Flora Growth Appoints Award-Winning Operations Expert Joël Reyes as SVP of Global Operations

Rhea-AI Summary

Flora Growth Corp. (NASDAQ: FLGC) has appointed Joël Reyes as Senior Vice President of Global Operations. With extensive experience in operations management, Reyes aims to enhance operational excellence starting with Flora's Colombian activities. The company is leveraging new laws allowing the export of dried cannabis flower and has received an export quota of 7,900 kilograms. This strategic move is expected to ramp up production and meet growing demand. Flora's recent acquisitions also support its global expansion strategy.

Positive

• Appointment of Joël Reyes expected to enhance operational efficiency.
• New Colombian laws support the export of dried cannabis, allowing for increased production.
• Flora has received an export quota of 7,900 kilograms of high-THC cannabis flower.

Negative

• None.

MIAMI & TORONTO--(BUSINESS WIRE)-- Flora Growth Corp. (NASDAQ: FLGC) (“Flora'' or the “Company”), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, announced today the appointment of operations and personnel development expert, Joël Reyes as Senior Vice President of Global Operations. Mr. Reyes brings extensive experience in operations management and optimization, leadership and C-suite consultation and development, business development, and strategic consultative sales, both within startups and large corporations.

Mr. Reyes is charged with implementing operational excellence across the organization, beginning with Flora’s robust Columbian activities, including the optimization of Flora’s pipeline of cannabis derivatives and raw materials into the global market, assessment of supply chain, evaluation of R+D and product development, and identification of distribution opportunities. Given the new Colombian law allowing the export of dried flower and Flora’s receipt of an export quota of up to 7,900 kilograms of high-THC cannabis dried flower in 2021, the Company has begun ramping up production at its Cosechemos cultivation and extraction facility to support pent-up demand which will support both wholesale relationships and owned-resource supply needs.

“2022 is the year for Flora to rapidly grow sales and revenue, and being surgical in our operational execution at every touchpoint will be critical to achieving our goals,” said Luis Merchan, President and CEO of Flora Growth Corp. “As an award-winning expert in operations management, the appointment of Joël Reyes comes at the perfect time as Flora Growth’s aggressive global brand expansion and M&A strategy continue to be implemented.”

The appointment of the SVP of Global Operations role comes as Flora Growth expands its global reach via recent acquisitions and partnerships, including: Hoshi International, which provided Flora with a pathway to European distribution and Vessel Brand Inc., which offered the Company a cannabis accessories company with a foothold in the North American cannabis market. Flora has also struck a distribution deal with the Tonino Lamborghini brand to distribute cannabis beverages, and a sales agreement with Tropi, Colombia’s largest food and beverage distributor.

Named one of the "Faces of Innovation'' by the Consumer Technology Association (CTA), Reyes has founded four startups awarding him an intimate understanding of the level of commitment, consistency and determination needed to address challenges and achieve goals at scale.

“Flora Growth is well-positioned for rapid revenue growth after strategically building a house of brands and global pipeline for the sale of cannabis derivatives in 2021,” Reyes said. “With this growth, combined with aggressive revenue targets, comes the need for operational acuity within every go-to-market pillar, across every market we enter — and that is the work I most look forward to taking on, alongside this all-star team.”

About Flora Growth Corp.
Flora is building a connected, design-led collective, of plant-based wellness and lifestyle brands, that delivers 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 diverse business divisions of cosmetics, hemp textiles, and food and beverage. Visit www.floragrowth.ca or follow @floragrowthcorp on social for more information.

Cautionary Statement Concerning Forward-Looking Statements
This document contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: the size of markets for cannabis and cannabis products; Flora’s ability to execute on its research and pharmaceutical strategies; the results of Flora’s research; the collaboration with third parties; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this document and other statements made from time to time by us or our representatives may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, or the forward-looking events discussed in this document and other statements made from time to time by us or our representatives not occurring, except as may be required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220127005365/en/

Investor Relations:

Evan Veryard

evan.veryard@floragrowth.ca

Public Relations:

Cassandra Dowell

+1 (858) 264-6600

flora@cmwmedia.com

Source: Flora Growth Corp.

FAQ

Who is the new Senior Vice President of Global Operations at Flora Growth?

Joël Reyes has been appointed as the Senior Vice President of Global Operations.

What are the responsibilities of Joël Reyes at Flora Growth?

Joël Reyes is responsible for implementing operational excellence and optimizing the cannabis supply chain.

How will Flora Growth benefit from the new Colombian law?

The new law allows Flora Growth to export dried cannabis flower, which will help meet demand and increase production.

What is the expected impact of Joël Reyes's appointment on Flora Growth?

His appointment is expected to enhance operational efficiency and support the company's aggressive global expansion strategy.