Clifford Starke, CEO of Flora Growth Corp., Appointed to HoshiCap Board of Directors

Core Insights - Clifford Starke, CEO of Flora Growth Corp., has been appointed to the Board of Directors of HoshiCap, a subsidiary of Hoshi International, which operates a cannabis cultivation facility in Portugal [2][4]. Investment and Ownership - Flora Growth Corp. made an initial equity investment of $2.4 million in Hoshi in 2021, acquiring a 10% ownership stake. Hoshi controls 51% of the Portuguese entity managing the cultivation facility [3]. - Approximately $20 million has been invested to construct a state-of-the-art facility in Portugal, which currently employs 18 full-time staff [3]. Strategic Importance - The strategic investment in Hoshi is aimed at gaining access to a low-cost cultivation project to supply the German medical cannabis market, as Portugal is emerging as a leading exporter of cannabis within the European Union [4][6]. - Mr. Starke's extensive experience in global cannabis operations is expected to significantly benefit HoshiCap as it progresses towards obtaining licensure for its cultivation facility [4][5]. Market Outlook - The European cannabis market is anticipated to grow, and HoshiCap is positioned to take advantage of this opportunity. Mr. Starke's appointment is expected to facilitate the establishment of key relationships in a favorable jurisdiction for cannabis cultivation [6].