Fort Lauderdale, Florida--(Newsfile Corp. - September 17, 2024) - Flora Growth Corp. (NASDAQ: FLGC) (FSE: 7301) ("Flora" or the "Company") is pleased to announce the appointment of Clifford Starke, Chief Executive Officer, to the Board of Directors of HoshiCap, a subsidiary of Hoshi International ("Hoshi") which has a cannabis-cultivation facility in Portugal.
Flora initially made an equity investment of $2.4 million into Hoshi in 2021, securing a 10% ownership in the company. Hoshi, in turn, controls 51% of the Portuguese entity operating the facility. The project in Portugal currently employs 18 full-time staff. To date, approximately $20 million has been invested into constructing a world-class facility.
Mr. Starke's wealth of experience in global cannabis operations will be a significant asset to as HoshiCap continues to march towards licensure at its advanced stage cannabis cultivation facility project.
Flora's strategic investment in Hoshi represents an important step towards gaining access to a low-cost cultivation project to supply the German medical cannabis market. Portugal has become a leading exporter of cannabis into the European Union.
As a seasoned executive with a track record of building and scaling cannabis companies, Mr. Starke brings invaluable expertise and leadership to HoshiCap. His experience leading Flora Growth positions him to contribute to HoshiCap's mission of becoming a supplier of high-quality cannabis products to the European market.
"I am excited to join HoshiCap's Board of Directors and look forward to working with the team on the successful launch of the cultivation facility in Portugal. The European market is poised for growth, and I believe HoshiCap is well positioned to capitalize on this opportunity. My appointment to the Board will enable Flora to build key relationships in a favorable jurisdiction for cannabis cultivation," said Mr. Starke.
About Flora Growth Corp.
Flora Growth Corp.'s mission is to become the leading NASDAQ small-cap international cannabis company. It 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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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. These forward-looking statements include, but are not limited to, statements about: Hoshi or a related company obtaining a production and processing license, Hoshi or a related company completing the construction of its facility to the required specifications or at all, Hoshi or a related company becoming a supplier of high-quality cannabis products to the European market, Flora gaining access to a low-cost cultivation project to supply the German medical cannabis market, Portugal maintaining its position as a leading exporter of cannabis into the European Union, Hoshi or a related company growing in the European market as well capitalizing on opportunities in this market, Flora building key relationships in a favorable jurisdiction for cannabis cultivation, Portugal maintain its status as a favorable jurisdiction of cannabis cultivation, and Flora's ability to maintain its current or any ownership stake in Hoshi or a related company. 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).
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