act together, we’re going to lose that business” (https://cnw.fm/HKd3z).

Flora Growth operates a 100-hectare (about 247-acre) cultivation facility known as Cosechemos in the heart of Colombia’s green grower-friendly climate. From its cultivation, extraction and isolation operations at the city of Bucaramanga, much of its product goes to its GMP-certified processing facility for beauty, phytotherapeutic and nutraceutical products in the nation’s capital, Bogotá. 

The company’s license applications with Colombia’s food and drug regulatory body have included more than 20 cannabinoid-infused food and beverage products, such as juices, sparkling seltzers, gummies, chocolates, ghee butter, and healthy snack foods, that prioritize natural ingredients and value-chain sustainability (https://cnw.fm/3nCoq).

“While approximately 90% of Flora’s forecasted revenue is expected to be derived outside of Colombia, we see Colombia as particularly well suited both for production of high-quality, cost-advantaged cannabis and the manufacturing of cannabinoid-derived medical formulations that can be sold domestically and internationally,” Flora’s Chief Commercial Officer Jason Warnock added in the company news release.

Year-end financial results announced in May reported annual revenue of about $9 million — a “significantly higher” amount than the company reported a year earlier before Colombia’s change in its drug product laws went into effect and Flora launched its IPO on the Nasdaq Capital Market. And the company stated at the time that it expects revenues to grow another 288 to 400 percent during the current year (https://cnw.fm/4q3Bp).

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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Flora Growth Corp. (NASDAQ: FLGC) CEO Luis Merchan is quoted in a recent article saying, “International growth is a key objective of our company’s strategy.” Earlier this year, the company completed the acquisition of 100% equity interests of Just Brands LLC and High Roller Private Label LLC, owners of the JustCBD brand, in a move by Flora Growth to explore global expansion opportunities and increase its customer database. The article reads: “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… 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… ‘The launch on 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,’ said Merchan.”

To view the full article, visit https://cnw.fm/9D1Ro

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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• 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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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. 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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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

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• 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

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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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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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