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Flora Growth Acquires CBD Brand Masaya

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FORT LAUDERDALE, Fla. & TORONTO, May 23, 2022--(BUSINESS WIRE)--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 it has entered into an agreement with leading cell biologist, Dr. Annabelle Manalo-Morgan, Ph.D., to acquire her brand Masaya, together with its patent-pending CBD formulations. Created by Dr. Annabelle and backed by her research, Masaya’s formulations of pure, potent CBD oil are 100% THC-free and have a long track record of positive testimonials collected over years of use. Flora intends to distribute the brand and its formulations worldwide.

Masaya will become an owned Flora brand sold in the US and will be the first offering from Flora Life Sciences. In addition, it is expected that the original patent-pending formulation, Masaya Pure, will be used in Flora’s current clinical trials with the University of Manchester in the UK. The formulation is also in the process of being registered with the Colombian regulatory agency, INVIMA, as one of the first distribution steps beyond the US.

"We are excited to announce the acquisition of Masaya. The brand’s formulation was developed by Dr. Annabelle for her son and has since been used by thousands of consumers. Amplifying Dr. Annabelle and her son’s beautiful story and improving the well-being of people around the world is our aim," Flora’s Chairman and CEO Luis Merchan said. "This acquisition allows us to deliver on our promise to invest in safe, thorough, cutting-edge scientific research that can bring meaningful change via an efficacious and accessible product offering for people worldwide."

As a member of Flora’s Board of Directors and as the Company’s Scientific Advisor, Dr. Annabelle is responsible for leading Flora’s global research initiatives, including Flora’s ongoing clinical trial on the use of cannabinoids with patients who have fibromyalgia in partnership with the University of Manchester in the UK. Those clinical trials are expected to expand into research on the use of cannabinoids for other medical indications in the UK, at Flora’s research facilities in Colombia, and in the US. It is anticipated that proceeds from the sale of Masaya products will contribute to the funding of this vital research.

After the birth of her son Macario in 2016, Dr. Annabelle endured watching him suffer from as many as 200 seizures per day which led doctors to remove 38 percent of his brain. Relentlessly, Dr. Annabelle searched for alternative solutions for Macario and eventually discovered CBD, which has helped Macario, now six, become a happy and thriving child.

"After my experience with my son Macario, I am very excited to bring Masaya to more consumers worldwide, to do my very best to help as many people as I can," said Dr. Annabelle, Lead Scientific Advisor and Director of Flora. "Both consumers and the global scientific community deserve more research and data on the science behind CBD, and I feel truly grateful to be working with the Flora team to help develop some of the highest-quality, scientifically vetted products in the world."

Dr. Annabelle is a scientist, educator, author, mother of five, and a respected key opinion leader. She is a cell and developmental biologist with a doctorate from Vanderbilt University in Nashville, Tennessee, with a background in neuroscience from Georgetown University. She earned her Ph.D. in Cell and Developmental Biology with a focus in Cardio-Oncology and has since become a philanthropist and entrepreneur focused on pharmaceutical innovation and clinical trial research in medical cannabis.

About Flora Growth Corp.
Flora 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 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.

Cautionary Statement Concerning Forward-Looking Statements

This document contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; our environmental and sustainability practices and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as "may," "should," "expects," "anticipates," "contemplates," "estimates," "believes," "plans," "projected," "predicts," "potential," or "hopes" or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this document and other statements made from time to time by us or our representatives may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, or the forward-looking events discussed in this document and other statements made from time to time by us or our representatives not occurring, except as may be required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220523005403/en/

Contacts

Investor Relations:
James Williams
ir@floragrowth.com

Public Relations:
Cassandra Dowell
+1 (858) 221-8001
flora@cmwmedia.com