Flora Growth (NASDAQ: FLGC), a consumer-packaged goods leader and pharmaceutical distributor, has released a statement regarding President Joe Biden and his administration’s actions regarding moving to reschedule cannabis under U.S. federal law. According to the announcement, President Biden has called rescheduling cannabis “monumental” and noted that it is an “important move towards reversing longstanding inequities.” The U.S. Department of Justice is expected to post its recommendations for reclassifying cannabis from Schedule I to Schedule III under the Controlled Substances Act, following which there will be a 60-day public comment period before any final changes or decisions are made. “We are pleased with the continuous momentum in the U.S. around cannabis reform,” said Flora Growth CEO Clifford Starke in the press release. “We are excited about this proposed change and believe Americans could benefit tremendously. We are focused on building brands in the U.S. and internationally and are operating from a position of strength. We are working on creating a national beverage brand by leaning on our past award-winning products. Quality is of outmost important to Flora, and it is an area in which we intend to pursue partnerships. An important area of emphasis is the anticipated impact and access to medical cannabis in the U.S., which is something that has garnered [bipartisan] support. Flora has a history as a player in European medical cannabis, and we eagerly await the opportunity to do so in the U.S. when the time is right.”
To view the full press release, visit https://ibn.fm/DFE54
About Flora Growth Corp.
Flora Growth is a consumer-packaged goods leader and pharmaceutical distributor serving all 50 states and 28 different countries with 20,000-plus points of distribution around the world. For more information about the company, please visit www.FloraGrowth.com.
NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://ibn.fm/FLGC
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