Flora Growth Announces Joint Venture with Colombia’s Largest Indigenous Tribe to Process and Distribute Cannabis Products
August 02 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, announced today a joint
venture agreement with Pharma Indigena Misak Manasr Sas (“Manasr”),
the largest indigenous tribe in Colombia, on the development of
cultivation best practices, manufacturing, export, and marketing of
cannabis and cannabis containing products.
Under the agreement, Flora will provide Manasr regulatory
advice, technical and business support related to product
development and distribution, promotion of products to be marketed
under the Flora brand portfolio, and cannabis derivatives when
needed to complete product production. Additionally, Manasr will
work closely with Flora in developing cannabis pharmaceuticals
& products and help advance the approvals and authorizations
required for exports of cannabis from Colombia.
“We are honored to be given opportunity to work hand-in-hand
with the Misak people,” said Luis Merchan, Flora’s Chairman and
CEO. “Through this partnership, we will collaborate with the tribe
on the processing and distribution of their Colombian-grown
cannabis while offering Manasr a powerful platform for product
distribution. In return, Flora will be able to leverage the tribe's
unique regulatory positioning to expedite exports and increase
global market penetration of Colombian cannabis goods. We look
forward to a long-standing relationship with such a powerful
community partner.”
The initial term of the agreement is three (3) years; however,
the intention is to create a lasting and mutually beneficial
relationship for the foreseeable future.
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.
Cautionary Statement Concerning 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).
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220802005129/en/
Investor Relations: James Williams ir@floragrowth.com
Public Relations: Cassandra Dowell +1 (858) 221-8001
flora@cmwmedia.com
Flora Growth (NASDAQ:FLGC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Flora Growth (NASDAQ:FLGC)
Historical Stock Chart
From Apr 2023 to Apr 2024