Fort Lauderdale, Florida--(Newsfile Corp. - November 19, 2024) - Flora Growth Corp. (NASDAQ: FLGC) (FSE: 7301) ("Flora" or the "Company") acknowledges the pivotal role that President-Elect Donald Trump played in opening the doors for the cannabinoid industry through the signing of the 2018 Farm Bill. This landmark legislation laid the groundwork for hemp's current economic influence, sparking extensive growth in the sector with hemp being a major economic driver, supporting jobs, and generating revenue.

The 2018 Farm Bill, signed into law by President-Elect Trump, decriminalized industrial hemp at the federal level, enabling a surge in new economic activity as states developed programs to cultivate, process, and sell hemp-derived products. In the years following the Farm Bill, the hemp industry has become a thriving industry with hemp-related businesses and retailers providing high-quality cannabinoid products to consumers.

The anticipated appointment of Robert Kennedy Jr. to lead the U.S. Department of Health and Human Services signals a potential turning point for the cannabis industry. As a vocal advocate for marijuana legalization and tax reform during his presidential campaign, Kennedy outlined a vision for leveraging cannabis tax revenue to fund transformative initiatives, such as creating "healing centers" where individuals recovering from addiction can engage in organic farming as therapy. His support for freeing up banking services for cannabis businesses could alleviate one of the industry's most significant challenges, enabling broader financial access and operational stability. Under Kennedy's leadership, the cannabis sector could see increased legitimacy, regulatory clarity, and integration into national health and economic recovery efforts, paving the way for a more robust and socially impactful industry.

A recent study by Beau Whitney of Whitney Economics estimates that the hemp industry is worth $28 billion. This staggering figure underscores the substantial economic impact of hemp sales, driven by consumer demand for hemp-derived products, including CBD, which has become increasingly popular.

"Without the foundational 2018 Farm Bill, the growth of the hemp industry we see today would not be possible," said Clifford Starke, Chief Executive Officer. "Flora is proud to be part of an industry that generates revenue and supports jobs across the United States. As demand for cannabinoid products continues to rise, Flora remains committed to supporting the industry's expansion and creating high-quality products."