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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.

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

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.

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.

During the webcast, management will deliver financial results, operational updates, and provide comments on recent growth and M&A initiatives announced in the period since the company listed its shares on Nasdaq