Flora Growth Receives 2022 Export Quota for 43,600kg of High THC Cannabis
March 15 2022 - 7:05AM
Business Wire
- 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.
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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version on businesswire.com: https://www.businesswire.com/news/home/20220315005582/en/
Investor Relations: Evan Veryard
evan.veryard@floragrowth.com
Public Relations: Cassandra Dowell +1 (858) 264-6600
flora@cmwmedia.com
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