Munzhi, a mass market brand, will initially launch 12 products certified by INVIMA (Colombian FDA equivalent), with products available in stores November 1st.
Munzhi will be distributed in ~800 distribution points through five Colombian distributors: Herson, Mintlab, Unidrogas, Roma, and Axa.
MIAMI & TORONTO, October 21, 2021--(BUSINESS WIRE)--Flora Growth Corp. (NASDAQ: FLGC) ("Flora" or the "Company"), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, announced today that its Flora Lab division is launching a new cannabis wellness brand, Munzhi.
"Through market studies, consumers have indicated they want the wellness benefits of cannabis, but at an affordable price. Munzhi helps fill that need as well as an important gap in our product portfolio," said Luis Merchan, President and CEO of Flora Growth. "The inaugural collection for Munzhi includes 12 products across four categories: Wellness, Hair, Body, and Face. The collection combines the benefits of cannabidiol ("CBD") as an active ingredient, with other plant-based ingredients such as lavender oil and chamomile coconut amongst others."
According to Beauty and Personal Care Euromonitor, the wellness market in Colombia is valued at US$2.3B. Initially, Munzhi will target this market with products including facial serum, shampoo, conditioner, shower gel, body ointment, and a moisturizing lotion amongst others. Over time, the brand portfolio will increase based on evolving market demand and internal R&D projects.
Flora Lab serves as Flora Growth’s manufacturing and research and development division for pharmaceuticals, cosmetics, and nutraceuticals. Earlier this Fall, Flora Lab received its cosmetics GMP certification from INVIMA to manufacture cosmetics products.
The facility is a modern 16,000-square-ft manufacturing facility that holds 3 GMP certifications and boasts a diversified portfolio with over 190 products and 63 over-the-counter ("OTC") products registered and licensed with INVIMA (Colombian FDA equivalent). The division is focused on expanding its 2,500+ distribution channels and developing new cannabinoid and non-cannabinoid containing products to sell to its network of pharmacies and wholesale clients domestically and internationally.
About Flora Growth Corp.
Flora is a cannabis company that leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its diverse business divisions of cosmetics, hemp textiles, and food and beverage. As the operator of one of the largest outdoor cultivation facilities, Flora strives to market a higher-quality premium product at below market prices. By prioritizing natural ingredients and value-chain sustainability across its portfolio, Flora creates premium products that help consumers restore and thrive. Visit www.floragrowth.ca or follow @floragrowthcorp on social for more information.
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