Flora Growth Corp. (NASDAQ: FLGC) Names New CFO, Process for Ensuring Smooth Transition Amid Company’s Global Growth

  • Global cannabis brand-builder Flora Growth recently named a former Amazon financial executive as its new CFO 
  • Elshad Garayev will work with outgoing CFO Lee Leiderman to ensure a smooth transition of responsibility amid finalization of Flora’s mid-year financial filing with the SEC
  • Flora Growth is headquartered in Canada with cultivation operations centered in Colombia, where recent government administrations have opened regulatory processes for exporting cannabis derivatives for the health and wellness markets
  • The company continues to expand its operations internationally for sales in the UK and Europe generally, Australia, and throughout the Americas

Global cannabis brand-builder Flora Growth (NASDAQ: FLGC) has steadily built an aggressive international expansion of its Colombia-based cultivation operation during the past year and a half, launching exports to countries such as Mexico and Spain and opening doors to the United Kingdom and the United States. 

Flora Growth, which is headquartered in Ontario, Canada, and is establishing offices in the United States, also anticipates end user markets in Australia, various countries in Latin America, as well as in Europe and Asia. 

Flora Growth has recently named a former financial executive at Amazon, Boeing, BP, and RPK Capital, as the new chief financial officer, tasked with overseeing financial governance and effective cash position strategy as Flora moves towards quarterly financial reporting and solidifies its global growth. 

The company stated that Elshad Garayev will initially serve as vice president of finance while working with the outgoing CFO, Lee Leiderman, through a transition period culminating with Flora’s filing of its mid-year financial results with the Securities and Exchange Commission. Once that filing is completed, Garayev will take over as CFO on the following business day and Leiderman will move into an advisory role to help ensure a smooth continuation of operations, according to the July 11 announcement (https://ibn.fm/k94cm).

“Mr. Garayev is a deeply talented and experienced individual, and I am thrilled to welcome him to the Flora team at this exciting time in the company’s evolution,” Chairman and CEO Luis Merchan stated in the announcement. “As Flora seeks to establish itself as a global leader in cannabis, adding someone of his caliber will further strengthen our position.”

In addition, the company appointed JPMorgan Chase alum Brandon Konigsberg to their board of directors, and as a member of the audit and comp committees. 

“The addition of Mr. Konigsberg to our Board is further testament to our ongoing commitment to fiscal discipline and sound governance. He brings with him exceptional experience in the fields of finance and operations and will assist in helping our organization achieve rapid financial growth and maximize our shareholder value,” said Luis Merchan, Flora’s Chairman and CEO (https://ibn.fm/QokvH). “We are pleased to welcome Mr. Konigsberg as a valued member of our team and look forward to his contributions.”  

This year, the company has acquired 100 percent equity interests in Just Brands LLC and High Roller Private Label LLC as it has advanced its strategic position. The acquisitions brought the JustCBD brand into Flora’s stable (https://ibn.fm/Tvlz4), which is expected to in turn help the company expand its operational footprint in Europe and the United Kingdom through JustCBD’s 79 products authorized by the UK’s novel foods standards agency (https://ibn.fm/1cQO5).

The company’s announcement states its JustCBD gummies and tinctures will begin selling on Amazon’s UK web portal this summer. 

Flora’s outdoor cannabis cultivation facilities in central Colombia grant it prime positioning for product growth in a fertile zone that is accessible to an experienced grower labor force. The company uses natural, cost-effective cultivation practices to supply cannabis derivatives to its commercial, house of brands, and life sciences divisions, which together form a design-led collective of plant-based wellness and lifestyle brands. 

For more information, visit the company’s website at www.FloraGrowth.com.

NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://ibn.fm/FLGC

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