The Future Is Bright

It’s been 168 years since the gold rush and with legalization of cannabis California, Grupo Flor is smack dab in the middle of a well publicized “green rush.” This is energizing a whole new crop of investment and participation interest in cannabis. It seems whether we’re at a local basketball game or dinner party, whenever someone hears that we’re in the cannabis industry, the first questions is, How do I get involved? This is usually followed by a litany of questions about investing in cannabis and Grupo Flor’s activities.


The Future Is Bright

Despite what is considered to be an unfriendly administration in Washington D.C., nine states and the District of Columbia now allow for recreational marijuana use, and thirty allow for medical use. Twelve states are poised to join the marijuana legalization wave this year, with more possibly joining as legislative sessions continue. Public support for marijuana legalization reached new highs in 2017. A Gallup poll showed that 64% of Americans favor legalization, and a majority of Republicans back it for the first time. Vermont became the first state to legalize marijuana through the legislature rather than a ballot initiative, in January of 2018. There is a distinct rolling out of increased regulatory acceptance of the cannabis industry throughout the nation.


Spring Boasts Big Yields
With less than a month from the first official day of spring, our first harvests have been soaking up the extra sunlight and will bring the biggest yields yet. Our team of cultivation specialists have been festidigiously perfecting all stages of the plant life cycle from nursery to vegetation to flowering – and are always focused on the golden goal of the highest quality production at the most efficient cost. Our farms are generating highly sought after strains with unique genetics that bode frosty buds with high terpene counts and high cannabinoid levels.
“We’re about three weeks away from our biggest yield yet. It’s our boutique style grow with an emphasis on commercial scale processes, sustainable power and water systems, state-of-the-art facilities development, and clean cultivation practices that enable us to grow cost-efficient high quality consumer safe products,” said Omar Bitar, Co-Founder of Grupo Flor and President of Flor Cultivation.

Federal Legislative Look
The federal picture may at first seem dim in the wake of AG Jeff Sessions decision to revoke the Cole Memorandum (an enforcement priority statement that took a hands off approach on states regulating cannabis.) However, within the industry, this move is also considered valuable because it gives developing enterprises more breathing room to increase their value and stabilize operations before larger, well capitalized companies enter the industry.

Local Look
Monterey County has taken the lead, becoming one of the first to join a statewide oversight agency aimed at collecting regulatory data and improving access to financial services for the emerging industry.The Board of Supervisors unanimously approved a joint powers agreement establishing the California Cannabis Authority, becoming just the second County to do so after San Luis Obispo County.
Backed by the California State Association of Counties, the Authority has made its main goal developing and managing a statewide data platform to gather, collect and analyze a variety of cannabis industry information (including cultivation, track and trace, point of sales, taxation, and local and state regulatory data). The data collection will be designed to help local governments ensure regulatory compliance and provide necessary information for banks wanting to work with the industry.

Meet the Newest Member of Senior Management

Laura Pruneda is Grupo Flor’s new Controller and a seasoned CPA having worked in various industries including agriculture, fine arts, real estate, banking and also has Big 4 audit experience. In this ever-changing and dynamic industry, Laura’s expertise combined with her strategic approach is a great asset to Grupo Flor.

Laura is involved in all aspects of financial and accounting functions which includes financial reporting, policy and procedures, systems, compliance, taxes, budgeting, and analysis. She has an undergraduate at Stanford where she studied Industrial Engineering and was a varsity collegiate athlete on the softball team. Laura did her graduate work at UCLA in Latin American Studies and Accounting.

“It is an exciting opportunity to be on the forefront of an industry like cannabis that will help shape California’s history and I couldn’t be more thrilled to be apart of a company like Grupo Flor with its extraordinary leadership team and inspiring vision, ” said Laura Pruneda, Grupo Flor, Controller. “At this point in my life, I am selective about where I invest my professional energy and where I align myself. Upon receiving an offer of employment, I responded, ‘You had me a hello.'”