Flora Growth Receives Good Agricultural and Collection Practices (GACP) Certification, Opening Pathway to Dry Flower Export
October 25 2021 - 7:05AM
Business Wire
- Receipt of GACP certification for Cosechemos allows export of
Flora’s high-quality dry flower to international GMP producers or
to markets where dry flower can be imported
- Flora is actively harvesting non-psychoactive (CBD) cannabis
with yields 40-60% higher than Flora originally anticipated;
initial harvest of high-THC cannabis expected in November 2021
- Flora has signed several LOI’s for the sale of dried flower and
derivative products into international jurisdictions including the
EU, Australia, and Panama; expects to start fulfillment in Q4 of
2021
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 announce that it has received
the Good Agricultural and Collection Practices (“GACP”)
certification by the Control Union Medical Cannabis Standard
(“CUMCS”). Paired with the recent Colombian law change, Flora may
now export its high-quality dry flower to international GMP active
pharmaceutical ingredient (“API”) producers or to markets where
flower can be imported .
“In advance of this milestone, our team has signed several LOI’s
for the sale and distribution of dry flower and derivative products
to several international jurisdictions, including the EU,
Australia, and Latin America. We are now in the position to unlock
the significant potential from Cosechemos as we continue building
our global distribution network,” said Jason Warnock, Chief Revenue
Officer of Flora Growth. “Our team believes this certification
demonstrates our ability to offer high-quality output, while also
serving as an important precursor to GMP certification so that we
can produce pharmaceutical-grade cannabis products and
cannabinoid-based active pharmaceutical ingredients.”
Cosechemos Operational Update
The team at Flora’s flagship cultivation and processing
facility, Cosechemos, has maximized the cultivation potential
provided by the local climate and infrastructure, achieving a
production cost below $0.06 per gram of dried flower.
Other major developments from operations at the Cosechemos
facility include:
- Actively harvesting non-psychoactive (CBD) cultivars and
achieving yields 40-60% higher than Flora originally
anticipated.
- Planted the initial crop of high-THC cultivars, with the first
harvest expected to occur in November 2021.
- Construction of the on-site extraction facility has advanced on
schedule and is set to begin operation on November 15th.
- Commenced working with Hoshi International on the pre-audit
process with Malta on gaining EU-GMP for Flora’s cannabis
extraction facility.
“The primary focus at Cosechemos this year has been optimizing
and scaling our cultivation and processing activities while working
closely with regulatory bodies and agencies to be granted our GACP
certification so that we can commercially distribute our
medical-grade cannabis products internationally,” said Javier
Franco, VP of Agriculture of Flora Growth. “Receiving the GACP
certification validates our ability to operate at internationally
recognized quality, safety, and sustainability standards. This
further establishes our commitment to operational excellence and
transparency, as well as our commitment to producing high-quality,
consistent cannabis products to serve the global cannabis
markets.”
As part of the CUMCS-GACP certification process, Flora Growth
underwent an extensive year-long review that included a detailed
analysis of the Company’s cultivation, harvest, and post-harvest
activities. As part of the certification process, specific elements
were reviewed including operating procedures, standardized
sanitation protocols, use of phytosanitary products, integrated
pest and disease management, and measuring environmental impact.
Control Union Certifications is a leading international
certification agency and global leader in medical cannabis
certification. The CUMCS certification standard is based on GACP
guidelines of The World Health Organization (WHO), the GACP
Guidelines of the European Medicines Agency, Guidelines of the
Dutch Government for Cannabis for Medical Use, and the
International Standard for Good Agriculture Practice.
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 cultivation yields;
Flora’s ability to sell cannabis and cannabis products to
international markets;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/20211025005342/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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