- Flora Growth is a global cannabis brand-builder focused on the cultivation of product at a central Colombian facility and marketing through a design-led international supply chain
- Flora recently announced an agreement with Colombia’s Misak tribe for cooperative processing and distribution of cannabis, drawing on the tribe’s licensing advantage to accelerate the pair’s marketing capacity
- Flora is headquartered in Canada, but its strength lies in its Colombian-based cultivation operations centered in Colombia, one of the largest licensed outdoor operations in the world
- In recent years, Colombia’s government has been working to create a legalization framework for cannabis cultivation, processing and exportation to shake off its legacy of illegal drug trade violence
Canada-headquartered global cannabis brand-builder Flora Growth (NASDAQ: FLGC) is increasing the strength of its supply chain, centered in its 100-hectare (about 247-acre) cultivation facility located in the heart of Colombia’s green climate, by finalizing a distribution agreement with the Misak indigenous tribe’s pharmaceutical arm.
“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,” Flora Growth Chairman and CEO Luis Merchan stated in an August news release announcing the arrangement (https://nnw.fm/E2QIj). “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.”
Pharma Indigena Misak Manasr Sas, referred to simply as Manasr, is the tribe’s pharmaceutical enterprise, which in 2020 became the first native community business to receive a license from the national Ministry of Justice for producing legal cannabis for medicinal and scientific use, according to Google’s English translation of a local news report (https://nnw.fm/3TpiX).
Flora Growth will assist the tribe with regulatory advice, as well as technical and business support and market promotion for Flora Growth-branded products, particularly as the tribe enters the international supply chain, as Merchan indicated.
The agreement is for three years, with the potential to become a lasting, long-term collaboration.
Prior to the June elections that established Colombia’s current national administration, the country underwent progressive drug policy changes in an effort to cast off its reputation as a haven for illegal drug trade and related organized crime violence. The normalization of the economy and legalization of cannabis commerce for medical purposes with regulated foreign exports have led to a revolutionary new energy for Colombia’s trades, which continues to be supported under the new administration.
Flora’s Cosechemos facility provides cultivation, extraction and isolation operations at the city of Bucaramanga, supplemented by GMP-certified processing at a facility in the nation’s capital, Bogotá.
Flora has established exports to Mexico and Spain and opening doors to the United Kingdom and the United States.
The company recently reported its financial results for the first half of 2022, showing a 604 percent YOY growth in revenues as its design-led product profile and capital acquisitions gain market attention. The revenue growth was also a 117 percent increase over the second half of the previous year (https://nnw.fm/GqSXC).
For more information, visit the company’s website at www.FloraGrowth.com.
NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://nnw.fm/FLGC
NetworkNewsWire (“NNW”) is a financial news and content distribution company, one of 50+ brands within the InvestorBrandNetwork (“IBN”), that provides: (1) access to a network of wire solutions via InvestorWire to reach all target markets, industries and demographics in the most effective manner possible; (2) article and editorial syndication to 5,000+ news outlets; (3) enhanced press release solutions to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of corporate communications solutions. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience comprising investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
To receive SMS text alerts from NetworkNewsWire, text “STOCKS” to 77948 (U.S. Mobile Phones Only)
For more information, please visit https://www.NetworkNewsWire.com
NetworkNewsWire is part of the InvestorBrandNetwork