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Flora Growth Bolsters Executive Leadership with Strategic New Hires

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New CRO, CFO to Help Company Transition into Growth and Commercialization Phase

TORONTO, June 09, 2021 (GLOBE NEWSWIRE) -- Flora Growth Corp. (NASDAQ: FLGC) (“Flora”, “Flora Growth” or the “Company”), a leading all-outdoor cultivator and global manufacturer of cannabis-derived products and brands, is pleased to announce the appointments of Jason Warnock as Chief Revenue Officer (“CRO”), effective immediately, and Lee Leiderman as Chief Financial Officer (“CFO”), effective June 10, 2021. Lee succeeds Deborah Battiston, who is following her intended plan to retire from her role as CFO effective June 10, 2021.

Mr. Warnock is an accomplished global sales leader and executive, bringing more than 20 years of experience driving revenue growth and go-to-market strategy for high-profile, Fortune 500 brands. Mr. Warnock has spent the last 14 years in the cannabis, competitive advertising, communications, and emerging technology fields where his work focused on building companies and brands from the ground up, working on strategic mergers and acquisitions, and creating sustainable, resonant financing and marketing campaigns. He is experienced in delivering consistent and sustainable business results for numerous consumer packaged goods (“CPG” companies, developing high-performing teams, effective marketing communications, and unparalleled professional service delivery. As CRO, Mr. Warnock’s mandate is to drive Flora’s global growth strategy to meet increasing consumer demand for Flora’s premium brand and product portfolio.

Mr. Leiderman started his career at PricewaterhouseCoopers and held several corporate positions within Philip Morris International, Caterpillar and RR Donnelley, gaining substantial financial management experience for U.S.-listed public companies. From April 2016 to May 2019, Mr. Leiderman served as the Chief Accounting Officer at OSI Group, and from May 2020 to present, he served as the CFO of Nurture Life Inc. He has an extensive background with over 25 years of experience, which includes public and private companies, mergers and acquisitions, transfer pricing, and investment analysis. Mr. Leiderman also has broad experience with fast-paced growth companies and infrastructure creation, having managed the financial teams for many successful international and domestic companies. Mr. Leiderman is a CPA with a BA in Accounting and International Business from Susquehanna University.

“We are very pleased to welcome Jason and Lee to our executive leadership team. Their experience will be essential to pursuing new deal flow, integrating and optimizing recent acquisitions and investments, leading our financial organization, and the continued commercialization of our brands and cultivation platform,” said Luis Merchan, President and CEO of Flora Growth. “I also want to extend thanks to Deborah Battiston for her service as our CFO. During the past two years, she leveraged her 25 years of experience to make numerous foundational contributions to Flora’s success. We wish her the best in her retirement and thank her for her assistance as we became a NASDAQ-listed public company.”

“I’m thrilled to be joining the Company at such a pivotal moment as we enter into our anticipated growth and commercialization phase and I am eager to take on the challenge of creating sustainable revenue growth across our portfolio of premium brands and products,” said Jason Warnock, CRO of Flora Growth. “The commoditization of flower continues to build momentum as established operators without downstream production capabilities or extensive distribution flounder. Successful cannabis CPG companies must have a high level of agility that allows them to complete the global supply chain by entering into strategic partnerships while working with focused, experienced operators. I believe Flora is uniquely positioned to address these requirements and I look forward to working with our talented team to capture the market opportunity before us.”

“I’m excited to join Flora and lead its finance division during such a critical time as the Company scales and moves into the next phase of its commercialization and growth strategy,” said Lee Leiderman, CFO of Flora Growth. “Having had the opportunity to interact with the team and understand the long-term vision, I believe that the opportunity that we have before us is immense. We have one of the anticipated lowest cultivation costs in the industry, and we’ve already started generating revenue from our early operations. I look forward to contributing to Flora’s future success as the Company continues to expand its global distribution channels and execute on its commercialization plans as we work together to steadily grow revenue and create value for shareholders.”

About Flora Growth Corp.

Flora Growth is a global cannabis company that leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its diverse business divisions of pharmaceuticals, cosmetics, hemp textiles, and food and beverage. As the operator of one of the world’s largest outdoor cultivation facilities, Flora strives to market a higher-quality premium product at below market prices. By prioritizing natural ingredients and value-chain sustainability across its portfolio, Flora creates premium products that help consumers restore and thrive. Visit www.floragrowth.ca or follow @floragrowthcorp on social media for more information.

Investor Relations Contact:
Evan Veryard
+1 416 571 9037
evan.veryard@floragrowth.ca

Public Relations Contact:
Cassandra Dowell
+1 (858) 264-6600
cassandra@cmwmedia.com

Cautionary Note Regarding Forward-Looking Statements

This Press Release includes certain forward-looking statements. Forward-looking statements generally are accompanied by words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “forecasts,” “future,” “intend,” “may,” “outlook,” “plan,” “predict,” “potential,” “projected,” “seek,” “seem,” “should,” “will,” “would” and similar expressions (or the negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical fact. 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 are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated or reflected in the forward-looking statements. Factors that may cause such differences include, without limitation, expectations with respect to future operating and financial performance and growth; Flora’s ability to execute its business plans and strategy and to receive regulatory approvals; potential litigation; global economic conditions; geopolitical events, natural disasters, acts of God and pandemics, including, but not limited to, the economic and operational disruptions and other effects of COVID-19; regulatory requirements and changes thereto; access to additional financing; demand for Flora’s products and Flora’s ability to meet demand for its products and negotiate agreements with existing and new customers; the Company’s ability to develop product enhancements and formulations with commercial value and appeal; and weather and agricultural conditions and their impact on Flora’s cultivation and construction plans. The foregoing list of factors is not exclusive. Additional information concerning certain of these and other risk factors is contained in Flora’s most recent filings with the SEC. All subsequent written and oral forward-looking statements concerning Flora and attributable to Flora or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements set forth herein. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Flora expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based, except as may be required by applicable law.