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Flora Growth Recognizes Colombia’s Completion of Cannabis Flower Export Rules, Prepares First Export Under New Regulations

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·4 min read
In this article:
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  • Colombia completes required regulations to allow Colombian cannabis companies, including Flora Growth, to export THC and CBD dried flower globally

  • Flora Growth reaffirms its ability to produce 43.6 tonnes of low-cost THC and CBD production costs of 6 cents per gram of dried flower along with full extraction and isolation capabilities at its Colombian cannabis cultivation facility

MIAMI & TORONTO, April 04, 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, is pleased to recognize Colombia’s final passing of all necessary checklists to permit the sale of THC and CBD dried flower to international markets via Resolution 539.

On April 1, the Government of Colombia finalized the cannabis flower regulatory checklist under Resolution 539 permitting licensed cannabis cultivators with export quotas, including Flora, to pass a mandatory approval process for the export of both CBD and THC flower. These export steps include adjustments to Flora’s approved 43.6-tonne quota, which allows the addition of dried flower to be included with all existing purchase agreements from countries including Germany, Israel, Australia, South Africa, Portugal, and Malta. This update also includes the requirement for genetics registrations attached to all high THC cultivars. Before the passage of this update, Flora Growth’s export quota already permitted the export of derivative products produced at its cultivation facility.

"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," said Jason Warnock, Flora’s Chief Commercial Officer. "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."

Flora maintains a low cost of cultivation of approximately 6 cents per gram on its fully integrated 254-acre licensed cannabis farm, Cosechemos, that includes on-site cryo-ethanol extraction, advanced drying systems, sterilization and cannabinoid isolation systems, and advanced testing within the onsite laboratory. The Cosechemos facility uses only organic farming cultivation techniques and 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.

With the passage of resolution 539, Flora can now include shipments of dried cannabis flower with derivatives exports including to its subsidiaries Flora Lab in Bogota, Colombia, and JustCBD in Fort Lauderdale, Florida, completing the vertical integration of certain Flora portfolio products including its CBD edible, topicals, and other infused products.

About Flora Growth Corp.

Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands that is designed to deliver one of 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: expected future revenue, the proposed acquisition of Vessel; Vessel’s financial performance; our financial performance and projections; our growth in revenue and earnings; 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220404005388/en/

Contacts

Investor Relations:
James Williams
james.williams@floragrowth.com

Public Relations:
Cassandra Dowell
+1 (858) 264-6600
flora@cmwmedia.com