Flora Growth Recognizes Colombia’s Completion of Cannabis Flower Export Rules, Prepares First Export Under New Regulations
April 04 2022 - 7:05AM
Business Wire
- 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
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.
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Statements
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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
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version on businesswire.com: https://www.businesswire.com/news/home/20220404005388/en/
Investor Relations: James Williams
james.williams@floragrowth.com
Public Relations: Cassandra Dowell +1 (858) 264-6600
flora@cmwmedia.com
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