Flora Growth Corp. Commends U.S. Vice President Kamala Harris for Prioritizing Cannabis Reform, Applauds Growing Bi-Partisan Support for U.S. Recreational Market Valued at $33 Billion

Rhea-AI Summary

Flora Growth Corp. (NASDAQ: FLGC) acknowledges Vice President Kamala Harris's inclusion of cannabis reform among her top 14 national priorities for the 2024 election. The company highlights growing bi-partisan support for cannabis reform, noting Republican nominee Donald Trump's support for marijuana legalization in Florida and cannabis banking reform. This development signals potential regulatory transformation in the U.S. recreational cannabis market, valued at $33 billion, with implications for public health, social equity, criminal justice reform, and economic growth.

Positive

• Growing bi-partisan political support for cannabis reform indicates potential favorable regulatory changes
• Potential access to $33 billion U.S. recreational cannabis market

Negative

• None.

Insights

Market Research Analyst

The elevation of cannabis reform to a top priority by VP Harris, coupled with bi-partisan support, signals potential regulatory shifts that could reshape the $33 billion U.S. recreational cannabis market. However, this news represents political positioning rather than concrete policy changes. While FLGC, as an international cannabis operator, could benefit from U.S. federal reform, the path to legislation remains uncertain and likely prolonged.

The company's small market cap of $26.7 million suggests current U.S. market exposure. Any meaningful reform would require congressional action beyond executive branch priorities. Investors should note that political statements, while encouraging for sector sentiment, don't guarantee near-term regulatory changes or immediate business impact.

Fort Lauderdale, Florida--(Newsfile Corp. - October 29, 2024) - Flora Growth Corp. (NASDAQ: FLGC) (FSE: 7301) ("Flora" or the "Company") commends U.S. Vice President Kamala Harris for including cannabis reform among her top 14 national priorities as she approaches the 2024 election. This significant move by Harris, together with Republican nominee Donald Trump's support of marijuana legalization initiatives in Florida and advocacy for cannabis banking reform, underscores a bi-partisan commitment to cannabis reform as a crucial national priority.

Flora welcomes this notable shift as a critical moment for the cannabis industry, which has long sought comprehensive reform to align the U.S. cannabis regulatory landscape with the economic and societal benefits of legalization. Today, with cannabis reform elevated to a core priority, the U.S. is closer than ever to meaningful regulatory transformation, with potential impacts on areas such as public health, social equity, criminal justice reform, and economic growth.

The cannabis sector has gained momentum as a driver of innovation, job creation, and tax revenue. With Vice President Harris underscoring cannabis as a central component of their forward-looking agenda, Flora is optimistic about the cascading benefits these reforms could bring not only to U.S. markets but to the global cannabis industry.

"We are thrilled to see such prominent leaders from both parties recognize the economic, health, and social impact cannabis reform can have on the American people," said Clifford Starke, Chief Executive Officer. "Vice President Harris' acknowledgment of cannabis reform as a top priority signals an awakening to the vast potential of this industry. With bipartisan support strengthening across the U.S., we are confident that these changes could foster a more inclusive and economically resilient environment for businesses, entrepreneurs, and consumers alike."

Beyond Vice President Harris's commitments, Republican nominee Donald Trump has shown support for the cannabis sector by backing a Florida marijuana legalization initiative and advocating for federal cannabis banking reform. Trump's positions suggest a growing awareness within the Republican Party of the advantages cannabis reform can bring. Trump has also signaled openness to rescheduling cannabis at the federal level, potentially transforming the regulatory framework that has restricted access to traditional banking and financial resources for cannabis businesses.

"At Flora, we believe this surge of bipartisan support marks a turning point in the way the U.S. approaches cannabis," continued Starke. "Our vision has always been to harness the power of the plant to create positive social, economic, and health outcomes."

About Flora Growth Corp.

Flora Growth Corp.'s mission is to become the leading NASDAQ small-cap international cannabis company. Flora is a cannabis-focused 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:

media@floragrowth.com

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/228159

FAQ

What is the current value of the U.S. recreational cannabis market that Flora Growth Corp. (FLGC) could potentially access?

The U.S. recreational cannabis market is valued at $33 billion according to the press release.

What political developments has Flora Growth Corp. (FLGC) highlighted regarding cannabis reform in 2024?

Flora Growth highlighted that Vice President Kamala Harris has included cannabis reform among her top 14 national priorities for the 2024 election, and noted Donald Trump's support for marijuana legalization in Florida and cannabis banking reform.

How is the political support for cannabis reform described in Flora Growth Corp.'s (FLGC) announcement?

The announcement describes bi-partisan support for cannabis reform, with both Vice President Harris (Democrat) and Donald Trump (Republican) supporting various cannabis reform initiatives.