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Colombia completes regulations needed to allow Colombian cannabis companies, including Flora Growth, to export dried flowers of THC and CBD worldwide
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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 cannabis growing facilities to Colombia.
MIAMI AND TORONTO, April 4, 2022– (BUSINESS WIRE) – Flora Growth Corp. (NASDAQ: FLGC) (“Flora” or “the company”), a leading cultivator and manufacturer of global outdoor cannabis products and brands, is pleased to recognize the final death of Colombia from all checklists necessary to allow the sale of dried flowers of THC and CBD to international markets by Resolution 539.
On April 1, the Colombian government finalized the regulatory checklist of cannabis flowers under Resolution 539 that allowed licensed cannabis growers with export quotas, including Flora, to go through a mandatory approval process. for the export of CBD and THC flowers. These export steps include adjustments to the approved quota of 43.6 tons of Flora, which allows to include the addition of dried flower to all existing purchase agreements of 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 crops. Prior to the approval of this update, Flora Growth’s export quota already allowed the export of by-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 approvals and capabilities needed to produce flowers with a high THC content, including several varieties of cannabis with THC levels above 20 percent.” , said Jason Warnock, Flora’s chief commercial officer. Official. “This resolution also clarifies the way to export dried CBD flowers to markets, including the United States, where Flora already sells hundreds of CBD products through its own brands such as JustCBD, MIND and Mambe.”
Flora maintains a low cultivation cost of approximately 6 cents per gram on its fully integrated 254-acre licensed cannabis farm, Cosechemos, which includes in situ 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 more than 10,000 kg of annual cannabis derivatives according to EU-GMP guidelines.
With the adoption of Resolution 539, Flora can now include shipments of dried cannabis flower with derivative exports, including its subsidiaries Flora Lab in Bogota, Colombia, and JustCBD in Fort Lauderdale, Florida, completing the vertical integration of certain products. of Flora’s portfolio, including its CBD. edibles, clichés and other infused products.
About Flora Growth Corp.
Flora is building a connected and driven collective by designing plant-based wellness and lifestyle brands that is designed to deliver one of the most engaging customer experiences in the world, one community at a time. As the operator of one of the largest outdoor cannabis cultivation facilities, Flora takes advantage of natural and cost-effective cultivation practices to supply cannabis derivatives to its various commercial divisions of cosmetics, hemp textiles and food. and drinks. Visit www.floragrowth.com or follow @floragrowthcorp on social media for more information.
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Contacts
Investor relations:
James Williams
james.williams@floragrowth.com
Public relations:
Cassandra Dowell
+1 (858) 264-6600
flora@cmwmedia.com
