Flora Announces Major Leadership Transitions and Appointments to Board of Directors and Management

TORONTO, ONTARIO – December 22, 2020

Flora Growth Corp. (“Flora”, “Flora Growth”, or the “Company”) is pleased to announce Luis Merchan will be transitioning to President and CEO of Flora Growth effective the date hereof. Current President and CEO, Damian Lopez, will be transitioning to Vice President of Legal and Corporate Strategy. Flora Growth is also appointing Juan Carlos Gomez Roa to its Board of Directors. Mr. Gomez replaces outgoing director Fred Leigh, who has resigned from the Company effective immediately. Further, Dr. Bernard Wilson is taking over for Stan Bharti as Chairman of the Board. Stan Bharti will remain on Flora’s Board of Directors.

“As we look ahead to an exciting 2021, we wanted to adapt our team to put Flora Growth in the best position possible to continue our impressive growth trajectory,” commented Flora’s outgoing CEO, Damian Lopez. Mr. Lopez continued, “While acting as our President of Consumer Goods, Luis helped launch 4 unique brands in the United States while leading the growth of all our operating divisions; he is an impressive business executive and I look forward to continuing to work with Luis and Flora Growth as we move forward.”

“I am extremely appreciative of this opportunity to lead Flora Growth. This is an exciting company that is launching at a time when cannabis legalization movements are picking up speed,” commented incoming President and CEO, Luis Merchan. “I am excited to leverage my past consumer packaged goods experience at Macy’s, while continuing to work closely with Damian and leveraging his knowledge of the Company and the industry to make Flora Growth a global cannabis brand.”

About Luis Merchan:

Luis Merchan is a proven executive with over 10 years of experience in enterprise sales management from industry leading consumer packaged goods companies. He has a background in corporate strategy, merchandising and expense management, and customer experience. He joins Flora after serving as Macy’s Inc.’s Vice President of Workforce Strategy and Operations, where he managed the enterprise's multi-billion-dollar P&L expense line for the 540-store portfolio.

Mr. Merchan obtained his Bachelor of Industrial Engineering from Pontifical Xaverian University in Bogota, Colombia and his MBA from McNeese State University. He also holds a Graduate Certificate in Marketing Management from Harvard.

About Mr. Gomez’s Appointment:

Mr. Gomez is a proven business leader with over 30 years of professional experience working for multinational public companies. He brings substantial experience in the Latin American market, across a variety of business competencies including business operations, M&A, business integration and corporate governance.

“I’d like to thank Mr. Leigh for his service as a director of Flora; his expertise and valuable guidance was important in building a strong foundation for Flora Growth – we wish him the best,” commented Flora’s incoming CEO, Luis Merchan. Mr. Merchan continued, “As a company with substantial operations in Colombia, we anticipate that having someone of Mr. Gomez’s business experience and track record of success in the country will provide our Board of Directors with valuable insights as we expand our operations.”

For the past 20 years, Mr. Gomez served as the CEO of the Winner Group, CIRSA, owned by the Blackstone Group.  During his tenure, he was responsible for growing the company to become one of the largest 100 companies in the country through meaningful organic and M&A driven growth initiatives. This included expansion across 28 cities and more than 2,800 staff. Prior to his role as CEO, Mr. Roa served as COO for over a decade with the Winner Group, driving sustained annual revenue growth and EBITDA margin expansion.  Mr. Gomez obtained his bachelor’s degree in organizational psychology from the University of Santo Tomas in Colombia.

Juan Carlos commented on his new role, “I am very excited to join Flora Growth’s Board of Directors. They have already assembled an impressive team and built the foundation for a company with excellent growth potential; I look forward to contributing to the growth of the Company.”

Flora Growth Corp.

Flora is a vertically integrated cannabis company striving to be a globally recognized cannabis brand by leveraging low-cost production of cannabis to supply CBD oil to our portfolio of consumer and medical brands. Flora prioritizes organic ingredients and value-chain sustainability across its portfolio to create products that help consumers restore and thrive.

For further information, contact:

Evan Veryard
+1 416 571 9037
evan.veryard@floragrowth.ca
Website: www.floragrowth.ca

Cautionary Notes  
This news release may contain forward-looking statements. These statements include statements regarding the appointment and resignation of directors and executive officers and the Company’s operations, strategy, and future plans and objectives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.

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