Flora Growth Corp. Announces $5 Million Share Buyback Program | national company

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FORT LAUDERDALE, Florida and TORONTO–(BUSINESS WIRE)–June 16, 2022–

Flora Growth Corp. (NASDAQ: FLGC) (the “Company” or “Flora”), a leading cultivator, manufacturer and distributor of global cannabis products and brands, today announced that the Company’s Board of Directors ( the “Board”) has authorized the repurchase of up to $5 million of its outstanding common shares subject to market conditions and the Company’s liquidity mandate.

“We believe that the buyback potential of our shares at these levels represents an inescapable opportunity to deploy available cash to generate shareholder value,” said Luis Merchan, Chairman and CEO of Flora. The Board believes that the decline in the price of the Company’s shares is largely attributable to the weakness of the financial market in general, and of the cannabis sector in particular, associated with the recent sale of several million shares by certain shareholders who acquired these shares before the Company’s initial public offering at a very low cost and which had previously been subject to a one-year lock-up period which expired in mid-May.

Merchan added, “Flora continues to move boldly to execute its growth plans while simultaneously improving gross profit margins and reducing corporate overhead. We are confident in the company’s short, medium and long-term growth prospects, based on our strong portfolio of brands in the market, as well as our cultivation and export capabilities and life science research. . The buyback program provides us with the opportunity to increase our exposure to our portfolio of high-quality brands through our shares, which we believe are trading well below net asset value.

Redemptions may be made from time to time through open market purchases, privately negotiated transactions or other means (including Rule 10b5-1 trading plans). Depending on market conditions and other factors, such redemptions may be commenced or suspended from time to time without notice. There can be no assurance as to the number of shares, if any, that the Company will be able to redeem and in no event will the Company redeem more than five percent of the total number of shares issued and outstanding as of the date hereof.

About Flora Growth Corp.

Flora is building a connected, design-driven collective of plant-based wellness and lifestyle brands designed to deliver the world’s most compelling customer experiences, one community at a time. As operator of one of the most extensive outdoor cannabis cultivation facilities, Flora relies on natural and cost-effective cultivation practices to supply cannabis derivatives to its commercial, brand house and science divisions. of life. Visit www.floragrowth.com or follow @floragrowthcorp on social media for more.

Forward-looking statements

This press release contains “forward-looking statements,” as defined by federal securities laws. Forward-looking statements reflect Flora’s current expectations and projections regarding future events at that time, and therefore involve risks and uncertainties. The words “believe”, “expect”, “anticipate”, “will”, “could”, “should”, “should”, “may”, “plan”, “estimate”, “intend of”, “predict”, “potential”, “continue” and the negative forms of these words and other similar expressions generally identify forward-looking statements. These forward-looking statements are subject to various risks and uncertainties, including those described in the section titled “Risk Factors” in Flora’s Annual Report on Form 20-F filed with the SEC on May 9, 2022, 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. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements included in this release and in Flora’s filings with the SEC. Although 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 release. release, except as required by applicable law. You should not place undue reliance on forward-looking statements, which are based solely on information currently available to Flora (or the third parties making the forward-looking statements).

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CONTACT: Investor Relations:

James Williams

[email protected]

Public relations:

Cassandra Dowell

+1 (858) 221-8001

[email protected]

KEYWORD: UNITED STATES NORTH AMERICA CANADA FLORIDA

INDUSTRY KEYWORD: ALTERNATIVE MEDICINE RETAIL HEALTH SPECIALTY AGRICULTURE NATURAL RESOURCES

SOURCE: Flora Growth Corp.

Copyright BusinessWire 2022.

PUBLISHED: 06/16/2022 07:05 AM/DISC: 06/16/2022 07:06 AM

http://www.businesswire.com/news/home/20220616005181/en

Copyright BusinessWire 2022.

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