- Global cannabis brand Flora Growth Corp. is enjoying new opportunities for supplying its Colombian-grown high-THC and high-CBD flower to international markets, thanks to the finalization of regulatory framework allowing legal cannabis exports from the South American country
- Flora Growth is authorized to export non-psychoactive cannabidiol (“CBD”) products as well as up to 43,600 kg of products with high-tetrahydrocannabinol (“THC”) psychoactive cannabis content
- Flora Growth’s Cosechemos cultivation facility in central Colombia is currently capable of producing 600 kg of dried cannabis daily, as well as over 10,000 kg of cannabis derivatives annually under EU-GMP guidelines
During the past 10 years, the Colombia’s administration has made substantial strides in ushering in a new era of successful social policy dealing with its storied history (https://ibn.fm/Pv13I), and last year President Ivan Duque opened the latest chapter when he helped spearhead efforts to legalize commerce in dried cannabis flowers and biomass for medical purposes and establish a regulatory framework for global cannabis export (https://ibn.fm/yklxT).
The country’s new openness to the legal international market for cannabis derivative products is fueling the explosive energy that global cannabis brand builder Flora Growth (NASDAQ: FLGC) has shown in building an international supply chain and distribution networks.
Flora Growth operates a 100-hectare (about 247-acre) cultivation facility known as Cosechemos in the heart of Colombia’s lush green environs, and the company has filed licenses for more than 20 cannabinoid-infused food and beverage products with Colombia’s food and drug regulatory body, including juices, sparkling seltzers, gummies, chocolates, ghee butter and healthy snack foods that prioritize natural ingredients and value-chain sustainability (https://ibn.fm/oSwmu).
On April 4, the company issued a news release celebrating Colombia’s final passage of Resolution 539, which establishes the cannabis flower regulatory checklist that enables licensed cannabis cultivators with export quotas, including Flora, to pass a mandatory approval process for the export of both non-psychoactive CBD and the drug product THC flower.
“Flora applauds the recent announcement by the Colombian Government as we have been working diligently to have all the necessary approvals and capabilities available to produce high THC flower, including multiple cannabis strains with THC levels over 20 percent,” Chief Commercial Officer Jason Warnock stated in the news release (https://ibn.fm/eRk2d). “This resolution also clears the path to export dried CBD flower to markets including the United States where Flora already sell hundreds of CBD products via owned brands like JustCBD, MIND, and Mambe.”
Last month, the company announced that the government’s Ministry of Health and Social Protection had expanded approval for its product exports to include not only cannabis derivative products with less than 1 percent of the psychoactive THC compound but also up to 43,600 kg of high-THC cannabis for health and wellness products (https://ibn.fm/9RGHd).
Cosechemos is currently capable of producing 600 kg of dried cannabis daily, as well as over 10,000 kg of cannabis derivatives annually under EU-GMP guidelines. The ability to include shipments of dried cannabis flower with derivatives exports to Flora subsidiaries Flora Lab in Bogota, Colombia, and JustCBD in Fort Lauderdale, Florida, helps the company complete the vertical integration of portfolio products including CBD edible, topicals, and other infused products.
For more information, visit the company’s website at www.FloraGrowth.com.
NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://ibn.fm/FLGC
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