Flora Enters Crypto Space with Strategic Investments in Ethereum, Solana, Sui and Ripple
May 05, 2025 8:01 AM EDT | Source: Flora Growth Corp.
Fort Lauderdale, Florida--(Newsfile Corp. - May 5, 2025) - Flora Growth Corp. (NASDAQ: FLGC) (FSE: 7301) ("Flora" or the "Company") today announced an investment into the cryptocurrency and blockchain sector. As part of this transaction, the Company has established a strategic long-term crypto portfolio anchored by US$1 million in leading blockchain assets: US$400,000 in Ethereum, US$400,000 in Solana, US$100,000 in Sui and US$100,000 in Ripple.
This move marks Flora's commitment to strengthening its balance sheet with the long-term objective of building a portfolio of disruptive crypto assets and technologies that will define the next generation of global commerce and digital infrastructure.
"This investment reflects our belief in blockchain's ability to reshape industries and create new opportunities for value, transparency, and scalability," said Clifford Starke, Chief Executive Officer.
The Company's crypto asset allocation is based on a combination of technological innovation, long-term adoption potential, and alignment with Flora's vision for future-facing infrastructure.
Ethereum (ETH): One of the most widely used smart contract platforms, Ethereum remains the cornerstone of decentralized applications, Layer 2 scaling, and tokenization. Its upcoming scalability upgrades and robust developer community make it a strategic long-term hold.
Solana (SOL): Known for its lightning-fast transaction speeds and low costs, Solana is positioned as a scalable alternative to Ethereum with growing adoption in gaming, NFTs, and DeFi.
Sui (SUI): A next-gen Layer 1 blockchain designed for instant settlement and parallel execution, Sui represents a new frontier in performance and user experience. Its object-centric model and Move programming language give it unique advantages for scalability and composability.
Ripple (XRP): A well-established digital payment protocol built for cross-border transactions and institutional adoption. Ripple's network effect in banking and regulatory progress positions it as a unique asset for global settlement infrastructure.
"Our mission is to stay ahead of the curve, not follow it. We see crypto not as a side bet, but as a core pillar of our identity moving forward. By aligning our capital with some of the most innovative protocols and ecosystems, we are setting the foundation for value creation that extends beyond today's trends and into tomorrow's digital economy," said Clifford Starke, Chief Executive Officer.
"The evolution of the internet, finance, and identity is converging-and blockchain is at the center of that transformation. Our move into crypto underscores Flora's commitment to being a dynamic company that adapts to global macro trends. We believe the intersection of consumer behavior, digital ownership, and decentralized technology will define the next decade-and Flora will be there at the forefront," said Mr. Starke.
Flora will continue to provide material updates to shareholders on additional steps related to its Web3 transformation, including strategic partnerships, and token portfolio acquisition.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains "forward-looking statements," as defined by U.S. federal securities laws. Forward-looking statements reflect Flora's current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words "believe," "expect," "anticipate," "will," "could," "would," "should," "may," "plan," "estimate," "intend," "predict," "potential," "continue," and the negatives of these words and other similar expressions generally identify forward-looking statements. These forward-looking statements include, but are not limited to, statements about: developments in the crypto and blockchain industry and the potential impacts thereof and the efficacy and impact on our business of investments in cryptocurrency and blockchain. Such forward-looking statements are subject to various and risks and uncertainties, including those described under section entitled "Risk Factors" in Flora's Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (the "SEC") on March 24, 2025, as such factors may be updated from time to time in Flora's periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov/edgar. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in Flora's filings with the SEC. While forward-looking statements reflect Flora's good faith beliefs, they are not guarantees of future performance. Flora disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. You should not place undue reliance on any forward-looking statements, which are based on information currently available to Flora (or to third parties making the forward-looking statements).
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