Flora Growth Corp. Applauds Senator Wyden for Introducing the Cannabinoid Safety and Regulations Act
Rhea-AI Summary
Flora Growth Corp. (NASDAQ: FLGC) has expressed strong support for the Cannabinoid Safety and Regulations Act introduced by U.S. Senator Ron Wyden. This landmark legislation aims to establish a comprehensive framework for the safe production, labeling, and marketing of cannabinoid products to adults, with strict measures to prevent access by children.
The bill has gained backing from key industry organizations, including the U.S. Hemp Roundtable and the National Cannabis Industry Association. Flora's CEO, Clifford Starke, emphasized that the act represents a important step forward for the cannabis and hemp industries, creating a robust legal pathway for companies to deliver safe, high-quality cannabinoid products while ensuring rigorous testing, proper labeling, and age restrictions.
The proposed legislation addresses the growing demand for hemp-derived cannabinoid products like CBD and Delta-8 THC, establishing requirements for testing, labeling, and responsible marketing. Flora believes this bill will foster a more secure environment for businesses and consumers by providing clear regulations for the production and distribution of cannabinoid products.
Positive
- Potential for clearer regulatory framework in the cannabinoid industry
- Possible expansion of legal pathways for cannabinoid product sales
- Increased safety standards may boost consumer confidence in Flora's products
Negative
- Potential increased compliance costs to meet new regulatory standards
- Possible market restrictions if certain products fail to meet new safety criteria
News Market Reaction 1 Alert
On the day this news was published, FLGC declined 7.30%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Fort Lauderdale, Florida--(Newsfile Corp. - September 25, 2024) - Flora Growth Corp. (NASDAQ: FLGC) (FSE: 7301) ("Flora" or the "Company") today commended U.S. Senator Ron Wyden for introducing the Cannabinoid Safety and Regulations Act. This landmark piece of legislation is aimed at establishing a comprehensive framework to ensure cannabinoid products are safely produced, labeled, and marketed to adults, with stringent safeguards to keep these products out of the hands of children. The bill has garnered widespread support from key industry organizations, including the U.S. Hemp Roundtable, the National Cannabis Industry Association, the National Industrial Hemp Council, and hemp industry associations across several states.
Clifford Starke, Chairman and Chief Executive Officer, expressed the Company's full support for the bill and its commitment to responsible regulation in the cannabinoid sector, "The introduction of the Cannabinoid Safety and Regulation Act represents a pivotal step forward for the cannabis and hemp industries. By establishing clear regulatory standards, this bill will not only protect public health and safety but also create a robust legal pathway for companies like Flora to deliver safe, high-quality cannabinoid products to adults. Importantly, it ensures that these products are rigorously tested, properly labeled, and age-restricted," said Mr. Starke.
The Cannabinoid Safety and Regulation Act proposes a legal framework that addresses the growing demand for hemp-derived cannabinoid products, such as CBD, Delta-8 THC, and other compounds, by establishing requirements for testing, labeling, and responsible marketing. It also provides much-needed clarity and safety measures for the industry while protecting consumers.
Flora remains committed to advancing the cannabis and hemp industries through high standards of quality, safety, and compliance. The Company believes that this bill will create a more secure environment for both businesses and consumers by providing clear regulations for the production and distribution of cannabinoid products.
"The endorsement of this bill by such a wide spectrum of respected industry organizations is a testament to its importance and impact. We fully support this bill and encourage lawmakers to pass it swiftly to promote a safer, more transparent marketplace for cannabinoid products," concluded Mr. Starke.
About Flora Growth Corp.
Flora Growth Corp.'s mission is to become the leading NASDAQ small-cap international cannabis company. FLGC is a consumer-packaged goods leader and pharmaceutical distributor serving all 50 states and 28 countries with 20,000+ points of distribution around the world. For more information on Flora, visit www.floragrowth.com.
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Investor Relations:
Investor Relations ir@floragrowth.com
Clifford Starke Clifford.Starke@floragrowth.com
Media:
Cautionary Statement Concerning Forward-Looking Statements
This press release contains "forward-looking statements," as defined by U.S. federal securities laws. Forward-looking statements reflect Flora's current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words "believe," "expect," "anticipate," "will," "could," "would," "should," "may," "plan," "estimate," "intend," "predict," "potential," "continue," and the negatives of these words and other similar expressions generally identify forward-looking statements. Such forward-looking statements are subject to various and risks and uncertainties, including those described under section entitled "Risk Factors" in Flora's Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (the "SEC") on March 28, 2024, as such factors may be updated from time to time in Flora's periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov/edgar. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in Flora's filings with the SEC. While forward-looking statements reflect Flora's good faith beliefs, they are not guarantees of future performance. Flora disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. You should not place undue reliance on any forward-looking statements, which are based on information currently available to Flora (or to third parties making the forward-looking statements).
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/224598
FAQ
What is the Cannabinoid Safety and Regulations Act introduced by Senator Wyden?
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