420 with CNW — Survey Finds Most Republicans Support Incremental Marijuana Policy Reforms

Most progressive measures in the United States have been pushed by Democratic lawmakers and supported by left-leaning voters. Democrats were almost entirely responsible for the wave of cannabis reform that has swept across the country, with most left-leaning states now allowing some kind of legal marijuana market. However, a recent survey has revealed that attitudes toward cannabis prohibition and legalization are also changing on the other side of the political divide.

The survey found that voters who identify as Republican support various cannabis reform measures, including legalizing the controversial plant, expunging certain cannabis-related offenses from people’s records and allowing states to determine their own marijuana policies. The survey was commissioned by the National Cannabis Roundtable (NCR).

Survey results indicate that 76% of Republicans who responded said they supported noninterference by the federal government in state-legal cannabis markets, 56% supported expunging prior cannabis offenses in legal cannabis states, and 73% were in favor of treating cannabis businesses like other industries. These results came at a time when lawmakers are working feverishly to develop viable marijuana legislation before the end of the congressional calendar.

However, there is little likelihood of Congress passing federal marijuana reform before the session ends, and some stakeholders do not believe that Republicans support anything besides cannabis banking legislation. In the survey, 65% of Republicans said they supported measures that would finally allow cannabis businesses to access banking services.

Several prominent Democratic lawmakers, including Senate Majority leader Chuck Schumer, Senator Cory Booker and Senator Ron Wyden, have vowed not to pass cannabis banking measures before comprehensive legalization.

Although the legislation would finally allow cannabis businesses to access cashless payments and capital, Schumer believes passing it first would place corporate interests over social equity. He recently unveiled a comprehensive federal cannabis bill that would legalize the plant at the federal level and expunge past nonviolent cannabis offenses from people’s records. On the other hand, proponents of cannabis legalization argue that lack of access to banking services is exposing the cannabis industry to security risks and limiting its access to capital.

Banking institutions have stayed away from the state-legal cannabis industry ever since its inception, forcing businesses in the sector to rely on cash-only transactions. Lawmakers included banking protections in a package of policy changes called SAFE Banking Plus in an effort to pass some kind of cannabis legislation before the current legislative session elapses. It has social-equity provisions as well as protections for banks that serve businesses in the cannabis sector.

If these reforms are finally passed into law, the operating environment for industry companies such as Flora Growth Corp. (NASDAQ: FLGC) will improve a great deal as a uniform federal law on marijuana comes into force.

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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Flora Growth Corp. (NASDAQ: FLGC) 7x YOY Revenue Growth for H1 2022 Affirms Hyper Growth

H1 2022 revenue increased to ~$15.0 million, up 604% from H1 2021 and 117% from H2 2021, driven by House of Brands
Gross Profit increased to ~$7.0 million, up 547% compared to H1 2021 and 363% compared to H2 2021
Company reaffirms its 2022 revenue guidance to range between $35.0 million – $45.0 million, indicating approximately 300% – 400% projected revenue growth from 2021

In August, Flora (NASDAQ: FLGC) released its financial and operating results for the six months that ended June 30, 2022 (https://cnw.fm/4Oeqb). As an internationally focused cannabis company, the organization’s management acknowledged how challenging the current global cannabis environment is. However, it also lauded the team’s ability to deliver on plan and the overall company’s focus on its goals for the current financial year.

The release indicated that Flora posted total revenue of $14.9 million for the first half of the 2022 fiscal year (“H1 2022”), 7x year-over-year (“YOY”) growth, and 2x sequential growth. This growth was attributed to Flora’s House of Brands division, which include the acquisitions of Vessel and JustCBD. The performance, according to the company’s Chairman and Chief Executive Officer (“CEO”), Luis Merchan, delivered on the company’s promise to double its revenue compared to H2 2021.

“In the first half of 2022, Flora delivered on its promise to double revenue compared to the second half of 2021, and we expect to maintain that trajectory to deliver our full-year guidance as a result of continued growth in our House of Brands, the launch of several new brands in the United States and the commencement of sales in our Commercial Wholesale and Life Sciences business,” noted Mr. Merchan (https://cnw.fm/mMVpx).

The company kicked off 2022 with the integration of both Vessel and JustCBD. It also saw the bolstering of its human resources following the appointment of former Director of Cannabis for the Florida Department of Agriculture and Consumer Services, Holly Bell, as the Vice President of Regulatory Affairs. Flora also signed a distribution agreement with Giant OTG Management to offer access to JustCBD products in airports within the United States and strengthened its European presence by opening an office in London.

All these investments, and more, have paid off significantly for the company, and its management believes that it has achieved a path to profitability. The company has reaffirmed its 2022 revenue guidance to range between $35 million and $45 million, representing growth of approximately 300% to 400% over 2021.

“With all three of our core pillars generating revenue in the second half of 2022, continued gross margin expansion and a focus on streamlining operating expenses- we believe we have a path to profitability that few global cannabis companies can achieve in this difficult environment,” noted Mr. Merchan. “The execution of our key initiatives is a testament to our team’s ability to deliver on plan. We will continue to execute as we focus on profitability and long-term value creation,” he added (https://cnw.fm/mMVpx).

Flora H1 2022 revenue increased to ~$15.0 million, up 604% from H1 2021 and 117% from H2 2021, driven by House of Brands. Gross Profit increased to ~$7.0 million, up 547% compared to H1 2021 and 363% compared to H2 2021. The company reaffirms its 2022 revenue guidance to range between $35.0 million – $45.0 million, indicating approximately 300% – 400% projected revenue growth from 2021.

Going forward, the company is set to benefit from the addition of strategic management players in its team, such as Elshad Garayev, the new Chief Financial Officer (“CFO”), and Brandon Konigsberg, who serves on the Board of Directors as Chair of the Audit Committee and as a member of the Compensation Committee.

Flora has also entered into an agreement with Pharma Indigena Misak Manasr Sas (“Manasr”), the largest indigenous tribe in Colombia, to commercialize and sell cannabis products domestically and internationally in partnership with the Misak people. This will further accentuate the company’s performance, particularly given the favorable regulatory tailwind that the company is experiencing already in Colombia. It will also play an integral role in achieving the projected revenue goals for the current financial year.

In addition, a recent Zacks SCR report (https://cnw.fm/kJgU2) lists the following key positives for the company in light of their release:

1H22 augers well for meeting targets
benefiting from cost advantages
favorable regulatory environment

For more company 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 Growth Corp. (NASDAQ: FLGC) Agreement with Colombian Tribe Strengthens Cannabis Production Supply Chain

Flora Growth is a global cannabis brand-builder focused on the cultivation of product at a central Colombian facility and marketing through a design-led international supply chain
Flora recently announced an agreement with Colombia’s Misak tribe for cooperative processing and distribution of cannabis, drawing on the tribe’s licensing advantage to accelerate the pair’s marketing capacity
Flora is headquartered in Canada, but its strength lies in its Colombian-based cultivation operations centered in Colombia, one of the largest licensed outdoor operations in the world
In recent years, Colombia’s government has been working to create a legalization framework for cannabis cultivation, processing and exportation to shake off its legacy of illegal drug trade violence

Canada-headquartered global cannabis brand-builder Flora Growth (NASDAQ: FLGC) is increasing the strength of its supply chain, centered in its 100-hectare (about 247-acre) cultivation facility located in the heart of Colombia’s green climate, by finalizing a distribution agreement with the Misak indigenous tribe’s pharmaceutical arm.

“Through this partnership, we will collaborate with the tribe on the processing and distribution of their Colombian-grown cannabis while offering Manasr a powerful platform for product distribution,” Flora Growth Chairman and CEO Luis Merchan stated in an August news release announcing the arrangement (https://cnw.fm/j4ObI). “In return, Flora will be able to leverage the tribe’s unique regulatory positioning to expedite exports and increase global market penetration of Colombian cannabis goods.”

Pharma Indigena Misak Manasr Sas, referred to simply as Manasr, is the tribe’s pharmaceutical enterprise, which in 2020 became the first native community business to receive a license from the national Ministry of Justice for producing legal cannabis for medicinal and scientific use, according to Google’s English translation of a local news report (https://cnw.fm/nEU3i).

Flora Growth will assist the tribe with regulatory advice, as well as technical and business support and market promotion for Flora Growth-branded products, particularly as the tribe enters the international supply chain, as Merchan indicated.

The agreement is for three years, with the potential to become a lasting, long-term collaboration.

Prior to the June elections that established Colombia’s current national administration, the country underwent progressive drug policy changes in an effort to cast off its reputation as a haven for illegal drug trade and related organized crime violence. The normalization of the economy and legalization of cannabis commerce for medical purposes with regulated foreign exports have led to a revolutionary new energy for Colombia’s trades, which continues to be supported under the new administration.

Flora’s Cosechemos facility provides cultivation, extraction and isolation operations at the city of Bucaramanga, supplemented by GMP-certified processing at a facility in the nation’s capital, Bogotá.

Flora has established exports to Mexico and Spain and opening doors to the United Kingdom and the United States.

The company recently reported its financial results for the first half of 2022, showing a 604 percent YOY growth in revenues as its design-led product profile and capital acquisitions gain market attention. The revenue growth was also a 117 percent increase over the second half of the previous year (https://cnw.fm/c2YuS).

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 — Adult-Use Cannabis Sales in Illinois Surpass $3B Since Recreational Market Launched

Adult-use cannabis sales in the state of Illinois have already surpassed the $1 billion threshold this year. The state’s marijuana sales for the month of August totaled $129,441,315, which brought its total sales for 2022 to $1,015,700,115. Data from the Illinois Department of Financial and Professional Regulation also shows that the space has officially exceeded its $3 billion mark for adult-use marijuana purchases since dispensaries first launched in 2020.

In 2021, adult-use cannabis purchases took until October to surpass the $1 billion mark.

The state’s market has significantly grown these last few years, especially considering that in 2020, consumers purchased about $669 million worth of cannabis.

State data shows that in August, more than $88 million in sales from residents of Illinois was recorded. Visitors from outside the state made up an additional $41 million in cannabis sales. State data also shows that the state generated about $100 million more in tax revenue from adult-use sales than from alcohol last year.

Medical marijuana sales figures are reported by another state agency and thus are not accounted for in this data. Gov. J.B. Pritzker recently proclaimed the state’s cannabis sales and generated tax revenue for the 2022 fiscal year.

The data shows that the state of Illinois collected about $445 million in tax revenue from $1.5 billion in marijuana sales during this period. This represents a 50% increase in marijuana tax dollars in comparison to the 2021 Fiscal Year. Pritzker and other officials in the state have stated that they are focused on ensuring that a portion of the tax dollars generated from the cannabis market is allocated to community reinvestment, as stipulated under Illinois’ legalization law.

Earlier in June, state officials announced that $45 million in grants financed by cannabis tax dollars would be disbursed for community reinvestment in areas that were the most affected by the drug war.

This is the second series of funding that’s been availed by the state’s Restore, Reinvest and Renew program. The program, dubbed the R3 program, was established under the state’s adult-use marijuana legalization law.

In 2021, the state also allocated $3.5 million in marijuana-generated funds toward efforts to decrease violence through intervention programs.

It is expected that recreational cannabis sales in the state of Illinois will increase after officials approved additional social equity cannabis retailer licenses two months ago. The additional licenses will increase the number of dispensaries operating in the state once the businesses start running.

The adult-use cannabis sales successes registered in Illinois show just how much companies such as Flora Growth Corp. (NASDAQ: FLGC) can contribute to the states and communities in which they are allowed to 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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420 with CNW — Missouri Court Dismisses Suit Against Cannabis Ballot Initiative

Cannabis reform activists in Missouri received a reprieve after a state court dismissed a lawsuit against a ballot initiative that seeks to legalize cannabis in Missouri and facilitate the expungement of nonviolent cannabis-related charges. Soon after a cannabis reform initiative by Legal Missouri 2022 received state certification, prohibitionists filed a lawsuit asking that the initiative be dismissed.

With the backing of Protect Our Kids PAC, Community Anti-Drugs Coalitions of America (CADCA) member Joy Sweeney filed a suit against the cannabis ballot initiative. Her suit claimed that the measure was not in line with single-subject rules for ballot measures as per Missouri’s constitution. Furthermore, the suit argued that there were irregularities in the ballot’s signature verifying process, suggesting that Secretary of State Jay Ashcroft may have intervened improperly.

This may be due to the fact that a state review of signatures found that activists had actually surpassed their signature requirements contrary to early reports that indicated they were struggling to collect enough signatures. Ultimately, the lawsuit was thrown out on procedural grounds, with the court concluding that the plaintiff did not have standing as she could not prove state residency. Although Sweeney claimed to be a resident of Jefferson City, the secretary of state’s office stated that it did not have enough evidence to prove her residency.

Judge Cotton Walker, who eventually dismissed the lawsuit, said that he didn’t agree with Sweeney’s arguments against the legalization measure, stating that its scope and language were in line with the single-subject rule and that Ashcroft’s office verified signatures and certified the measure as per state law. The final judgment stated that even if Sweeney could prove that she was a resident of Missouri, the court would still have dismissed her suit as its arguments did not stand.

Protect Our Kids CEO Luke Niforatos said that the anti-legalization organization plans on appealing the recent ruling. Niforatos said that the secretary of state and Walker “seem to be ignoring their own records,” which shows that Sweeney, the plaintiff, is a Jefferson City resident. He stated that the process was “rife with the appearance of corruption” from the beginning, stating that the secretary of state’s role in invalidating Sweeney’s lawsuit aroused suspicion.

Despite this, legalization activists are happy with the court’s decision to throw out the lawsuit. Legal Missouri 2022 campaign manager John Payne said that the ruling represented another step toward the enactment of a citizen-led measure to legalize, regulate and tax cannabis in Missouri.

If the measure is approved during the November ballot, Missouri residents can look forward to having licensed companies, such as Flora Growth Corp. (NASDAQ: FLGC), that operate in other jurisdictions and serve clients there.

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) Recognized for Strategic M&A Objectives at Benzinga Cannabis Capital Conference

Flora (NASDAQ: FLGC) is a leading all-outdoor cultivator, manufacturer and distributor of global cannabis products and brands. The company today announced its receipt of the Best M&A Deal award at Benzinga’s 2022 Cannabis Capital Conference in Chicago. “We are honored to receive the award for Best M&A Deal at the Benzinga Cannabis Capital Conference, which recognizes our strategic M&A objectives including acquiring products, expertise, expanding distribution, and customers,” said Luis Merchan, chairman and CEO of Flora.

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

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 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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Flora Growth Corp. (NASDAQ: FLGC), Cannabis Brand Builder, is Ramping Up its HR Productivity and Effectiveness One Appointment at a Time

A 2017 study by McKinsey & Company showed that high performers tend to be 400% more productive than average ones.
This outlook has shaped Flora Growth’s hiring strategy for 2022, with the appointment of several key individuals whose proven talents and productivity are seen as critical to the company’s goal of delivering the most compelling customer experiences, most recently with the appointment of Elshad Garayev as Flora’s Chief Financial Officer (“CFO”)
Mr. Garayev’s appointment marks the latest addition to a growing list of leaders ready to elevate the company to another level of international performance

In a study conducted in 2017 by McKinsey & Company, it was established that high performers tend to be 400% more productive than average ones. The study, which involved over 600,000 researchers, athletes, politicians, and entertainers, also revealed that, in a business setting, the gap rises exponentially with a job’s complexity, sometimes by an astounding 800% (https://cnw.fm/bE3LR).

The study’s objective was to highlight the importance of hiring the right people for the right job. It was also meant to show why having the right talent on the team can reduce the time it takes to complete tasks and how long it would take to achieve organizational objectives.

Most notably, the study noted that for a business strategy involving cross-functional initiatives requiring three years to complete, if 20% of the average talent working became 400% more productive, it would take less than two years to complete. Conversely, if these individuals were 800% more productive, it would take less than one.

These dynamics continue to shape the overall hiring approach and process for various organizations in different industries, and Flora Growth (NASDAQ: FLGC) is no exception. Since the beginning of the year, the company has been committed to looking for the best talent in the job market and devising ways to increase their productivity. Its management fully understands that doing so would not only lessen the time taken to achieve its short-term and long-term goals but also significantly cut down on its overall operational costs, thereby creating value for its shareholders.

Flora Growth ushered in the new year with the appointment of Tim Leslie as chairman of its newly formed advisory board. It would later bring Derek Pedro, an industry-leading cannabis genetics and cultivation expert, on board as an advisor and named Vessel founder, James Choe as Chief Strategy Officer.

In February 2022, Flora Growth announced the appointment of Jessie Casner as the company’s Chief Marketing Officer, and, in March, made two changes to its board. Then, in early June (https://cnw.fm/X1Skv), Flora announced the appointment of Holly Bell as the new Vice President of Regulatory Affairs in a move that sought to position Flora to make “thoughtful, educated, and bold decisions regarding strategic distribution, cultivation and sales plans.”

So far, all of Flora Growth’s appointments have been geared toward strengthening its human resources and moving the company closer to its objectives. Its latest appointment of Elshad Garayev is no different. Mr. Garayev was brought on board to serve as Flora’s Chief Financial Officer (“CFO”) effective on the business day following the date the company will file its mid-year financial results with the Securities and Exchange Commission.

“I am very excited to join Flora and to become its Chief Financial Officer,” Garayev noted.

“As one of the largest cultivators licensed by the government of Colombia, their robust portfolio of brands and the future of research in the space, Flora presents a truly amazing opportunity to lead the global cannabis supply chain,” he added (https://cnw.fm/SURaN).

Garayev will lend over 25 years of experience in finance, having served in various financial leadership roles in Amazon, Boeing BP, and RPK Capital. He is well versed in supporting successful organizations through developing and implementing accounting and reporting policies and building high-performance finance teams.

Mr. Garayev adds to a growing list of competent, experienced, and capable individuals ready to take on the challenges ahead and elevate Flora Growth to another level of performance. These individuals are set to increase the overall productivity of the company’s workforce, allowing Flora to build a design-led collective of plant-based wellness and lifestyle brands that offers the world’s most compelling customer experience.

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 — Four Novel Ways in Which Hemp Can Be Used Today

Hemp, or industrial hemp as it is commonly known, has numerous uses in today’s world. The plant, which is a member of the cannabaceae family, contains cannabidiol (CBD). CBD is one of the two primary compounds found in the cannabis plant, the other being THC. Unlike THC, however, the compound doesn’t induce any highs when ingested.

Instead, CBD possesses properties that can be harnessed to treat inflammation, insomnia and anxiety. This compound usually works by activating some receptors in the human brain responsible for the regulation of the central nervous system. Research has also found that CBD may be useful in the treatment of addiction, acute pain and epilepsy.

As the use of hemp extends beyond the medical space, new ways to use it continue to crop up. Below, we look at some of these surprising uses of the plant.

Eliminates bacteria

Researchers in Australia have found that CBD can kill some microbes very efficiently. This means that this active compound can be used in the formulation of a new antibiotic. It is already being utilized in the management of pain as well as asthma.

Used to replace plastic in cars

Hemp fiber is lightweight, stable, biodegradable and elastic, which makes it a good substitute for plastic. Electric car batteries add a lot of weight to the vehicles, which decreases their efficiency. To improve these, electric car manufacturers are using the fiber more as a composite material in vehicle bodies and interiors.

A few years ago, Porsche even built body parts for race cars from hemp fiber. The oil harvested from hemp can also be used to manufacture diesel fuel.

Manufacture of beer

Researchers in Switzerland have developed a beer using hemp flowers, and it is indistinguishable from beer made from 100% hops. Hops are usually used to keep beer fresher for longer as well as help it retain its foam. Replacing more than one-half of the hops with hemp flowers makes this more sustainable, especially since hemp flowers are considered to be waste products in the production process.

It should be noted that there is no difference in taste when beer is manufactured from hemp.

Rich in protein

Hemp seeds are packed with protein and omega-3 fatty acids, as well as high-quality amino acids and fiber. This makes them a good protein substitute for vegans as well as anyone looking to up their protein consumption. Scientists have also begun to develop tofu, pasta and other food substitutes from hemp.

As the cannabis industry matures in different jurisdictions, entities such as Flora Growth Corp. (NASDAQ: FLGC) are likely to come up with even more innovative ways to use this versatile plant.

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 — Marijuana Drinks Proliferate as Businesses Hope to Tap Growing Segment

Cannabis is an extremely versatile product. Cannabinoids, the chemical compounds in cannabis that are responsible for its effects, can be extracted from the plant and infused into a range of products. Aside from the usual cannabis flower, people can consume cannabis in a wide variety of ways, including edibles and concentrates, with each method of application altering the experience in different ways.

In recent years, cannabis-infused beverages have emerged as a major competitor to top-selling cannabis products such as flowers and concentrates. With studies showing that younger people are drinking less than older generations, many companies are marketing cannabis drinks as alternatives to alcohol. More companies in the cannabis space are now including cannabis beverages in their product lines to attract consumers who are in the market for a safer alternative to alcohol.

These drinks tend to contain either THC, the main psychoactive agent in cannabis, or CBD (cannabidiol), a cannabis extract that is said to have health benefits. Advancements in technology, especially the development of nanoemulsification tech, have allowed manufacturers to infuse THC and CBD into an array of drinks. Modern cannabis drinks are as smooth and high-quality as any other commercial beverage, and companies in the cannabis beverage space are hoping that the drinks will act as an alternative to consumers who don’t want to vape, smoke cannabis flower or drink alcohol.

Infusing cannabis into beverages also makes it possible for social consumption, and because of the minimal doses, consumers can take cannabis drinks without getting severely intoxicated. Despite being young, the marijuana beverages segment has already attracted numerous companies, says New Frontier Data vice president of public policy research Amanda Reiman. She noted that the space is now home to dozens of companies, giving consumers plenty of products to choose from.

For instance, Pabst Blue Ribbon leveraged its experience manufacturing spirits and beer to launch a line of nonalcoholic High Seltzers. Each can weighs 12 ounces and contains 10 mg of THC; the company also offers the drinks in lemon, mango, strawberry and pineapple. Pabst Blue Ribbon isn’t the only beer and spirits company that has expanded into cannabis beverages; Budweiser maker Anheuser-Busch, Corona Extra and Modelo Special Maker Constellation Brands. Ceria and Lagunitas Brewing Company have also expanded into the sector.

These companies produce water-based drinks with 2.5 mg to 10 mg of THC. Keef Brands CEO Travis Tharp says that the cannabis beverages segment has plenty of room to grow, stating that it has seen substantial year-over-year growth in recent times. Based in Colorado, Keef Brands produces a line of cannabis drinks that includes a 100-milligram mocktail.

These shifts in consumer preferences are most likely being watched closely by similar companies, including Flora Growth Corp. (NASDAQ: FLGC), and the future plans of these companies could be influenced by these emerging trends.

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 Growth Corp. (NASDAQ: FLGC) Names New CFO, Process for Ensuring Smooth Transition Amid Company’s Global Growth

Global cannabis brand-builder Flora Growth recently named a former Amazon financial executive as its new CFO
Elshad Garayev will work with outgoing CFO Lee Leiderman to ensure a smooth transition of responsibility amid finalization of Flora’s mid-year financial filing with the SEC
Flora Growth is headquartered in Canada with cultivation operations centered in Colombia, where recent government administrations have opened regulatory processes for exporting cannabis derivatives for the health and wellness markets
The company continues to expand its operations internationally for sales in the UK and Europe generally, Australia, and throughout the Americas

Global cannabis brand-builder Flora Growth (NASDAQ: FLGC) has steadily built an aggressive international expansion of its Colombia-based cultivation operation during the past year and a half, launching exports to countries such as Mexico and Spain and opening doors to the United Kingdom and the United States.

Flora Growth, which is headquartered in Ontario, Canada, and is establishing offices in the United States, also anticipates end user markets in Australia, various countries in Latin America, as well as in Europe and Asia.

Flora Growth has recently named a former financial executive at Amazon, Boeing, BP, and RPK Capital, as the new chief financial officer, tasked with overseeing financial governance and effective cash position strategy as Flora moves towards quarterly financial reporting and solidifies its global growth.

The company stated that Elshad Garayev will initially serve as vice president of finance while working with the outgoing CFO, Lee Leiderman, through a transition period culminating with Flora’s filing of its mid-year financial results with the Securities and Exchange Commission. Once that filing is completed, Garayev will take over as CFO on the following business day and Leiderman will move into an advisory role to help ensure a smooth continuation of operations, according to the July 11 announcement (https://cnw.fm/fYszZ).

“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,” Chairman and CEO Luis Merchan stated in the announcement. “As Flora seeks to establish itself as a global leader in cannabis, adding someone of his caliber will further strengthen our position.”

In addition, the company appointed JPMorgan Chase alum Brandon Konigsberg to their board of directors, and as a member of the audit and comp committees.

“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 (https://cnw.fm/BUsBl). “We are pleased to welcome Mr. Konigsberg as a valued member of our team and look forward to his contributions.”

This year, the company has acquired 100 percent equity interests in Just Brands LLC and High Roller Private Label LLC as it has advanced its strategic position. The acquisitions brought the JustCBD brand into Flora’s stable (https://cnw.fm/hBjsX), which is expected to in turn help the company expand its operational footprint in Europe and the United Kingdom through JustCBD’s 79 products authorized by the UK’s novel foods standards agency (https://cnw.fm/Gn4Ps).

The company’s announcement states its JustCBD gummies and tinctures will begin selling on Amazon’s UK web portal this summer.

Flora’s outdoor cannabis cultivation facilities in central Colombia grant it prime positioning for product growth in a fertile zone that is accessible to an experienced grower labor force. The company uses natural, cost-effective cultivation practices to supply cannabis derivatives to its commercial, house of brands, and life sciences divisions, which together form a design-led collective of plant-based wellness and lifestyle brands.

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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