Flora Growth (NASDAQ: FLGC)
, an all-outdoor cultivator and manufacturer of cannabis-derived products and brands, announced that it will be moving its headquarters to Miami, Florida; the company chose its new head-office location after conducting an “exhaustive and comprehensive” search. Designed to provide the company with additional space and to attract top-tier talent, the relocation is slated to be completed by Q1 2022. Currently, the company is determining the final location of its office, which will be in Miami’s downtown Brickell financial district. According to the announcement, the new offices will be notably larger than the company’s current offices in Toronto, Ontario, and will be designed with technology-enabled conference rooms as well as hot-desk solutions that enable team members to work closely with colleagues, customers, partners and offsite employees around the world. Flora will maintain an office in Toronto. In addition, the company announced that it has extended the expiry dates of approximately 6.67 million common share purchase warrants. The warrants, which previously had expiry dates falling 18 months following their respective issue dates, are exercisable into common shares of Flora at a price of $3 per common share. Flora Growth has extended the expiry dates of the warrants by three months, so they now expire 21 months following their respective issue dates. The new warrant expiry dates range from Oct. 25, 2021, to Oct. 20, 2022. Regarding the new offices, Flora Growth president and CEO Luis Merchan said the following in the press release: “As part of our long-term strategic growth plans, we assembled an evaluation committee and undertook a comprehensive site review process that considered a number of diverse criteria, underpinned by our focus on developing global growth opportunities. Concentrating on the specific requirements of our business both now and in the future, we honed in on eight cities located across the U.S., with an emphasis on travel and logistics (including time zone), business climate (state corporate tax rate and receptiveness to the cannabis industry), and personal life factors (including talent pool and cost-of-living) in order to effectively conduct our analysis. Ultimately, our due diligence process ended with us selecting Miami as our preferred city to establish our roots. We are very excited to invest in and build a deeper rapport with the Miami business community, and to foster new collaborative and innovative opportunities through our new head office.”
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About Flora Growth Corp.
Flora Growth is a cannabis company that leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its diverse business divisions of cosmetics, hemp textiles, and food and beverage. As the operator of one of the largest outdoor cultivation facilities, Flora strives to market a higher-quality premium product at below market prices. By prioritizing natural ingredients and value-chain sustainability across its portfolio, Flora creates premium products that help consumers restore and thrive. For more information about the company, please visit www.FloraGrowth.ca
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