Jul 6, 2022 Flora Growth Corp

Flora Growth Announces Results of Annual Meeting of Shareholders; Appointment of Brandon Konigsberg to Board of Directors

 
Flora Growth

FORT LAUDERDALE, Fla. & TORONTO — Flora Growth Corp. (NASDAQ:FLGC)(“Flora” or the “Company”), a leading all-outdoor cultivator, manufacturer and distributor of global cannabis products and brands, announced today that at the Company’s annual meeting of shareholders held on July 5, 2022, the Company’s shareholders voted in favor of all of the proposals submitted for their approval. The four proposals that were approved included (i) the election of seven members to the Company’s Board of Directors (the “Board”), (ii) the re-appointment of Davidson & Company LLP as the Company’s auditors, (iii) the approval of the Company’s 2022 Incentive Compensation Plan and (iv) the approval of new bylaw 1-A. For the complete voting results with respect to each of the proposals set forth above, reference is made to the Company’s Report on Form 6-K, filed with the Securities Exchange Commission on July 6, 2022.

In addition to the re-election of the Company’s six incumbent directors, the Company’s shareholders also elected Brandon Konigsberg to serve on the Board. In addition to his duties as a Board member, Konigsberg will serve as Chair of the Audit Committee and as a member of the Compensation Committee.

“The addition of Mr. Konigsberg to our Board is further testament to our ongoing commitment to fiscal discipline and sound governance. He brings with him exceptional experience in the fields of finance and operations and will assist in helping our organization achieve rapid financial growth and maximize our shareholder value,” said Luis Merchan, Flora Growth Corp.’s (NASDAQ:FLGC) Chairman and CEO. “We are pleased to welcome Mr. Konigsberg as a valued member of our team and look forward to his contributions.”

Konigsberg is a seasoned leader in finance and will focus on Flora Growth Corp.’s (NASDAQ:FLGC) key growth drivers to advance the Company’s global expansion. Konigsberg is a former executive of JP Morgan Chase (“JPMC”), and has held various leadership roles, serving as CFO and COO for various growing and turnaround business units. After 24 years at JPMC, Konigsberg retired to focus full-time on consulting, advising and entrepreneurial endeavors. He is currently the President and CFO of Fynn, an education financing company he joined as a consultant in 2021. Konigsberg also holds various board director, chair and audit committee memberships including Chicago Atlantic Real Estate Finance, Inc., a specialty mortgage REIT focused on lending to cannabis companies since its IPO in 2021.

“I am excited to be joining Flora Growth Corp.’s (NASDAQ:FLGC) Board of Directors and look forward to assisting the management team as the Company continues to make progress on its strategic financial plans,” Konigsberg said. “As an executive and entrepreneur operating for many years in finance and treasury, I look forward to taking on challenges and opportunities that lie ahead for our Board and the Flora Growth Corp.’s (NASDAQ:FLGC) organization.”

About Flora Growth Corp.

Flora Growth Corp. (NASDAQ:FLGC) is building a connected, design-led collective of plant-based wellness and lifestyle brands delivering the most compelling customer experiences in the world, one community at a time. As the operator of one of the most extensive outdoor cannabis cultivation facilities, Flora Growth Corp. (NASDAQ:FLGC) leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its commercial, house of brands, and life sciences divisions. Visit www.floragrowth.com or follow @floragrowthcorp on social media for more information.

Forward-Looking Statements

This press release contains ‘‘forward-looking statements,’’ as defined by federal securities laws. Forward-looking statements reflect Flora Growth Corp.’s (NASDAQ:FLGC) 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 risks and uncertainties, including those described under the section entitled “Risk Factors” in Flora Growth Corp.’s (NASDAQ:FLGC) 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 Growth Corp. (NASDAQ:FLGC) 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 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 Growth Corp.’s (NASDAQ:FLGC) good faith beliefs, they are not guarantees of future performance. Flora Growth Corp. (NASDAQ:FLGC) 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 only on information currently available to Flora (or to third parties making the forward-looking statements).

SOURCE Flora Growth Corp. (NASDAQ:FLGC)

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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management's expectations regarding Flora Growth Corp.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Flora Growth Corp.’s industry; (b) market opportunity; (c) Flora Growth Corp.’s business plans and strategies; (d) services that Flora Growth Corp. intends to offer; (e) Flora Growth Corp.’s milestone projections and targets; (f) Flora Growth Corp.’s expectations regarding receipt of approval for regulatory applications; (g) Flora Growth Corp.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Flora Growth Corp.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Flora Growth Corp.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Flora Growth Corp.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) Flora Growth Corp.’s ability to enter into contractual arrangements with additional Pharmacies; (e) the accuracy of budgeted costs and expenditures; (f) Flora Growth Corp.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Flora Growth Corp. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Flora Growth Corp.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Flora Growth Corp.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Flora Growth Corp.’s business operations (e) Flora Growth Corp. may be unable to implement its growth strategy; and (f) increased competition.

Except as required by law, Flora Growth Corp. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does Flora Growth Corp. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither Flora Growth Corp. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.

7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of Flora Growth Corp. or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of Flora Growth Corp. or such entities and are not necessarily indicative of future performance of Flora Growth Corp. or such entities.