- The growing cannabis industry is experiencing a rise in demand for experienced business executives to guide companies toward the top
- Flora Growth, which has achieved numerous milestones, is a testament to the importance of experienced leadership
- Established in 2019, Flora was the first all-outdoor cannabis cultivation company to list on NASDAQ and has the largest licensed cultivation footprint in Colombia
- The company also boasts the lowest production cost in the world of $0.06 per gram of dried flower
- Flora’s adherence to strict industry standards and prudent management of its finances positions it to become a global leader in the cannabis space
As the cannabis industry has continued to grow, so too has the demand for experienced business executives needed to steer cannabis companies to the top. Such executives, especially those brought in from industries experiencing similar regulations as the cannabis space, are particularly helpful as companies scale. According to a recent Benzinga article, leadership from outside industries provides the much-needed boardroom experience to bring a startup to a grander stage (https://ibn.fm/MW0XS).
For Flora Growth (NASDAQ: FLGC), a global cannabis company leveraging all-natural, low-cost cultivation practices to supply cannabis flower and derivatives to its diverse divisions, Benzinga’s observations accurately narrate its story.
Flora’s management team comprises disciplined operators, brand builders, and category disruptors with a track record of building direct-to-consumer brands and a loyal, engaged community. Collectively, the professionals share decades of industry-leading experience building consumer packaged goods (“CPG”) brands and managing global e-commerce, retail, distribution, and pharmaceutical research (https://ibn.fm/kahAB). And as FLGC President and CEO Luis Merchan notes, this makes for the perfect impetus for growth in the cannabis industry.
“The industry is going through a period of transformation where operations, supply chain management, project management, and financial discipline are becoming imperatives in the skill set of executives that lead cannabis companies,” said Luis Merchan.
A proven leader with more than a decade of experience in enterprise sales, management, corporate strategy, merchandising and expense management, and customer experience, Merchan previously served as the Vice President of Workforce Strategy and Operations at Macy’s Inc. (NYSE: M), an Ohio-headquartered omnichannel retailer, where he managed the company’s P&L expense line for its 540 stores. Prior to this role, Merchan held various executive-level positions at Macy’s and managerial roles at Target (NYSE: TGT).
Merchan is part of a diverse group of business professionals focused on the responsible growth of the company and who make up the board of directors, advisors, and management team. Through their guidance, Flora Growth, which was established in 2019, has achieved numerous milestones.
“We are the first all-outdoor cannabis cultivation company to list on NASDAQ. We accomplished that on May 11th,” explained Merchan during the Benzinga Cannabis Hour Live Interview (https://ibn.fm/GwYjF). “We have tremendous strategies. One of them is the cultivation of wholesale cannabis at the lowest production cost in the world. We have been able to achieve a cost structure of about $0.06 per gram of dried flower.”
Merchan also noted that the second strategy entails creating a brand portfolio of products that resonates with global consumers.
With New Frontier Data projecting that the global legal cannabis market will grow from $23.7 billion in 2020 to $51 billion in 2025, representing a 16.6% CAGR (https://ibn.fm/AGaGh), Flora Growth is ideally poised to become a global leader in the space thanks to several factors. The economics associated with the company’s production facilities in Colombia are very attractive and the management team said it produces cannabis for as low as $0.06 per gram. The management team has been executing a global growth strategy and is focused on capturing market share in several international jurisdictions in the near term, including the European Union (“EU”), Australia, Panama, and South Africa. Further, FLGC is committed to prudent management of its finances, positioning it for long-term growth while allowing it to maintain a positive cash balance over the long term (https://ibn.fm/wczH6).
In its mission to build a connected, mindful collective of plant-based wellness and lifestyle brands that deliver the most compelling customer experiences in the world, one community at a time, Flora Growth is banking on the guidance from its exceptional leadership to deliver on its mandate and rise to greater heights.
For more information, visit the company’s website at www.FloraGrowth.ca.
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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