[PRESS RELEASE] – FORT LAUDERDALE, Fla., Dec. 10, 2024 – Flora Growth Corp. is delighted to announce the appointment of Sammy Dorf, a celebrated pioneer in the cannabis industry, as executive chairman of its board of directors. This strategic appointment ushers in an exciting new chapter as Flora expands its footprint in the growing THC-infused beverage market and bolsters its global licensing initiatives.
Dorf brings expertise and a track record of success to Flora. As co-founder and former chief growth officer of Verano Holdings Corp., he was instrumental in Verano’s rise as a cannabis industry leader. His achievements include raising significant capital, securing more than 40 licenses across 14 states, and building operations in key markets such as Illinois, Maryland, Nevada, Pennsylvania and Ohio. Today, Verano is one of the largest and most successful vertically integrated cannabis companies in the United States with revenues exceeding $925 million in its most recently completed fiscal year.
At Flora, Dorf will leverage his deep expertise in licensing, strategic partnerships, and operational scaling to drive growth. His expansive network and relationships with MSOs will be vital in unlocking new markets, forging high-value collaborations, and scaling Flora’s operations. Dorf’s unparalleled experience in obtaining licenses in complex and competitive cannabis markets will be invaluable as Flora navigates the evolving European landscape and pursues pilot cannabis licenses in Europe. The ability to secure these coveted licenses is critical for gaining early market entry and building a strong foothold in the industry.
“Sammy Dorf joining Flora as executive chairman is game-changing,” Flora CEO Clifford Starke said. “As one of the industry’s original architects, he’s played a pivotal role in building the sector’s foundation and has achieved extraordinary success throughout his career. Beyond his many accomplishments, Sammy is respected across the industry for his exceptional foresight and his character. A true class act, he is known for his ability to foster genuine connections, earning the trust and admiration of peers and partners alike.”
Starke added, “I am incredibly proud of the exceptional talent we have attracted over the past few months, assembling a team of all-stars across our business. Flora is firing on all cylinders and, with Manfred Ziegler driving our success in Germany and Sammy Dorf providing strategic oversight at the highest level, I could not be more confident in the team we’ve built and the opportunities ahead.”
“I’m honored to join Flora’s board and take on this leadership role during such a pivotal time,” Dorf said. “Today marks day one of an exciting new chapter for Flora, as we lay the foundation for an extraordinary future. Flora’s track record as one of the longest-standing operators in the hemp and delta space, combined with Peak’s innovation, creates the right synergy for conquering the cannabis beverage market. Flora is well-positioned to attract multistate operators eager to enter this market.”
Dorf added, “We expect exciting U.S. news on the horizon as we see political momentum building toward meaningful cannabis reform. We are still very much in the early innings of the cannabis industry, and the timing couldn’t be better for Flora to capitalize on these developments to build a Nasdaq-listed international powerhouse.”
Flora recognizes that Americans are increasingly seeking alternatives to alcohol, and THC-infused beverages will play a significant role in meeting that demand. According to Headset data, beverages represent 1% to 3% of the current U.S. cannabis market, leaving plenty of room for further growth. Data Bridge Market Research estimates that the U.S. infused-beverages market is expected to reach half a billion dollars by 2030.
Flora has made significant strides in the cannabis beverage space through its joint venture, Peak USA JV LLC (Peak USA), established earlier this year with Peak Processing Solutions (Peak), a leading innovator in cannabis-infused beverages.
Peak has produced over 10 million cans of cannabis beverages—an unmatched feat attesting to its experience and expertise. Peak’s dynamic portfolio includes popular brands like Señorita-a sophisticated tequila-inspired beverage, naturally crafted, carbonated with fast onset Mexican agave flavor.
On Nov. 12, 2024, Agrify Corp. announced plans to acquire the Señorita brand of THC beverages. Other brands powered by Peak include Cookies, Tweed and Propulsion by Canopy Growth, Teapot by the Boston Beer Co., Deep Space, Sweet Justice, and Ray’s Lemonade. Flora’s Peak USA is positioned to revolutionize this burgeoning sector.
Adds Verano Co-Founder to its Board as it Accelerates its Entry into the THC-Infused Beverage Market Read More
