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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.

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.

Merchan says the change by the Ministry of Health puts Colombia at the vanguard for medicinal cannabis in the world.

The export of the high-THC product is pending the dried-flower checklist from the Colombian government from the 2021 update to the cannabis law.