Flora Growth Corp. Joins U.S. Hemp Beverage Alliance

Fort Lauderdale, Florida--(Newsfile Corp. - May 16, 2024) - Flora Growth Corp. (NASDAQ: FLGC) ("Flora" or the "Company"), a consumer-packaged goods leader and pharmaceutical distributor, is pleased to announce that it has joined the Hemp Beverage Alliance.

"At this moment, beverages represent only a marginal component of the industry. There is tremendous potential for explosive growth — one we intend to capitalize on. We are focusing our attention on the beverage category. Joining the Hemp Beverage Alliance is a natural progression towards the common values we share," said Clifford Starke, Chief Executive Officer.

According to Whitney Economics, the total demand for hemp-derived cannabinoids in the U.S. is valued at more than $28 billion with the total economic impact of the industry on the U.S. economy is more than $79 billion. Data Bridge Market Research estimates that the U.S. infused beverages market is expected to reach half a billion by 2030, at a CAGR of 14.7% during the forecast period.

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About Hemp Beverage Alliance

The Hemp Beverage Alliance is a U.S. national organization comprised of a coalition of leading companies aimed at building a safe, thriving, and ethical hemp beverage industry through education, advocacy, self-regulation, and partnership. For more information, visit www.hempbeveragealliance.org.

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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Investor Relations:

Investor Relations [e-mail]

Clifford Starke [e-mail]

Media:

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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: the potential of the beverage industry to grow, as well as the Company's ability to capitalize or realize any benefits from the beverage industry. 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/209345