TORONTO, Feb. 06, 2020 (GLOBE NEWSWIRE) -- Flora Growth Corp. (“Flora” or the “Company”) is pleased to announce that it has initiated its entry into the Brazilian medical CBD market, the biggest market in South America. The Company has engaged legal counsel to incorporate a Brazilian subsidiary, “Flora Brazil”.
The Brazilian Market
In December 2019, ANVISA, the Brazilian regulatory agency equivalent to the FDA established a legalized environment for the sale and consumption of cannabis for medical use in Brazil. In the announcement from ANVISA, a new class of medical cannabis-based products will be prescribed by doctors and sold through pharmacies, enabling patient safe and legal access. The regulatory framework sets a comprehensive procedure for the manufacture and import of these products as well as the requirements for commercialization, prescription, dispensing, monitoring and supervision of cannabis products for medical purposes. The resolution was approved unanimously and is valid for an initial three-year term.
Brazil is a major market for pharmaceutical products. With approximately 208 million people and the world’s 9th largest economy. Brazil’s GDP per capita is over US$16,000. Sao Paulo is the largest urban centre in Latin America and the Golden Triangle of Belo Horizonte, Rio de Janeiro and Sao Paulo is the largest single market in the Americas outside of the United States.
Flora is also pleased to announce that it has engaged Retired General Dr. Paulo Sergio Iglessias as a special advisor for its operations in Brazil, in particular advising Flora on strategic opportunities in Brazil.
General Iglessias received his medical training in the state of Rio de Janeiro, promoted through the ranks of the Brazilian army where he was Director of various Brazilian Army hospitals including Brasilia (2011-2014). In 2015, he was appointed Inspector for Health Services for the Army for the Amazon and in 2017, Vice Director of Health Services for the Brazilian Army. General Iglessias retired in 2018 and continues to be actively involved in public health issues from his home in Campo Grande, Matto Grosso do Sul, Brazil.
The Brazilian army currently has 235,000 soldiers in active service and runs 27 hospitals of which 12 are fully outfitted. In addition, the Brazilian Army manufactures medications for national distribution at its own laboratories and performs research at the Army Institute of Biological Research.
Flora Growth Corp.
At Flora, we are building the world’s largest and lowest cost vertically-integrated producer of organic cannabis oils, CBD-infused food & beverage, pharmaceutical-grade, medical and cosmetic-grade derivatives from the cannabis plant.
This news release may contain forward-looking statements. These statements include statements regarding the Company’s operations, the Company’s ability to operate in Brazil, the Company’s future plans and objectives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.