Luis Merchan, President & CEO at Flora Development Corp.
Luis Merchan, President and CEO of Flora Development Corp., is a New York and Miami-based govt with over a decade of confirmed expertise in enterprise gross sales administration, company technique, merchandising and expense administration, and buyer expertise. Throughout Luis’ time period as Flora CEO, the corporate has added over 10,000 new traders, went public on the Nasdaq in Could 2021, and now organized to help a portfolio of natural cannabis-based merchandise quickly rising via acquisitions and partnerships.
President and CEO of Flora Development Corp.
Flora Development Corp.
Years at present firm:
1 yr, 1 month
Pontificia Universidad Javeriana, B.E., Industrial Engineering
McNeese State College, MBA, Enterprise
Harvard Extension Faculty, Advertising and marketing Administration Graduate Certificates, Advertising and marketing.
Most profitable skilled accomplishment earlier than hashish:
Earlier than becoming a member of the Flora Development staff, I beforehand served as Macy’s Inc.’s Vice President of Workforce Technique and Operations the place I managed the enterprise’s multibillion-dollar P&L expense line for the 540-store portfolio. All through my tenure at Macy’s, I led numerous gross sales and advertising and marketing initiatives together with the B2B company gross sales staff that was answerable for $160 million in annual income. I held just a few executive-level roles at Macy’s Inc., together with VP of Buyer Expertise and Promoting Help Providers and Group VP of Nationwide Merchandising and Gross sales – Magnificence, in addition to managerial roles at Goal Company.
From the bottom up, Flora is constructing a basis designed to exceed buyer expectations via purpose-built EU-GMP compliant or equal amenities for cultivation, extraction, and manufacturing. With rampant uncertainty in product high quality throughout the hashish trade, Flora’s mission is to supply a dependable and inexpensive hashish resolution. By controlling product high quality throughout our price chain, we imagine that we will confidently meet the stringent requirements in our goal international locations.
Firm’s most profitable achievement:
Flora Development Corp. (NASDAQ: FLGC) was the first-ever all-outdoor natural plant touching firm to record on the NASDAQ. The corporate introduced on 10,600 shareholders, making Flora a holder of one of many broadest shareholder bases in hashish to ever record on NASDAQ.
The Colombian cultivator launched their U.S.-based IPO with the most important cultivation licensed for manufacturing within the nation on Could 11, 2021, with out utilizing a SPAC, reverse merger or twin itemizing.
Has the corporate raised any capital (sure or no): if that’s the case, how a lot?
To this point, Flora has raised the complete US$15M in capital via our Reg A+ providing. The Reg A+ is closed to any extra investments and we look ahead to seeing how buying and selling continues to succeed.
Flora may be very proud to have generated income from our magnificence and types enterprise forward of elevating cash from our traders earlier than our NASDAQ IPO. We’re ramping up and constructing an infrastructure that may help a really profitable firm for the longer term. This yr, our income will likely be 10-20 occasions larger than it was final yr and we’re already exhibiting Q1 coming in 30-40% over price range, and we anticipate to have robust year-over-year progress over the following 5 years. We’re happy with our present income and are performing properly forward of our expectations.
We maximize return on capital invested by using the whole hashish plant to scale back waste and sensibly keep operational flexibility to scale manufacturing and capitalize on rising wholesale and retail demand for our premium product portfolio.
Any plans on elevating capital sooner or later?
Profitability and EBITDA has been a precedence for Flora Development since day 1. Our margins are exceptionally excessive, we now have one of many lowest rising prices, and began producing income early on in operations. We’re optimistic that income will likely be money stream constructive within the coming years and hope to announce some thrilling issues subsequent yr that may assist us obtain constructive EBITDA. Flora expects operations to enhance over the quick time period. We’re, nonetheless, consistently evolving and increasing our infrastructure to amass targets that may complement our present enterprise mannequin.
Most vital firm 5-year purpose:
In 5 years, we see Flora Development as a significant world participant within the hashish trade. We’re trying to increase our world footprint within the European and Asia Pacific markets via intensive product innovation efforts and plan to develop with worldwide companions to determine a number of distribution factors throughout all 5 continents.
We’re profiting from among the finest areas of progress geographically in Colombia to maintain our prices down and additional diversify our sturdy portfolio of manufacturers using all-outdoor and natural progress practices. We even have a GLOBAL G.A.P certification that permits us to export dry flower into international locations all over the world, are pending each a USDA Natural Seal Certification from the Nationwide Natural Program and a European Union Good Manufacturing Practices Certification (EU GMP) inside the subsequent yr.
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