Flora Growth Corp. Commends President Biden on Cannabis Rescheduling Move

Fort Lauderdale, Florida--(Newsfile Corp. - May 17, 2024) - Flora Growth Corp. (NASDAQ: FLGC) ("Flora" or the "Company"), a consumer-packaged goods leader and pharmaceutical distributor, commends President Joe Biden and his administration for moving to reschedule cannabis under U.S. federal law.

"We are pleased with the continuous momentum in the U.S. around cannabis reform. We are excited about this proposed change and believe Americans could benefit tremendously," said Clifford Starke, Chief Executive Officer.

"We are focused on building brands in the U.S. and internationally and are operating from a position of strength. We are working on creating a national beverage brand by leaning on our past award-winning products. Quality is of outmost important to Flora, and it is an area in which we intend to pursue partnerships," added Mr. Starke.

"An important area of emphasis is the anticipated impact and access to medical cannabis in the U.S., which is something that has garnered by-partisan support. Flora has a history as a player in European medical cannabis and we eagerly await the opportunity to do so in the U.S. when the time is right," concluded Mr. Starke.

President Biden called the move "monumental" and noting that it is an "important move towards reversing longstanding inequities." The Justice Department is expected to post its proposed rule to reclassify cannabis from Schedule I to Schedule III under the Controlled Substances Act in the Federal Register. A 60-day public comment period is expected before the rule is potentially finalized.

The White House announcement comes shortly after reports emerged that the Drug Enforcement Administration was about to reclassify cannabis as a Schedule III drug.

About Flora Growth Corp.

Flora Growth Corp. is a consumer-packaged goods leader and pharmaceutical distributor serving all 50 states and 28 countries with 20,000+ points of distribution around the world. For more information on Flora, visit www.floragrowth.com.

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Cautionary Statement Concerning Forward-Looking Statements

This press release contains "forward-looking statements," as defined by U.S. federal securities laws. Forward-looking statements reflect Flora's current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words "believe," "expect," "anticipate," "will," "could," "would," "should," "may," "plan," "estimate," "intend," "predict," "potential," "continue," and the negatives of these words and other similar expressions generally identify forward-looking statements. These forward-looking statements include, but are not limited to, statements about: legislative developments in the United States and the potential impacts thereof, and the impact of new product launches and partnerships. Such forward-looking statements are subject to various and risks and uncertainties, including those described under section entitled "Risk Factors" in Flora's Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (the "SEC") on March 28, 2024, as such factors may be updated from time to time in Flora's periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov/edgar. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in Flora's filings with the SEC. While forward-looking statements reflect Flora's good faith beliefs, they are not guarantees of future performance. Flora disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. You should not place undue reliance on any forward-looking statements, which are based on information currently available to Flora (or to third parties making the forward-looking statements).

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/209654