Flora Growth Launches Cannabis Wellness Brand, Munzhi
October 21 2021 - 7:00AM
Business Wire
- 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.
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.
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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version on businesswire.com: https://www.businesswire.com/news/home/20211021005435/en/
Investor Relations Contact: Evan Veryard
evan.veryard@floragrowth.ca
Public Relations Contact: Cassandra Dowell +1 (858)
264-6600 flora@cmwmedia.com
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