Flora Growth Taps Elshad Garayev As New CFO

Cannabis cultivator Flora Growth Corp. (NASDAQ: FLGC) announced today the appointment of Elshad Garayev to serve as Flora’s Chief Financial Officer, effective after the company files its mid-year financial results with the SEC (Securities and Exchange Commission). Until then, Garayev will serve as Vice President of Finance and will work closely with Flora’s current CFO, Lee Leiderman, to ensure a smooth transition.  Leiderman will then move into an advisory role with Flora in order to focus on his health and his family.

Garayev brings over 25 years of experience in finance supporting successful organizations through the development and implementation of accounting and reporting policies as well as building  finance teams. Prior to joining the Flora team, Garayev served in a variety of financial leadership roles at companies such as Amazon, Boeing BP and RPK Capital, managing a diverse array of initiatives at various companies including reporting, accounting, investments, private equity, international operations, mergers and acquisitions, energy services, and manufacturing.

“I am very excited to join Flora and to become its Chief Financial Officer. As one of the largest cultivators licensed by the government of Colombia, their robust portfolio of brands and the future of research in the space, Flora presents a truly amazing opportunity to lead the global cannabis supply chain,” said Garayev. “Through financial discipline, transparency and industry-leading reporting practices, I believe Flora will lead the way for the next generation of cannabis companies.”

As CFO, Garayev will focus on financial controls and governance, management of cash position to optimize the utilization of resources across the organization and continued evolution of systems and processes as Flora moves towards quarterly financial reporting. Garayev will also play a critical role in assisting in the execution of Flora’s strategy to drive profitable growth and enhance shareholder value.

“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. As Flora seeks to establish itself as a global leader in cannabis, adding someone of his caliber will further strengthen our position,” Flora’s Chairman and CEO Luis Merchan said. “On behalf of both our executive leadership team and our Board of Directors, I want to personally thank Mr. Leiderman for his commitment and service to Flora through an incredible growth phase for the company. He has played an important role in setting the foundation for our future success and we look forward to continuing to work with him in his new capacity.”