Flora Growth Provides Update to International Commercial Cannabis Export Business
The company reports approximately 1,000 kilograms of commercial cannabis dry flower and derivative exports to Europe and the United States in Q4 of 2022.
Flora Growth has also received an updated cannabis export and production quota from the Colombian government, including the addition of four additional proprietary genetics and increased production for domestic medical markets.
FORT LAUDERDALE, Fla. & TORONTO, January 05, 2023--(BUSINESS WIRE)--Flora Growth Corp. (NASDAQ: FLGC) ("Flora'' or the "Company"), a leading all-outdoor cultivator, manufacturer and distributor of global cannabis products and brands, is pleased today to provide an update on commercial cannabis operations out of Colombia. Following the April 2022 passage of Resolution 539 permitting licensed cannabis cultivators with export quotas to export dry cannabis flower, Flora successfully exported nearly 1,000kgs of dried cannabis and derivatives to Europe and the United States in the fourth quarter of 2022. These activities are a part of the full commercialization of the Cosechemos farm and Flora Lab One facility in Bucaramanga, Colombia.
The Company also updated its previously announced 43,000kg export quota to include multiple strains of THC flower, including four additional high-THC genetics, and increased limit to the production of psychoactive derivatives for domestic use in the Colombian medical market.
"As the largest cultivator of commercial cannabis in Colombia, our ability to activate our farm and distribute products is nearly unmatched," said Luis Merchan, Chairman and CEO of Flora Growth. "With the acquisition of Franchise Global Health completed just last week, we now have direct lines of distribution to Germany and the rest of Europe."
Since the passage of Resolution 539 last year, Flora has been focused on ramping up the commercialization and export of dry flower to Europe. The recently announced acquisition of Franchise Global Health and the integration of the German and European teams accelerates Flora’s immediate opportunity for medical products in Germany and positions the Company well for the potential incoming recreational market.
About Flora Growth Corp.
Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands designed to deliver the most compelling customer experiences in the world, one community at a time. As the operator of one of the largest outdoor cannabis cultivation facilities, Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its commercial, house of brands, and life sciences divisions. Visit www.floragrowth.com or follow @floragrowthcorp on social media for more information.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains ‘‘forward-looking statements,’’ as defined by 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. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled "Risk Factors" in Flora’s Annual Report on Form 20-F filed with the SEC on May 9, 2022, 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. 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 only on information currently available to Flora (or to third parties making the forward-looking statements).
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Sean Mansouri, CFA
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