Flora Growth Appoints Industry-Leading Cultivator Derek Pedro as Genetics and Cultivation Advisor

Rhea-AI Summary

Flora Growth Corp. (NASDAQ: FLGC) appointed Derek Pedro, a renowned cannabis genetics and cultivation expert, as an advisor to its Cosechemos cultivation facility. With over 30 years of experience and a track record of developing successful cannabis strains, Pedro will enhance Flora's high-THC and high-CBD offerings for domestic and international markets. This appointment coincides with Flora's expansion efforts and the recent completion of its EU-GMP compliant extraction lab, aiming to optimize operations in Colombia's favorable cultivation environment.

Positive

• Appointment of Derek Pedro as advisor to enhance cannabis genetics and cultivation.
• Pedro's extensive experience and reputation may strengthen market offerings.
• Completion of EU-GMP compliant extraction lab supports production capabilities.

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 world-renowned cannabis genetics and cultivation expert Derek Pedro as an advisor to its Cosechemos cultivation facility. Mr. Pedro brings extensive experience as a cannabis industry pioneer, having consulted on cannabis genetics and cultivation in Canada, the US, Latin America, Europe and China. Mr. Pedro will build upon Flora’s existing register of high-THC and high-CBD strains to bring to market uniquely Colombian cannabis flower to both domestic and international markets.

The establishment of the genetics and cultivation advisor role comes as Flora ramps up cannabis production, including its recently completed EU-GMP compliant extraction lab. The appointment of Mr. Pedro supports Flora’s continued adaptation of proven genetics to the unique Colombian climate, at one of the lowest cost bases in the world.

Mr. Pedro has worked with cannabis over three decades and developed and cultivated hundreds of strains, commercializing over 50 within the legal Canadian market, with many of his genetics still in circulation today. His high-THC strain “Pedro’s Sweet Sativa” was named top sativa flower in Canada by King Magazine.

“As an internationally recognized industry expert and innovative cultivator, the appointment of Derek Pedro aligns perfectly with our goals to optimize our expanding Cosechemos facility operations and increase our varietal offering of cannabis flowers,” said Luis Merchan, President and CEO of Flora Growth Corp. “Mr. Pedro has a well-earned reputation as one of the world’s leading experts on cannabis cultivation, and we are thrilled to have him join us as we develop our growing portfolio of brands and expand our global distribution.”

Mr. Pedro maintains his interests in cannabis businesses around the world and houses one of the largest libraries of cannabis genetics through Cannabio Inc., a leading specialty genetics breeder. He previously oversaw WeedMD’s Canadian cultivation development and design as Chief Cannabis Officer, installing one of Canada’s first successful legal outdoor grows.

“The Flora team has become a leader in the cannabis sector since their successful IPO in 2021 and continues to focus on growth and world class production into 2022,” Pedro said. “I am excited to join this talented team, contributing to the management of Cosechemos’ large-scale grow in Colombia, one of the most beautiful and well-designed EU-GMP built processing facilities I have visited across the world. We look to match both EU-GMP export capabilities with some of the most successful and sought-after genetics that were designed to be grown in equatorial Colombia.”

Prior Press Release Correction

In a press release issued on January 11^th, 2022, it was incorrectly stated that Cosechemos is a wholly owned subsidiary, when in fact Flora Growth owns 90% of Cosechemos.

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/20220124005240/en/

Investor Relations Contact:

Evan Veryard

evan.veryard@floragrowth.ca

Public Relations Contact:

Cassandra Dowell

+1 (858) 264-6600

flora@cmwmedia.com

Source: Flora Growth Corp.

FAQ

Who is Derek Pedro and what is his role at Flora Growth Corp.?

Derek Pedro is a cannabis genetics and cultivation expert appointed as an advisor to Flora Growth Corp.'s Cosechemos facility, focusing on enhancing cannabis strain offerings.

How will Derek Pedro impact Flora Growth Corp.?

Pedro's expertise aims to optimize operations and expand Flora's cannabis varietal offerings for both domestic and international markets.

What is the significance of the EU-GMP compliant extraction lab?

The EU-GMP compliant extraction lab enhances Flora Growth Corp.'s production capabilities, enabling compliant export of cannabis products.

What percentage of Cosechemos does Flora Growth Corp. own?

Flora Growth Corp. owns 90% of Cosechemos, correcting a previous statement about full ownership.