Flora Growth Celebrates National CBD Day

Rhea-AI Summary

Flora Growth Corp. (NASDAQ: FLGC) celebrates National CBD Day, highlighting the CBD industry's rapid growth and increasing acceptance. The market is projected to surpass $16 billion with a 40% CAGR since 2021. Key points include:

• Over 325,000 individuals employed in the U.S. CBD sector
• Widespread retail availability, including specialty stores and mainstream chains
• Increasing favorable regulations across states

Flora Growth leverages its JustCBD brand to contribute to the industry's growth, focusing on high-quality CBD products. CEO Clifford Starke emphasizes the company's alignment with the industry's trajectory of serving consumers, job creation, and advocating for sensible regulations.

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Fort Lauderdale, Florida--(Newsfile Corp. - August 8, 2024) - Flora Growth Corp. (NASDAQ: FLGC) (FSE: 7301) ("Flora" or the "Company") proudly celebrates National CBD Day, a day dedicated to recognizing the vast benefits and rapid growth of the CBD industry in the United States and beyond.

National CBD Day not only celebrates the therapeutic benefits of cannabidiol ("CBD") but also serves as a reminder of the political strides made in recent years. Legislative bodies across various states have increasingly recognized the potential of CBD, leading to more favorable regulations. This shift is evident in the growing acceptance CBD.

The past years have exhibited exponential growth in the CBD industry, with the size of the market projected to surpass $16 billion and a CAGR of 40% since 2021, according Brightfield Group. These factors underscore increasing consumer demand and the industry's expanding footprint. According to Whitney Economics, the CBD sector employs over 325,000 individuals across the U.S., more than doubling the figure since 2020.

The retail landscape for CBD products has also transformed dramatically, encompassing specialty CBD stores, pharmacies, health food shops, and mainstream retail chains. This widespread availability has made CBD products more accessible to consumers, further driving market growth.

The Company stands at the forefront of this burgeoning industry, leveraging the distribution and marketing experience of its leading consumer products brand - JustCBD.

"National CBD Day is a testament to the incredible journey of CBD from niche to a mainstream product," said Clifford Starke, Chief Executive Officer. "At Flora, we contribute to this growth by providing high-quality CBD products. Our mission aligns with the industry's trajectory of serving consumers, creating jobs and advocating for sensible regulations."

About JustCBD

JustCBD high quality CBD products are made from organically sourced USA-grown hemp. JustCBD carries a wide range of CBD items for sale, including everything from Gummies and oil to soothing creams and pet treats. It has more than 22,000 5-star reviews. Every CBD product is GMP certified, as well as third party laboratory tested to confirm buyers' safety. JustCBD is one of the top gummy companies in the world. For more information, visit www.justcbdstore.com.

About Flora Growth Corp.

Flora Growth Corp. is a consumer-packaged goods leader and pharmaceutical distributor serving all 50 states and 28 countries with 20,000+ points of distribution around the world. For more information on Flora, visit www.floragrowth.com.

https://justcbdstore.com/

https://www.vesselbrand.com/

https://justcbdstore.uk/

https://www.phatebo.de/home-en

https://www.australianvaporizers.com.au/

Investor Relations:

Investor Relations ir@floragrowth.com

Clifford Starke Clifford.Starke@floragrowth.com

Media:

media@floragrowth.com

Cautionary Statement Concerning Forward-Looking Statements

This press release contains "forward-looking statements," as defined by U.S. federal securities laws. Forward-looking statements reflect Flora's current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words "believe," "expect," "anticipate," "will," "could," "would," "should," "may," "plan," "estimate," "intend," "predict," "potential," "continue," and the negatives of these words and other similar expressions generally identify forward-looking statements. These forward-looking statements include, but are not limited to, statements about: the impact of new product launches and the growth of the CBD market in the United States and beyond. Such forward-looking statements are subject to various and risks and uncertainties, including those described under section entitled "Risk Factors" in Flora's Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (the "SEC") on March 28, 2024, as such factors may be updated from time to time in Flora's periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov/edgar. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in Flora's filings with the SEC. While forward-looking statements reflect Flora's good faith beliefs, they are not guarantees of future performance. Flora disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. You should not place undue reliance on any forward-looking statements, which are based on information currently available to Flora (or to third parties making the forward-looking statements).

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219188

FAQ

What is the projected market size for the CBD industry according to Flora Growth's National CBD Day press release?

According to the press release, the CBD market is projected to surpass $16 billion, with a compound annual growth rate (CAGR) of 40% since 2021, as reported by Brightfield Group.

How many jobs has the CBD sector created in the United States, as mentioned in Flora Growth's (FLGC) announcement?

The press release states that according to Whitney Economics, the CBD sector employs over 325,000 individuals across the U.S., which is more than double the figure since 2020.

What is Flora Growth's (FLGC) leading consumer products brand for CBD, as mentioned in their National CBD Day celebration?

Flora Growth's leading consumer products brand for CBD, as mentioned in the press release, is JustCBD.

How has the retail landscape for CBD products changed according to Flora Growth's (FLGC) National CBD Day announcement?

The press release indicates that the retail landscape for CBD has transformed dramatically, now including specialty CBD stores, pharmacies, health food shops, and mainstream retail chains, making CBD products more accessible to consumers.