Flora Growth Continues International Expansion with Initial Exports to Mexico and Spain

Rhea-AI Summary

Flora Growth Corp. (NASDAQ: FLGC) announced initial orders for its Mind Naturals and Awe CBD skincare brands targeting Spanish and Mexican markets, set for export in December 2021. The company aims to leverage innovative formulations and sustainable packaging. Mind Naturals was recognized as a top 12 finalist in Glosswire’s Global Pitch Competition, indicating strong industry recognition. Flora expects to expand its global reach, capitalizing on the growing European cannabis market projected to reach €3.2 billion by 2025. Additionally, VP Legal & Strategy, Damian Lopez, resigned effective November 30, 2021.

Positive

• Initial orders received for Mind Naturals and Awe brands in Spanish and Mexican markets.
• Mind Naturals recognized as a top 12 finalist in Glosswire’s Global Pitch Competition.
• Strategic market entry anticipated with the European cannabis industry projected to reach €3.2 billion by 2025.

Negative

• Resignation of VP Legal & Strategy, Damian Lopez, may impact company strategy.

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 that its Flora Beauty division has received initial orders for its Mind Naturals and Awe CBD skincare brands. These initial orders are for the Spanish and Mexican markets and will be exported in December of 2021. Evergreen CBD has issued an initial purchase order for select Mind Naturals products for the Mexican market, while Amma Spain has issued an initial purchase order for both Mind Naturals and Awe products for the Spanish market.

"After months of preparation, our products meet all the needs of today’s consumers and we are ready for new international markets,” said Andrew Restrepo, General Manager of Flora Beauty. “Incorporating cutting edge formulations, rigorous safety standards and sustainable packaging, we are confident that our products are positioned to be among the best in the beauty industry and pleased that recent industry recognition supports this.”

Flora Beauty’s Mind Naturals brand will cater to younger consumers that are starting a skincare regimen. In comparison, the AWE brand will cater to the prestige market and is intended for consumers who value customized and personal experiences. Both brands incorporate the present-day expectations of consumers by focusing on high-quality products with natural ingredients while prioritizing social responsibility and the environment.

Mind Naturals Named Glosswire Top 12 Finalist

Earlier this week, Flora Beauty’s Mind Naturals brand was named a top 12 finalist in Glosswire’s Global Pitch Competition, which includes beauty brands from across the globe. According to Glosswire, the 12 finalists represent next-generation beauty brands, leading the industry in product and marketing innovation, diversity, purpose and storytelling. Representatives of Flora Beauty will be pitching the Mind Naturals brand to a panel of judges to win the highest ranking and further global recognition.

This recognition follows Mind Naturals being named a trendsetting brand at CosmoProf North America for its innovation with sustainable packaging.

“We are excited to expand our global reach over the coming months through Flora Beauty’s brands,” said Luis Merchan, CEO of Flora Growth Corp. “The next few years will be pivotal for the evolution and expansion of the international cannabis market, and with our rapidly expanding portfolio of brands we intend to be at the forefront of this evolution.”

The European Cannabis Report: 6^th Edition estimates that by 2025, the European cannabis industry will have reached €3.2 billion euros. Spain will serve as the European base to export products to nearby countries. Because of this, Flora Beauty considers entering the market early in the game to be a strategic move.

Flora would also like to announce that Damian Lopez, VP Legal & Strategy, has resigned from the Company, effective November 30, 2021, to focus on other entrepreneurial ventures as well as board and advisory roles. Flora’s board, management and employees would like to thank Mr. Lopez for his contributions to the Company as one of its founders and its former CEO.

About Flora Growth Corp.

Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands that 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 diverse business divisions of cosmetics, hemp textiles, and food and beverage. Visit www.floragrowth.com 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; 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/20211202005225/en/

Investor Relations Contact:

Evan Veryard

evan.veryard@floragrowth.com



Public Relations Contact:

Cassandra Dowell

+1 (858) 264-6600

flora@cmwmedia.com

Source: Flora Growth Corp.

FAQ

What are the new product launches for Flora Growth Corp. (FLGC)?

Flora Growth Corp. is launching Mind Naturals and Awe CBD skincare brands in Spanish and Mexican markets.

When will Flora Growth Corp. (FLGC) export its products?

Flora Growth Corp. plans to export its products in December 2021.

What recognition has Mind Naturals received recently from Flora Growth Corp. (FLGC)?

Mind Naturals was named a top 12 finalist in Glosswire's Global Pitch Competition.

What is the projected growth of the European cannabis market related to Flora Growth Corp. (FLGC)?

The European cannabis market is projected to reach €3.2 billion by 2025.

Who resigned from Flora Growth Corp. (FLGC) recently?

Damian Lopez, VP Legal & Strategy, resigned effective November 30, 2021.