Flora Growth Corp. Appoints New Director and Exec Chairman amidst Resignation

Flora Growth Corp. (NASDAQ: FLGC) recently disclosed in a Form 8-K filing with the U.S. Securities and Exchange Commission that Mr. Brendan Cahill has resigned as a director of the company, effective December 5, 2024. The resignation was clarified to have occurred without any dissent with the company or its operational facets.

Simultaneously, the Board of Directors undertook significant appointments. Mr. Sammy Dorf has been appointed as a non-independent director of the Board. Additionally, Mr. Dorf is also slated to hold the position of Executive Chairman of the Board. His profound experience in the cannabis industry, notably as the Co-Founder and former Chief Growth Officer of Verano Holdings Corp., signifies his strategic value to Flora Growth Corp.

Moreover, Mr. Manfred Leventhal has been appointed as an independent director with a substantial role in the Company’s audit committee, compensation committee, and nominating and corporate governance committee. It has been determined that Mr. Leventhal fulfills the prerequisites for audit committee service and qualifies as an independent director and an audit committee financial expert.

Mr. Dorf’s and Mr. Leventhal’s positions are viewed against the context of Nasdaq Listing Rule 5605, ensuring compliance with the necessary composition requirements within the company’s Board of Directors.

As of the filing of this disclosure, no material arrangements have been entered into between the Company and Mr. Dorf related to his appointment. However, expectations include an Executive Chairman Agreement, encompassing a base salary and stock appreciation rights for Mr. Dorf.

In line with standard compensation policies, Mr. Manfred Leventhal will be duly compensated for his directorial role, as highlighted in the Company’s previously filed Form 10-K submitted to the Securities and Exchange Commission.

The recent appointments and changes within Flora Growth Corp.’s Board of Directors signify a strategic move towards fortifying the company’s operations and governance structures, paving the way for potential growth and development in the future.

The Company anticipates that these recent maneuvers will set a strong foundation for compliance with Nasdaq Listing Rule 5605 and reinforce its operational and strategic endeavors moving forward.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Flora Growth’s 8K filing here.

About Flora Growth

Flora Growth Corp., together with its subsidiaries, engages in the growth, cultivation, and development of medicinal cannabis and medicinal cannabis derivative products worldwide. It operates through three segments: House of Brands, Commercial and Wholesale, and Pharmaceuticals. The company cultivates, processes, and supplies medicinal-grade cannabis flower, and cannabis derived medical and wellness products.