- Luis Merchan, Flora Growth’s President and CEO, appeared on a webinar on February 11, 2022, highlighting the opportunities and challenges affecting the CBD industry in key markets
- He has reiterated the company’s commitment to leveraging the industry’s opportunities for the growth of its operations, expansion of its market reach, and value creation for its shareholders
- The CBD industry is projected to be valued at $20 billion by 2025, and Flora Growth plans to capitalize on this growth
In 2020, CBD sales in the United States reached $4.6 billion. It is projected that by 2024, this industry will be valued at $15 billion and $20 billion by 2025. For a federally illegal product up until 2018, this industry has grown tremendously and shows even greater promise for growth in the coming years (https://cnw.fm/h15ED).
Flora Growth (NASDAQ: FLGC), an internationally-focused cannabis brand builder that leverages natural, cost-effective cultivation practices to supply cannabis derivatives, recognizes this industry’s growth and the opportunities therein. As such, it aims to capitalize on them to grow its brand, market reach, revenue, and, most importantly, its shareholder value.
Speaking in a webinar on February 11, 2022, Luis Merchan, the company’s President and Chief Executive Officer (“CEO”), acknowledged the opportunities that lie ahead for the CBD industry, specifically in critical markets such as North America, the European Union (“EU”) and Latin America. Most notably, he recognized the growing uptake of CBD and cannabis-derived products among consumers due to proliferating public education about cannabinoids.
However, he was also keen to acknowledge that there are challenges in this industry, limiting the achievement of its full potential and inhibiting its growth. One challenge that has stood out has to do with regulation. CBD might be federally legal, particularly in the United States, but it has proven challenging for CBD companies to access standard services from financial institutions.
Companies such as Flora Growth are also contending with the public perception of its products. Civic education has gone a long way in addressing this challenge, but there is still a long way to go before CBD’s misconceptions can be fully managed (https://cnw.fm/1D4xZ).
However, one of the biggest challenges that Flora Growth faces is just how new CBD is. Institutions like the United States Food and Drug Administration (“FDA”) have already run into issues with CBD products added to food and dietary supplements. There are still so many kinks that need to be ironed out before such products can be fully approved. Regardless, there is a growing demand, and Flora Growth is ready to satisfy that demand (https://cnw.fm/DAbbb).
Mr. Merchan has reiterated the company’s commitment to growing its operations, expanding its market reach, and creating value for its shareholders. He has reported the company’s plan to leverage the opportunities present in the industry to achieve this and stamp the company’s position as a leader in the industry.
For more information, visit the company’s website at www.FloraGrowth.com.
NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://cnw.fm/FLGC
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