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"The export process from Colombia has proven to take longer and operate with less consistency than we had anticipated," said board member Hussein Rakine.

Flora warns that any fractional interest as a result of the split will be rounded down and shareholders will not receive any compensation.

Flora Growth says that it has been focused on strengthening operational performance, financial discipline, and optimizing M&A integrations.

Merchan's departure comes after a successful tenure expanding Flora Growth into a major cannabis player.

"We're getting some great results from a margin perspective, 60% margin, 65% margins on those categories."- Luis Merchan

FLora Growth also increased profit by 494% from $2.4 million to $14.4 million USD.

Following the webcast, Flora management will open the call to analysts in a Q&A format.

Flora's Forecasted growth incorporates Flora’s new German-based business through the acquisition of Franchise Global Health.

The deal would establish a foothold in Germany for medical cannabis sales across 1,200 pharmacies and the distribution of pharmaceutical products across 28 countries.

Flora Growth grows, cultivates, and develops products derived from medicinal cannabis that are sold to pharmacies, clinics, and cosmetic businesses worldwide.