Flora Growth Appoints Former Amazon Executive Tim Leslie to Its Board of Directors and Names CEO Luis Merchan Chairman

Rhea-AI Summary

Flora Growth Corp. has announced significant changes to its Board of Directors, appointing CEO Luis Merchan as Chairman and adding Tim Leslie to the Board and audit committee. These changes reflect Flora’s strategic move towards becoming a U.S.-based issuer, enhancing access to U.S. investment. Merchan's leadership has already facilitated international expansion into over 12 countries, complemented by successful M&A activities with brands like JustCBD. Previous Chairman Bernie Wilson will continue as an advisor.

Positive

• Luis Merchan's appointment as Chairman may strengthen leadership continuity.
• Tim Leslie's experience could provide valuable insights during Flora's international growth.

Negative

• Transitioning leadership may cause temporary disruptions in strategic direction.

• Flora Growth’s CEO Luis Merchan is named Chairman of the Board of Directors.
• Tim Leslie, Chairman of Flora’s Advisory Board, will join the Flora Board of Directors and audit committee.
• Changes to the Board of Directors signal the Company’s move toward becoming a U.S.-based issuer and will support Flora’s growth into new international markets.

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 changes to its Board of Directors (the “Board”) including the appointment of CEO Luis Merchan as Chairman of the Board as well as the addition of industry veteran Tim Leslie to the Board and audit committee. Merchan has replaced Bernie Wilson as Chairman of the Board. Wilson will remain in an advisory capacity for the remainder of 2022 and will provide strategic guidance on capital markets and international expansion. The changes to the Board will further position Flora as a U.S.-based issuer and is expected to increase the Company’s access to U.S-based investment.

Flora Chairman and CEO Luis Merchan has been focused on expanding the Company’s reach within the United States and abroad. Through his leadership, Flora has moved from the development stage to a full-scale international distributor and house of brands with operations in more than 12 countries. He has been pivotal in completing recently announced M&A transactions with leading hardware manufacturer Vessel and highly regarded wellness company JustCBD, solidifying the path to rapid growth.

“I am honored that our Board has entrusted me with this role, and I believe it is a testament to what we have built together thus far,” said Flora Growth CEO and newly appointed Chairman of the Board Luis Merchan. “Our Board has been incredibly supportive to date while always ensuring business decisions are in the best interest of our shareholders - and I am looking forward to continuing to work closely with them in this role.”

A Yale Law graduate, Tim Leslie has a strong pedigree of success, working with scaling companies including his two decades at Amazon. Leslie has been Chairman of the Company’s Advisory Board since the beginning of 2022, where he has utilized his years of experience as CEO of Leafly and as an Amazon executive to help counsel Flora’s leadership team. As Flora continues its rapid, global expansion, Leslie will play a critical role in navigating this hyper-growth phase. In addition to his role as board member, Leslie will also join the Company’s audit committee.

These appointments come as former Chairman of the Board, Bernie Wilson, steps down from his role and transitions to an advisory capacity to provide Merchan and the Board with strategic counsel, leveraging his insights and tenure in capital markets. “We want to thank Bernie for his commitment to the growth of Flora during this formative time for our company and look forward to continuing to work with him as we continue to grow,” added Merchan.

About Flora Growth Corp.

Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands that is designed to deliver one of 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.com or follow @floragrowthcorp on social [media] 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; 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/20220317005405/en/

Investor Relations:

Evan Veryard

evan.veryard@floragrowth.com

Public Relations:

Cassandra Dowell

+1 (858) 264-6600

flora@cmwmedia.com

Source: Flora Growth Corp.

FAQ

What leadership changes occurred at Flora Growth Corp in March 2023?

Luis Merchan has been appointed as Chairman of the Board, replacing Bernie Wilson, who will remain as an advisor.

Who is Tim Leslie and what role does he play at Flora Growth?

Tim Leslie, an industry veteran with a background at Amazon, has joined Flora's Board of Directors and audit committee.

How will the changes in the Board of Directors affect Flora Growth's strategy?

The changes signal a move towards becoming a U.S.-based issuer and are expected to enhance the company’s access to U.S. investment.

What is the expected impact of Luis Merchan's leadership as Chairman?

Merchan's leadership is anticipated to support Flora's ongoing international expansion and growth strategy.

What plans does Flora Growth have for international markets?

The company aims to utilize its new board structure to grow and expand its presence in international markets.