Fort Lauderdale, Florida--(Newsfile Corp. - November 6, 2024) - Flora Growth Corp. (NASDAQ: FLGC) (FSE: 7301) ("Flora" or the "Company") extends its congratulations to President-Elect Donald Trump on his successful election to the U.S. Presidency. Flora commends the President-Elect for his statements in support of cannabis reform and urges his administration to prioritize these critical reforms around rescheduling and SAFE banking that will create economic growth, address inequities, and open pathways for significant advancements in the space. Flora also views this as a win for the hemp industry and smoke shops.

According to major media outlets, including CNN, Fox News, NBC and the New York Times among others, Donald Trump has been projected President-Elect.

In the months leading up to the election, President-Elect Trump spoke candidly on his commitment to ending the criminalization of cannabis and how his view of cannabis has become much more advanced and supportive, remarking, it is "time to end needless arrests and incarcerations of adults for small amounts of marijuana for personal use" and expressed his intention to reclassify marijuana to a Schedule 3 drug. President-Elect Trump also indicated that he voted in favor Florida's Amendment 3 asking voters to consider a state constitutional amendment that would allow for the possession, purchase and use of marijuana for non-medical purposes by adults 21 and up.

In response to the election results, Clifford Starke, Chief Executive Officer., praised President-Elect Trump's stance on cannabis, stating, "During President-Elect Trump's first tenure in the White House, cannabis stocks performed well. President-Elect Trump's willingness to address cannabis reform is a powerful signal that the time for change is now. Legalizing cannabis nationwide will not only reduce unnecessary incarceration rates but will also unlock new economic opportunities, empower small businesses, and generate substantial tax revenue. We call for the legalization of cannabis and the passage of SAFE banking. As an international player in the cannabis industry, Flora stands ready to support these efforts in the U.S. by sharing our expertise and working together to realize the vast potential of cannabis for all Americans."

In the election, Florida voters did not pass the ballot measure to legalize recreational cannabis, signaling that while there is progress, there remains room for more measured, regulated growth in the cannabis space. The vote was 56% in favor but 4% short of the required threshold to pass. Voters in Nebraska voted in favor of legalization while voters in North and South Dakota voted against. Recreational legalization can sometimes flood markets, driving down the price per gram, devaluing licenses, and adding competitive pressures that can challenge businesses. In contrast, a focus on medical cannabis provides more controlled market conditions, sustaining higher prices per gram and offering greater product quality oversight. This regulated medical framework allows for strategic growth that benefits both patients and the hemp industry, as it supports cannabis's therapeutic applications while avoiding an influx of non-medical competitors.