Flora Growth Corp. Announces the Appointment of Hussein Rakine as CEO and Member of the Board of Directors
18 Aprile 2023 - 10:05PM
Business Wire
Flora Growth Corp. (NASDAQ: FLGC) (“Flora” or the “Company”) a
leading cultivator, manufacturer and distributor of global cannabis
products and brands, today announced that its board of directors
(the “Board”) accepted the resignation of Luis Merchan as Chairman
of the Board and the Company’s Chief Executive Officer (CEO). To
fill the vacancies created by Mr. Merchan’s resignation, the Board
has appointed JustCBD founder, Hussein Rakine, as CEO and member of
the board of directors.
Of the appointment, former-Chairman and CEO, Luis Merchan said,
“At Flora we have consistently placed human capital as a critical
part of our M&A strategy. That’s why today we are honored to
have the former founder of a company we acquired last year join the
Board and be named as CEO. I believe Hussein’s appointment will
ensure continued growth within the Company.”
“I am enthusiastic about collaborating with our board of
directors, executive team, and all stakeholders to bring Flora's
business plan to fruition,” said Hussein Rakine. “In a nascent
industry such as ours, it’s critical to stay nimble– and that is
what I intend to do as I lead Flora into the next phase of growth.
I would like to express our sincere appreciation to Luis for his
unwavering commitment and dedication to the Company during his
tenure. We wish him all the best in his future endeavors.”
Mr. Merchan stated, “I am grateful to all those who have
contributed to Flora's success and helped establish it as a leading
cannabis company. Working with our dedicated investors, Board, and
talented team over the past four years has been a tremendous honor.
Although every journey must ultimately come to a close, I am
confident that Flora's future is bright, and I wish Hussein and the
entire team continued success as they pursue the Company's growth
and expansion.”
Mr. Merchan will continue to assist the Company to ensure a
smooth and organized transition.
“We would like to address the current state of the market and
emphasize our commitment to long-term success in the industry. With
the global policies set to reignite the market, we are confident
that there is significant potential for growth in the broader
market. We acknowledge that we are still in the early stages of
this industry, and we see significant upside potential moving
forward. We remain optimistic about the future of this sector and
look forward to playing a leading role in its continued growth and
success,” said Rakine.
Executive Biography
Hussein Rakine founded Just Brands LLC in 2017 and served as its
CEO until it was acquired by Flora in February 2022. His
contributions have been vital to the Company's growth and success.
Mr. Rakine is a renowned serial entrepreneur who was acknowledged
in Forbes' 2022 30 Under 30 list. He holds an MBA from Nova
Southeastern University and a Doctor of Strategic Leadership from
Liberty University.
About Flora Growth Corp.
Flora Growth Corp. is a global cannabis company dedicated to
bringing the benefits of cannabis to people worldwide. Our
commitment is to create, master and connect the international
cannabis supply chain by setting the standard for world-class
cultivation and manufacturing, thoughtful brand development, and
rigorous research and development of medical-grade cannabis
products that meet the highest standards of quality, safety, and
efficacy. Our mission is to create a world where the benefits of
cannabis are accessible to everyone, and we are working toward that
goal by becoming a leading importer and exporter of cannabis to
meet demand in every corner of the market. Visit
www.floragrowth.com or follow @floragrowthcorp on social media for
more information.
Cautionary Statement Concerning Forward Looking
Statements
This press release contains “forward looking statements,” as
defined by 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.
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
SEC on March 31, 2023, 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. 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).
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Investor Relations: Investor Relations
ir@floragrowth.com
Public Relations: Cassandra Dowell +1 (858) 221-8001
flora@cmwmedia.com
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