FORT LAUDERDALE, Florida, May 23, 2022, – PRESS RELEASE – Flora Growth Corp., an all-outdoor cultivator, manufacturer and distributor of global cannabis products and brands, announced today that it has entered into an agreement with cell biologist Annabelle Manalo-Morgan, Ph.D., to acquire her brand Masaya, together with its patent-pending CBD formulations. Created by Annabelle and backed by her research, Masaya’s formulations of pure, potent CBD oil are 100% THC-free. Flora intends to distribute the brand and its formulations worldwide.

Masaya will become an owned Flora brand sold in the US and will be the first offering from Flora Life Sciences. In addition, it is expected that the original patent-pending formulation, Masaya Pure, will be used in Flora’s current clinical trials with the University of Manchester in the UK. The formulation is also in the process of being registered with the Colombian regulatory agency, INVIMA, as one of the first distribution steps beyond the US.

“We are excited to announce the acquisition of Masaya. The brand’s formulation was developed by Annabelle for her son and has since been used by thousands of consumers. Amplifying Annabelle and her son’s beautiful story and improving the well-being of people around the world is our aim,” Flora’s chairman and CEO Luis Merchan said. “This acquisition allows us to deliver on our promise to invest in safe, thorough, cutting-edge scientific research that can bring meaningful change via an efficacious and accessible product offering for people worldwide.”

As a member of Flora’s Board of Directors and as the company’s Scientific Advisor, Annabelle is responsible for leading Flora’s global research initiatives, including Flora’s ongoing clinical trial on the use of cannabinoids with patients who have fibromyalgia in partnership with the University of Manchester in the UK. Those clinical trials are expected to expand into research on the use of cannabinoids for other medical indications in the UK, at Flora’s research facilities in Colombia, and in the US. It is anticipated that proceeds from the sale of Masaya products will contribute to the funding of this vital research.