On September 17, 2024, Flora Growth Corp. announced the appointment of Clifford Starke, Chief Executive Officer, to the Board of Directors of HoshiCap, a subsidiary of Hoshi International. Flora made an equity investment of $2.4 million into Hoshi in 2021, securing a 10% ownership stake. Hoshi, in turn, controls 51% of the Portuguese entity operating the cannabis cultivation facility in Portugal, which currently employs 18 staff and has received approximately $20 million in construction investments.
Mr. Starke’s extensive experience in global cannabis operations will benefit HoshiCap as it progresses towards licensure for its advanced cannabis cultivation facility. Flora’s investment in Hoshi is a strategic move to access a low-cost cultivation project to supply the German medical cannabis market, leveraging Portugal’s position as a leading exporter of cannabis to the EU.
Mr. Starke’s appointment to HoshiCap’s Board of Directors signifies Flora’s commitment to contribute leadership and expertise to the European cannabis market. He expressed enthusiasm for the growth potential in the European market and Flora’s opportunity to establish key relationships in the jurisdiction suitable for cannabis cultivation.
Flora Growth Corp. aims to become a leading NASDAQ small-cap international cannabis company, serving consumers and pharmaceutical distributors across various regions. The company’s forward-looking statements acknowledge the risks and uncertainties in the industry, detailing factors that could impact business objectives and outcomes. It is imperative to consider these factors in conjunction with regulatory filings to assess the company’s performance accurately.
For more information, please refer to the original press release at the source link here.
