Flora Growth Streamlines Its Global Supply Chain With First-Ever Sourcing of Company’s CBD Into Market-Ready Products
April 28 2022 - 7:05AM
Business Wire
- Flora Growth begins implementing the first cannabinoids
produced from Flora’s 254-acre Cosechemos outdoor cultivation
facility in Colombia into the Company’s global suite of CPG
brands
- The cannabinoid derivatives were extracted onsite at Cosechemos
to be transported to Flora’s GMP-approved processing facility in
Bogota, Colombia for use in in-market products
- This marks the first time Flora will cultivate, extract and
implement its own low-cost, high-quality cannabinoid derivatives
into the Company’s own product, reducing the Company’s cost of
goods
Flora Growth Corp. (NASDAQ: FLGC) (“Flora'' or the “Company”), a
leading all-outdoor cultivator and manufacturer of cannabis
products and brands, announced today that the Company has formally
begun the integration of its licensed and Control Union Medical
Cannabis Standard GACP (“CUMCS-GACP”) certified cannabis products
and derivatives into its global roster of branded products.
Beginning with CBD derivatives used in its award-winning skincare
brand, Mind Naturals, the Company has begun the process of
integrating significantly lower-cost cannabinoids, grown and
extracted at Flora’s cultivation and extraction facility,
Cosechemos, for products formulated at the Company’s GMP-licensed
laboratory in Bogota, Colombia.
This event marks a milestone in Flora’s integration strategy,
allowing Flora to further its global supply chain efficiencies and
independence while bolstering its competitive advantage in white
label and wholesale businesses.
“The key to unlocking the potential of the global cannabis
market is supply chain mastery - this is our focus,” Flora CEO Luis
Merchan said. “Connecting our high-quality derivatives with our
significant portfolio of revenue-producing global brands is a
significant step in maximizing compounded value creation from seed
to shelf.”
Since its inception, Flora has built, licensed or acquired an
extensive suite of leading brands in the United States and
Colombia, including the Mind Naturals skincare line, Tonino
Lamborghini beverages, Vessel cannabis accessories and JustCBD
gummies and topicals. The ability to deliver high-growth,
high-margin global consumer brands with high-quality, low-cost
cannabinoids marks a distinct and pivotal milestone for the
Company’s global strategy.
About Flora Growth Corp.
Flora is building a connected, design-led collective of
plant-based wellness and lifestyle brands delivering 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 [media] 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: expected future
revenue, the proposed acquisition of Vessel; Vessel’s financial
performance; our financial performance and projections; our growth
in revenue and earnings; 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
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undertake no obligation to publicly update or revise any
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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/20220428005497/en/
Investor Relations Contact: James Williams
james.williams@floragrowth.com
Public Relations Contact: Cassandra Dowell +1 (858)
264-6600 flora@cmwmedia.com
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