Hussein Rakine Promoted To Run Flora Growth After Luis Merchan Steps Down

Cannabis products company Flora Growth Corp. (NASDAQ: FLGC) announced yesterday that its board of directors accepted the resignation of Luis Merchan as Chairman of the Board and the Company’s Chief Executive Officer (CEO), while promoting JustCBD founder, Hussein Rakine (above photo), 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.”

Luis Merchan resigned as Chairman & CEO of Flora Growth.

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.”

Merchan has pledged 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.