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 buyers, went public on the Nasdaq in Might 2021, and now organized to assist a portfolio of natural cannabis-based merchandise quickly rising by 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 Administration Graduate Certificates, Advertising.
Most profitable skilled accomplishment earlier than hashish:
Earlier than becoming a member of the Flora Development group, 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 group that was chargeable for $160 million in annual income. I held a couple of 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 by 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 reasonably priced hashish answer. By controlling product high quality throughout our worth chain, we imagine that we are able to confidently meet the stringent requirements in our goal nations.
Firm’s most profitable achievement:
Flora Development Corp. (NASDAQ: FLGC) was the first-ever all-outdoor natural plant touching firm to listing 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 listing on NASDAQ.
The Colombian cultivator launched their U.S.-based IPO with the most important cultivation licensed for manufacturing within the nation on Might 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?
Up to now, Flora has raised the total US$15M in capital by 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 buyers earlier than our NASDAQ IPO. We’re ramping up and constructing an infrastructure that may assist a really profitable firm for the long run. This yr, our income can be 10-20 occasions increased than it was final yr and we’re already displaying Q1 coming in 30-40% over finances, and we count on to have robust year-over-year development over the following 5 years. We’re happy with our present income and are performing effectively forward of our expectations.
We maximize return on capital invested by using the whole hashish plant to cut back waste and sensibly preserve 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 can be money circulation optimistic within the coming years and hope to announce some thrilling issues subsequent yr that may assist us obtain optimistic EBITDA. Flora expects operations to enhance over the brief time period. We’re, nonetheless, always evolving and increasing our infrastructure to accumulate targets that may complement our present enterprise mannequin.
Most vital firm 5-year objective:
In 5 years, we see Flora Development as a significant international participant within the hashish trade. We’re trying to develop our international footprint within the European and Asia Pacific markets by intensive product innovation efforts and plan to develop with worldwide companions to determine a number of distribution factors throughout all 5 continents.
We’re making the most of among the finest areas of development geographically in Colombia to maintain our prices down and additional diversify our sturdy portfolio of manufacturers using all-outdoor and natural development practices. We even have a GLOBAL G.A.P certification that enables us to export dry flower into nations 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) throughout the subsequent yr.
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