Flora Growth’s Commercial Cultivation Progress Enables 2021 THC and CBD Export to International Markets
May 17 2021 - 7:00AM
Flora Growth Corp. (NASDAQ: FLGC) (“Flora”, “Flora Growth”, or the
“Company”), an all-outdoor cultivator and manufacturer of
cannabis-derived products and brands, is pleased to provide an
update on its cannabis cultivation activities in Colombia. The
Company is in its eighth week of cultivating high-CBD strains of
cannabis utilizing proven growing methodologies, while
simultaneously preparing for commercial production of high-THC
cannabis scheduled to begin in June 2021. Furthermore, the Company
is awaiting the implementation of legislative changes in Colombia
which are anticipated to facilitate an expansion of Flora’s
wholesale enterprise, as it eyes new international cannabis
markets.
Flora’s cultivation farm is in Bucaramanga,
Colombia and is licensed to cultivate and process non-psychoactive
(high-CBD) and psychoactive (high-THC) cannabis and derivatives on
its 247-acre (100 hectares) land package. Flora’s cultivation
facility has launched three successful pilot crop plantings with
impressive results, including:
- 30 varieties of non-psychoactive cannabis have been tested at
the facility;
- Demonstrated a projected industry-leading cannabis production
cost of US$0.06/gram;
- Optimized cultivation strategy, yielding over 125 g/plant;
and
- Applied for third-party organic and Global G.A.P.
certifications in Q1 2020, which are currently awaiting approval.
Upon receipt, the Global G.A.P. certification would enable the
Company to export its cannabis flower products into international
jurisdictions.
The changing cannabis landscape in South America
continues to present unique and favorable opportunities for Flora.
Recently, the Colombian government announced a bill that would
allow for both sale and export of dry flower globally. The law has
passed through all requisite levels of the Colombian legislative
process and now only awaits a signature from the Colombian
President.
“Flora is uniquely positioned, from our low-cost
cultivation process in Colombia, to our internationally renowned
house of brands, and we could not be more thrilled to be executing
on our vision in such an expedited fashion,” said Luis Merchan,
President and CEO of Flora. “We selected Colombia for our
cultivation as it has the perfect weather conditions for outdoor
cannabis cultivation, enabling us to grow high-quality crops at a
fraction of the cost of indoor growing, due to the reduction in
energy and resource costs. We believe that while cannabis continues
to commoditize, the winners of the global supply chain of cannabis
derivatives will be those with the lowest production costs who are
able to maintain quality. Not only are we able to meet those
requirements, but we do it in a sustainable way that supports the
local community. While we are only at phase one of our production
capacity, we believe that we will quickly meet and surpass the
production capacities and standards of existing global
operators.”
While the Company prepares for entrance into the
psychoactive plant cultivation space, the crop currently in
production will be one of the largest outdoor CBD-rich crops at
scale and anticipate its harvest will create a robust pipeline of
cannabis derivatives for the Company to use in its own products,
and for export to multiple international markets.
About Flora Growth Corp.
Flora is a cannabis company that works to
leverage 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 world’s largest outdoor cannabis 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.
Investor Relations Contact:Evan Veryard +1
(416) 571-9037evan.veryard@floragrowth.ca
Public Relations Contact:Cassandra Dowell+1
(847) 271-3443cassandra@cmwmedia.com
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
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and our business prospects and opportunities. You can
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should consider various factors, including: our ability to change
the direction of the Company; our ability to keep pace with new
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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
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our representatives, may not occur, and actual events and results
may differ materially and are subject to risks, uncertainties and
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uncertainties and assumptions, the forward-looking events discussed
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