Flora Growth Taps Amazon Executive Elshad Garayev As Chief Financial Officer
July 11 2022 - 7:05AM
Business Wire
- Former Amazon financial operations excellence leader and
leading e-commerce platform strategist to assist Flora with
financial discipline and reporting
- Garayev brings 25 years of financial leadership experience at
Amazon, Boeing, BP and RPK Capital, and will focus on Flora’s
global growth initiatives
Flora Growth Corp. (NASDAQ: FLGC) (“Flora” or the “Company”), a
leading all-outdoor cultivator, manufacturer and distributor of
global cannabis products and brands, announced today the
appointment of Elshad Garayev to serve as Flora’s Chief Financial
Officer, effective on the business day following the date on which
the Company files its mid-year financial results with the
Securities and Exchange Commission. Until such time, Mr. Garayev
will serve as Vice President of Finance and will work closely with
Lee Leiderman, Flora’s current CFO, to ensure a smooth transition.
Mr. Leiderman will then move into an advisory role with Flora in
order to focus on his health and his family.
Garayev brings over 25 years of experience in finance supporting
successful organizations through the development and implementation
of accounting and reporting policies as well as building
high-performance finance teams. Prior to joining the Flora team,
Garayev served in a variety of financial leadership roles at
companies such as Amazon, Boeing BP and RPK Capital, managing a
diverse array of initiatives at various companies including
reporting, accounting, investments, private equity, international
operations, mergers and acquisitions, energy services, and
manufacturing.
“I am very excited to join Flora and to become its Chief
Financial Officer. As one of the largest cultivators licensed by
the federal government of Colombia, their robust portfolio of
brands and the future of research in the space, Flora presents a
truly amazing opportunity to lead the global cannabis supply
chain,” said Garayev. “Through financial discipline, transparency
and industry-leading reporting practices, I believe Flora will lead
the way for the next generation of cannabis companies.”
As CFO, Garayev will focus on financial controls and governance,
management of cash position to optimize the utilization of
resources across the organization and continued evolution of
systems and processes as Flora moves towards quarterly financial
reporting. Garayev will also play a critical role in assisting in
the execution of Flora’s strategy to drive profitable growth and
enhance shareholder value.
“Mr. Garayev is a deeply talented and experienced individual,
and I am thrilled to welcome him to the Flora team at this exciting
time in the Company’s evolution. As Flora seeks to establish itself
as a global leader in cannabis, adding someone of his caliber will
further strengthen our position,” Flora’s Chairman and CEO Luis
Merchan said. “On behalf of both our executive leadership team and
our Board of Directors, I want to personally thank Mr. Leiderman
for his commitment and service to Flora through an incredible
growth phase for the company. He has played an important role in
setting the foundation for our future success and we look forward
to continuing to work with him in his new capacity.”
About Flora Growth Corp.
Flora is building a connected, design-led collective of
plant-based wellness and lifestyle brands delivering the most
compelling customer experiences in the world, one community at a
time. As the operator of one of the most extensive outdoor cannabis
cultivation facilities, Flora leverages natural, cost-effective
cultivation practices to supply cannabis derivatives to its
commercial, house of brands, and life sciences divisions. Visit
www.floragrowth.com or follow @floragrowthcorp on social media for
more information.
Forward-Looking Statements
This press release contains ‘‘forward-looking statements,’’ as
defined by federal securities laws. Forward-looking statements
reflect Flora’s current expectations and projections about future
events at the time, and thus involve uncertainty and risk. The
words “believe,” “expect,” “anticipate,” “will,” “could,” “would,”
“should,” “may,” “plan,” “estimate,” “intend,” “predict,”
“potential,” “continue,” and the negatives of these words and other
similar expressions generally identify forward looking statements.
Such forward-looking statements are subject to various risks and
uncertainties, including those described under the section entitled
“Risk Factors” in Flora’s Annual Report on Form 20-F filed with the
SEC on May 9, 2022, as such factors may be updated from time to
time in Flora’s periodic filings with the SEC, which are accessible
on the SEC’s website at www.sec.gov. Accordingly, there are or will
be important factors that could cause actual outcomes or results to
differ materially from those indicated in these statements. These
factors should not be construed as exhaustive and should be read in
conjunction with the other cautionary statements that are included
in this release and in Flora’s filings with the SEC. While
forward-looking statements reflect Flora’s good faith beliefs, they
are not guarantees of future performance. Flora disclaims any
obligation to publicly update or revise any forward-looking
statement to reflect changes in underlying assumptions or factors,
new information, data or methods, future events or other changes
after the date of this press release, except as required by
applicable law. You should not place undue reliance on any
forward-looking statements, which are based only on information
currently available to Flora (or to third parties making the
forward-looking statements).
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Investor Relations: James Williams ir@floragrowth.com
Public Relations: Cassandra Dowell +1 (858) 221-8001
flora@cmwmedia.com
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