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With this quota, Flora expects to start fulfilling its previously announced agreements, including the agreement to send 3,600 kg of high-THC flower to Israel-based Artos.
MIAMI & TORONTO, March 15, 2022--(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 that it has received its 2022 export quota from the Colombian Government, totaling up to 43,600 kg of high-THC cannabis.
The 43,600kg allotment enables Flora to produce and export both high-THC dry flower and cannabis derivative products. Flora will be able to export its GACP (Good Agricultural and Collection Process) certified products to legal cannabis jurisdictions around the world. This updated quota will now allow sufficient export of medical cannabis products to meet Flora’s existing and future supply agreements in both bulk dry flower and derivatives.
The Colombian Ministry of Health and Social Protection quota system does not include or limit the cultivation or production of high-CBD flower or derivatives with less than 1.0% THC, as only high-THC or psychoactive cannabis, requires a formal export quota.
"With receipt of this expanded 2022 quota, we can now work towards fulfilling previous agreements, including the agreement with Artos Ltd. to send high-THC cannabis to Israel and other legal markets. The changes to the export quota this year represent a major milestone for Colombian exports and provide a clear pathway for the region to make a significant global impact on the cannabis industry," said Jason Warnock, Chief Commercial Officer at Flora Growth.
In addition to the quota, Flora also received approval for the cultivation of four additional strains from the Colombian Agricultural Institute (ICA or Instituto Colombiano Agropecuario) on March 11th, 2022. These genetics include high yield THC and high yield CBD strains that can be used for commercial purposes. Flora will begin the process of integrating these new genetics into the cultivation and export process this year.
"Flora has worked diligently to produce the highest degree of certification, quality and traceability, producing the highest quality cannabinoids at unparalleled market competitiveness. We wish to thank the Colombian government, partners and regulators for working with Flora to build a framework for long term success in medical cannabis," said Luis Merchan, CEO of Flora Growth.
Cosechemos is Flora Growth’s fully licensed, 247 acre (10 million square feet) cultivation and manufacturing facility and includes a post-harvest extraction laboratory measuring 10,500 square feet on site. The facility is fully automated and features advanced dehumidification, sterilization and cryo-ethanol extraction systems that yield economical and high-quality cannabinoid derivatives at high-throughput. The automation facility expedites Flora’s ability to produce dried and packaged flower, derivatives, distillates, and cannabinoid isolates entirely in-house. In addition to the CUMCS - GACP certification received in 2021, Cosechemos has successfully completed year one of the three year USDA Organic certification program in March 2022 and continues to implement fully organic agricultural practices.
About Flora Growth Corp.
Flora is building a connected, design-led collective, of plant-based wellness and lifestyle brands, that delivers 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 diverse business divisions of cosmetics, hemp textiles, and food and beverage. Visit www.floragrowth.com or follow @floragrowthcorp on social for more information.
Cautionary Statement Concerning Forward-Looking Statements
This document contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: the size of markets for cannabis and cannabis products; Flora’s ability to execute on its research and pharmaceutical strategies; the results of Flora’s research; the collaboration with third parties; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as "may," "should," "expects," "anticipates," "contemplates," "estimates," "believes," "plans," "projected," "predicts," "potential," or "hopes" or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this document and other statements made from time to time by us or our representatives may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, or the forward-looking events discussed in this document and other statements made from time to time by us or our representatives not occurring, except as may be required by applicable law.
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