- Luis Merchan was appointed President of Consumer Goods at Flora in July 2020 before being appointed as the company’s CEO five months later, and chairman of its Board of Directors in May 2022
- Merchan would lend his years of experience at Macy’s, where he led various sales and marketing initiatives, including the B2B corporate team responsible for bringing in $160 million in annual revenue
- Under his leadership, Flora has transitioned from the development stage to a full-scale international distributor with operations in over 12 countries worldwide. Mr. Merchan has also spearheaded several M&As, all of which have since set the company up for rapid growth
- Flora maintains its revenue guidance for FY 2022 to be between $35 and $45 million, incorporating revenue contributions from its various operating divisions, including Vessel Brand
In July 2020, Flora Growth (NASDAQ: FLGC), a cannabis cultivator, brand manufacturer, and global distributor, appointed Luis Merchan as the President of Consumer Goods. Mr. Merchan would lead the company’s CBD portfolio, eventually launching four unique brands in the United States and facilitating the growth of the company’s operating divisions (https://ibn.fm/g5z3H). His performance would influence his appointment as CEO of the company five months later, taking over from Damian Lopez.
Before joining Flora, Mr. Merchan held various positions at Macy’s Inc., including Vice President (“VP”) of Workforce Strategy and Operations, VP of Customer Experience and Selling Support Services, and Group VP of National Merchandising and Sales Beauty.
Over his 9-year tenure at Macy’s, Mr. Merchan led various sales and marketing initiatives that included the B2B corporate sales team responsible for bringing in $160 million in annual revenue for the company. This earned him the Macy’s Chairman’s award for four consecutive years, from 2015 to 2018 (https://ibn.fm/QgMSx).
During the announcement of his appointment as Flora’s head, the outgoing CEO, Damian Lopez, noted the company’s plan to adapt its team to put Flora Growth in the best position possible to carry on its impressive growth trajectory. In addition, he lauded Mr. Merchan’s performance as President of Consumer Goods, citing how impressive of a business executive he was and how integral he would be for the company’s growth going forward.
“I am excited to leverage my past consumer packaged goods experience at Macy’s while continuing to work closely with Damian and leveraging his knowledge of the company and the industry to make Flora Growth a global cannabis brand,” noted Mr. Merchan (https://ibn.fm/rr4YP).
Merchan has since been appointed Flora’s Chairman of the Board, taking over from Bernie Wilson, terming it as a “Testament to what we have built together thus far.” This came on the heels of Flora’s transition from the development stage to a full-scale international distributor with operations in over 12 countries worldwide; all achieved under Merchan’s leadership. Merchan has also spearheaded several mergers and acquisitions (“M&As”), most notably JustCBD and Vessel Brand, which have since set the company up for rapid growth.
Flora has since also secured $34.5 million in financing and signed deals with key retail distributors such as Tropi, a Colombia-based distributor, Walmart, and Macy’s. The company also completed its first import of CBD-containing food and beverage products into the United States from Colombia under its Mambe brand. It has also signed an agreement with luxury clothing and lifestyle brand Tonino Lamborghini to distribute designer CBD beverages through this retailer.
Flora maintains its revenue guidance for the 2022 financial year to be between $35 and $45 million, incorporating revenue contributions from its various operating divisions, including Vessel Brand. Mr. Merchan is confident that the company will realize these projections, even as it works towards further market expansion and product diversification as time progresses. Under his leadership, Mr. Merchan is slowly turning Flora into a global leader in the CBD space while also helping it execute its strategy to achieve its short-term and long-term objectives.
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://ibn.fm/FLGC
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