Flora (NASDAQ: FLGC), a leading all-outdoor cultivator, manufacturer and distributor of global cannabis products and brands, today announced that its board of directors has authorized the repurchase of up to $5 million of its outstanding common shares as market conditions and the company’s liquidity warrant. “We believe that the potential to repurchase our shares at these levels represents a compelling opportunity to deploy available cash to drive shareholder value,” said Luis Merchan, Flora’s chairman and CEO. “Flora continues to move assertively to execute its growth plans while simultaneously improving gross profit margins and reducing corporate overhead expenses. We are confident in the company’s short, medium and long-term growth prospects based on our strong in-market brand portfolio together with our cultivation and export capabilities and life sciences research. The repurchase program affords us the opportunity to increase our ownership in our portfolio of high-quality brands through our shares, which in our view are trading well below NAV.”
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About Flora Growth Corp.
Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands designed to deliver 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.
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