Flora Growth Congratulates Colombia’s Pro-Cannabis President-Elect
June 21 2022 - 7:05AM
Business Wire
Flora Growth Corp. (NASDAQ: FLGC) (“Flora” or the “Company”), a
leading all-outdoor cultivator, manufacturer and distributor of
global cannabis products and brands, congratulates Gustavo Petro
and the Humane Colombia Party on their election victory in Sunday’s
presidential runoff election in Colombia.
“We would like to congratulate President-Elect Gustavo Petro on
his victory and we look forward to working with the new government
to continue Colombia’s progressive momentum in the global cannabis
industry,” said Luis Merchan, Flora’s Chairman and CEO. Merchan
added, “We are encouraged by President-Elect Petro’s stance on
seeing Colombia become a leader in the legal cannabis industry and
we are hopeful for progressive legislation that will allow Colombia
to create a safe environment for cannabis consumption domestically
- potentially leading to a recreational market in the country -
while also proving Colombia has all the environmental and labor
conditions necessary to be a global cannabis powerhouse.”
Prior to his election win, Gustavo Petro was quoted stating:
“The possibility of exportation of marijuana for recreational and
medicinal purposes is the right of the Colombian people. It would
be a historical paradox that after the war on drugs is over, other
countries get to benefit from a business that will bring billions
of dollars of economic benefit.” President-Elect Petro is currently
a sitting member of the Colombian Senate and served as Mayor of
Bogotá, the Capital of Colombia and headquarters of Flora Growth’s
Colombian operations.
“While approximately 90% of Flora’s forecasted revenue is
expected to be derived outside of Colombia, we see Colombia as
particularly well suited both for production of high-quality,
cost-advantaged cannabis and the manufacturing of
cannabinoid-derived medical formulations that can be sold
domestically and internationally,” said Jason Warnock, Chief
Commercial Officer at Flora Growth.
Flora Growth operates a 249-acre cannabis cultivation,
extraction and isolation facility in Bucaramanga, Colombia, and a
GMP-certified processing facility for beauty, phytotherapeutic and
nutraceutical products in Bogotá. In 2021, Colombia exported $1.5
billion in cut flowers globally, making it one of the largest
global exporters of cut flowers, similar to cannabis, in the
world.
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 most extensive outdoor cannabis
cultivation facilities, Flora leverages natural, cost-effective
cultivation practices to supply cannabis derivatives to its
commercial, house of brands, and life sciences divisions. Visit
www.floragrowth.com or follow @floragrowthcorp on social media for
more information.
Forward-Looking Statements
This press release contains ‘‘forward-looking statements,’’ as
defined by federal securities laws. Forward-looking statements
reflect Flora’s current expectations and projections about future
events at the time, and thus involve uncertainty and risk. The
words “believe,” “expect,” “anticipate,” “will,” “could,” “would,”
“should,” “may,” “plan,” “estimate,” “intend,” “predict,”
“potential,” “continue,” and the negatives of these words and other
similar expressions generally identify forward looking statements.
Such forward-looking statements are subject to various risks and
uncertainties, including those described under the section entitled
“Risk Factors” in Flora’s Annual Report on Form 20-F, filed with
the SEC on May 9, 2022, as such factors may be updated from time to
time in Flora’s periodic filings with the SEC, which are accessible
on the SEC’s website at www.sec.gov. Accordingly, there are or will
be important factors that could cause actual outcomes or results to
differ materially from those indicated in these statements. These
factors should not be construed as exhaustive and should be read in
conjunction with the other cautionary statements that are included
in this release and in Flora’s filings with the SEC. While
forward-looking statements reflect Flora’s good faith beliefs, they
are not guarantees of future performance. Flora disclaims any
obligation to publicly update or revise any forward-looking
statement to reflect changes in underlying assumptions or factors,
new information, data or methods, future events or other changes
after the date of this press release, except as required by
applicable law. You should not place undue reliance on any
forward-looking statements, which are based only on information
currently available to Flora (or to third parties making the
forward-looking statements).
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version on businesswire.com: https://www.businesswire.com/news/home/20220621005404/en/
Investor Relations: James Williams ir@floragrowth.com
Public Relations: Cassandra Dowell +1 (858) 221-8001
flora@cmwmedia.com
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