Flora Growth (NASDAQ: FLGC), a consumer-packaged goods leader serving all 50 states with more than 15,000 points of distribution around the world and a pharmaceutical distributor in 28 countries, has named two new executive appointments. The company announced that Clifford Starke has been appointed as CEO and Dany Vaiman has been appointed CFO. Previously serving as president of Flora Growth, Starke is taking over the reins from Hussein Rakine, who resigned as CEO but will remain as a member of the board of directors; Starke is also a director for the company. Before joining Flora Growth, Starke served as the CEO and executive chair of Franchise Global Health Inc. and, for the past five years, he has also been chair at Hampstead Private Capital Ltd., a Bermuda-based merchant bank. Before becoming CFO, Vaiman served as Flora Growth’s senior VP of finance; he also comes from Franchise Global Health Inc., where he was CFO. He has been corporate controller of Torex Gold Resources Inc. and has impressive auditing and accounting experience with Ernst & Young. Starke’s appointment “comes at an opportune moment with the cannabis industry at a critical juncture,” the company stated in the press release. “Cannabis licensed producers have encountered significant policy issues, oversupply leading to price decreases, and capital constraints leading to overleveraged balance sheets. In the United States, the company believes potential for large-scale mergers is limited due to state specific restraints disallowing competition while the opportunity in the international market is robust, and Flora, with an already significant footprint, is positioned to emerge as a premier international company.
In the United States, Flora’s lifestyle business has established a presence across all 50 states, providing the company with a solid foundation. Furthermore, we believe we possess substantial potential for international expansion.”
The company also announced that it has received formal notification that it has regained compliance with minimum bid price requirement for the NASDAQ market exchange. The company is in compliance with all applicable listing standards and will continue to be listed and traded on the NASDAQ Stock Market.
To view the full press release, visit https://ibn.fm/yESHv
About Flora Growth Corp.
Flora Growth is a consumer-packaged goods leader serving all 50 states with 15,000-plus points of distribution around the world and is a pharmaceutical distributor in 28 countries. In the United States, Flora’s lifestyle business has established a robust presence across all 50 states, providing the company with a solid foundation. Furthermore, the company possesses substantial potential for international expansion. Based in Germany, Flora Growth has successfully developed a strong distribution network delivering lifestyle and wellness products to 28 countries. For more information about the company, please visit www.FloraGrowth.com.
NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://ibn.fm/FLGC
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