FORT LAUDERDALE - Flora Growth Corp. (NASDAQ: FLGC), a global cannabis company, announced the appointment of Harold Wolkin as an independent director to its Board of Directors. Wolkin will also serve as Chair of the Audit Committee and participate in all company committees.
Bringing over three decades of financial experience, Wolkin has held roles at BMO Capital Markets and Dundee Capital Markets. His appointment aims to strengthen Flora's financial strategy and governance as the company expands internationally.
Wolkin currently serves on several boards, including Baylin Technologies Inc. (TSX: BYL), Cipher Pharmaceuticals (OTC:CPHRF) (TSX: CPH), and as Chairman of Femto Technologies Inc. (NASDAQ: BCAN). He is a past President of the CFA Society Toronto and a Chartered Financial Analyst since 1980. Wolkin holds a BA in Economics from York University and an MA in Economics and Finance from the University of Toronto, coupled with membership in the Institute of Corporate Directors.
Concurrently, Flora has appointed Clifford Starke, the company's CEO, as Chairman of the Board of Directors. Starke welcomed Wolkin, highlighting his financial acumen and strategic insights as valuable to Flora's global scaling efforts and governance enhancement.
Wolkin expressed his honor in joining Flora at a pivotal development stage, committing to work towards enhancing shareholder value and strategic growth while upholding high governance standards.
Flora Growth Corp. operates as a consumer-packaged goods leader and pharmaceutical distributor across the United States and 28 countries, with over 20,000 points of distribution globally.
This announcement is based on a press release statement and contains forward-looking statements regarding Flora's financial strategy and global operations. These statements involve risks and uncertainties detailed in Flora's filings with the SEC.
In other recent news, Femto Technologies Inc. has regained compliance with Nasdaq's minimum bid price requirement, ensuring its continued listing on the Nasdaq Capital Market. This development was achieved after the company's common shares maintained a closing bid price of at least $1.00 for 10 consecutive business days.
In a strategic move, Femto Technologies has also partnered with an FDA-registered facility for the manufacture of its 510(k) medical lubricants, a crucial component of its flagship product set for U.S. launch. This collaboration is part of the company's efforts to gain FDA 510(k) approval for its product, a status that would certify the device's safety and efficacy.
The selected manufacturing facility holds certifications from several bodies, including the International Compliance Association and the California Department of Public Health, indicating a comprehensive approach to quality and regulatory compliance.
Femto Technologies continues to market its proprietary "Benefit CRM" software and owns patent-pending intellectual property for the EZ-G device, a therapeutic device still in the development stage. However, it's important to note that these plans, while currently in progress, are subject to change due to potential risks and uncertainties.
InvestingPro Insights
Harold Wolkin's expertise in financial strategy and governance will be crucial for his role at Flora Growth Corp., especially as the company navigates the complex and evolving cannabis industry. Wolkin's involvement with Femto Technologies Inc. (NASDAQ: BCAN), a company currently experiencing significant challenges, may offer valuable lessons in financial resilience and strategic planning.
According to InvestingPro data, BCAN has a market capitalization of $5.43 million and is trading at a low revenue valuation multiple, suggesting that the market may currently undervalue the company's sales. However, the company's gross profit margin stands at a modest 17.2%, reflecting some of the financial challenges Wolkin may have insights on. Additionally, BCAN's price has seen a substantial decline over the past year, with a 99.78% drop in its 1-year price total return, indicating a period of volatility and potential restructuring that Wolkin has been navigating.
Two critical InvestingPro Tips for BCAN include the fact that the company holds more cash than debt on its balance sheet, which is a positive indicator of financial stability, and that BCAN's liquid assets exceed its short-term obligations, providing a cushion against short-term financial headwinds. These insights could be particularly relevant for Wolkin's new role in enhancing Flora's financial strategy and governance.
For those interested in a deeper analysis, InvestingPro offers additional tips on BCAN. There are 12 more InvestingPro Tips available, which could provide further context on BCAN's financial health and outlook, potentially influencing Wolkin's approach to Flora's financial governance.
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