Fort Lauderdale, Florida--(Newsfile Corp. - November 19, 2024) - Flora Growth Corp. (NASDAQ: FLGC) (FSE: 7301) ("Flora" or the "Company") acknowledges the pivotal role that President-Elect Donald Trump played in opening the doors for the cannabinoid industry through the signing of the 2018 Farm Bill. This landmark legislation laid the groundwork for hemp's current economic influence, sparking extensive growth in the sector with hemp being a major economic driver, supporting jobs, and generating revenue.

The 2018 Farm Bill, signed into law by President-Elect Trump, decriminalized industrial hemp at the federal level, enabling a surge in new economic activity as states developed programs to cultivate, process, and sell hemp-derived products. In the years following the Farm Bill, the hemp industry has become a thriving industry with hemp-related businesses and retailers providing high-quality cannabinoid products to consumers.

The anticipated appointment of Robert Kennedy Jr. to lead the U.S. Department of Health and Human Services signals a potential turning point for the cannabis industry. As a vocal advocate for marijuana legalization and tax reform during his presidential campaign, Kennedy outlined a vision for leveraging cannabis tax revenue to fund transformative initiatives, such as creating "healing centers" where individuals recovering from addiction can engage in organic farming as therapy. His support for freeing up banking services for cannabis businesses could alleviate one of the industry's most significant challenges, enabling broader financial access and operational stability. Under Kennedy's leadership, the cannabis sector could see increased legitimacy, regulatory clarity, and integration into national health and economic recovery efforts, paving the way for a more robust and socially impactful industry.

A recent study by Beau Whitney of Whitney Economics estimates that the hemp industry is worth $28 billion. This staggering figure underscores the substantial economic impact of hemp sales, driven by consumer demand for hemp-derived products, including CBD, which has become increasingly popular.

"Without the foundational 2018 Farm Bill, the growth of the hemp industry we see today would not be possible," said Clifford Starke, Chief Executive Officer. "Flora is proud to be part of an industry that generates revenue and supports jobs across the United States. As demand for cannabinoid products continues to rise, Flora remains committed to supporting the industry's expansion and creating high-quality products."

About Flora Growth Corp.

Flora Growth Corp.'s mission is to become the leading NASDAQ small-cap international cannabis company. FLGC is a cannabis-focused 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. 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/230540