MIAMI AND TORONTO–(BUSINESS THREAD)–Flora Growth Corp. (NASDAQ: FLGC) (“Flora” or the “Company”), a leading grower and manufacturer of global outdoor cannabis products and brands, is pleased to acknowledge Colombia’s final approval of all listings of verification necessary to allow the sale of THC and CBD dried flowers in international markets through Resolution 539.
On April 1, the government of Colombia finalized the regulatory checklist for cannabis flowers under Resolution 539 that allowed licensed cannabis growers with export quotas, including Flora, to go through an approval process mandatory for the export of CBD and THC flowers. These export steps include adjustments to Flora’s approved quota of 43.6 tonnes, which allows the addition of dried flower to be included in all existing purchase agreements from countries such as Germany, Israel, Australia, South Africa, Portugal and Malta. This update also includes the requirement for genetic records attached to all high THC cultivars. Prior to the approval of this update, Flora Growth’s export quota already allowed the export of derivative products produced at its cultivation facilities.
“Flora applauds the recent announcement by the Colombian government, as we have been working diligently to have all the necessary approvals and capabilities to produce flowers with a high THC level, including several cannabis strains with THC levels above 20 percent” , said Jason Warnock, head of commercial at Flora. official “This resolution also clears the way for exporting dried CBD flowers to markets, including the United States, where Flora already sells hundreds of CBD products through proprietary brands such as JustCBD, MIND and Mambe.”
Flora maintains a low cultivation cost of approximately 6 cents per gram at its fully integrated 254-acre licensed cannabis farm, Cosechemos, which includes on-site cryoethanol extraction, advanced drying systems, sterilization and isolation systems of cannabinoids and advanced testing within the on-site laboratory. The Cosechemos facility uses only organic farming techniques and is currently capable of producing 600 kg of dry cannabis per day, as well as over 10,000 kg of cannabis derivatives per year according to EU-GMP guidelines.
With the passage of resolution 539, Flora can now include shipments of dried cannabis flower with derivative exports, including its subsidiaries Flora Lab in Bogotá, Colombia, and JustCBD in Fort Lauderdale, Florida, completing the vertical integration of certain products of Flora’s portfolio, including its CBD. edibles, topicals and other infused products.
About Flora Growth Corp.
Flora is building a connected and design-led collective of plant-based wellness and lifestyle brands that is designed to deliver one of the world’s most engaging customer experiences, one community at a time. As the operator of one of the largest outdoor cannabis cultivation facilities, Flora leverages natural and cost-effective cultivation practices to supply cannabis derivatives to its various commercial divisions in cosmetics, hemp textiles and food and drinks Visit www.floragrowth.com or follow @floragrowthcorp on social media for more information.
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