On May 23, 2018, we published revised versions of our Privacy Policy and User Agreements. Please read these updated terms and take some time to understand them. Your use of our services is subject to these revised terms.
Yes, I Agree.

Flora Growth Corp.’s (NASDAQ: FLGC) Expanding into Global Markets

  • Flora Growth recently announced it had signed an LOI to provide a Panama-based international importer and distributor with cannabinoid-containing food and beverages
  • The announcement followed on the heels of regulatory changes passed by Panama’s National Legislative Assembly, which legalized the use of medical cannabis and its therapeutic properties
  • In July, Flora Growth signed an LOI with an international distributor to supply its dried flower and derivatives, an immediate result of the legalization of the export of dried cannabis flower by Colombia’s government

As a wave of cannabis-focused regulatory changes sweeps across Latin America and the world at large, Flora Growth (NASDAQ: FLGC), an internationally focused cannabis brand builder leveraging natural, cost-effective cultivation practices to supply cannabis flower and derivatives to its diverse business divisions, is proving quick to take advantage of these opportunities.  

Following the legalization by Colombia’s government for the export of dried cannabis flower in July this year, for example, Flora immediately reacted, demonstrating an unmatched strategic readiness to make moves right away. The company signed a letter of intent (“LOI”) with Kiricann, a South Africa-based international distributor with distribution agreements in the EU, to supply its dried flower and derivatives (https://nnw.fm/sCEeZ). Additionally, the company signed a non-binding LOI with Evergreen Pharmacare, a licensed Australia-based importer and distributor of medical cannabis products, to supply its premium dried flower and derivatives. 

According to a recent Benzinga article, the Colombian law positioned the company for continued expansion into global markets. Flora Growth, which boasts robust infrastructure, access to skilled agricultural labor, and a strong distribution network, is ideally poised for exports of its cannabis products to do very well worldwide (https://nnw.fm/aMXQq). The company’s low production cost of only $0.06 per gram of cannabis, which is approximately 97% less than the reported costs of Canadian companies Aphria ($1.85 per gram), Sundial ($1.86 per gram), and Tilray (NASDAQ: TLRY) ($2.36 per gram) (https://nnw.fm/ek6KN),  equally give it a substantial competitive edge.

In a move that appears to capitalize on these favorable conditions as well as the regulatory changes passed by Panama’s National Legislative Assembly on August 30, Flora Growth announced September 16 that it had signed an LOI with Panama-based Robust Farms Inc., an international importer and distributor. Under the terms contained in the letter, Flora will provide Robust Farms with cannabinoid-containing food and beverages through its Kasa Wholefoods division, a Colombian manufacturer of food and beverages. 

The Panamanian changes, contained in Bill 153, legalized the use of medical cannabis and its therapeutic properties and further created a regulatory framework to monitor and control access. Following the changes, authorized patients will have the right to access medical cannabis products through licensed pharmacies that will be responsible for distribution.

“It’s expected that Panama will become the first country in Central America to regulate the use of medical cannabis, however, the new regulations must be approved by President Laurentino Cortizo,” the article notes.

Flora Growth President and CEO Luis Merchan lauded Panamanian legislators and advocacy groups for their efforts to push forward the initiative to control and regulate medical cannabis. “Ultimately,” he continued, “it will help provide options for patients who are looking to improve their quality of life by utilizing emerging cannabinoid therapeutic treatment. We look forward to working with local partners to provide our cannabis products to the citizens of Panama.”

As Flora Growth continues its global expansion, it is focused on creating a balance between international collaborations and serving local communities. The company intends to prioritize the protection of the earth and its resources and, therefore, first considers the global impacts of its actions before acting on a local level. This approach helps Flora enact positive connections to the communities it inhabits and stand out, particularly in Colombia. 

Flora Growth operates one of the largest outdoor cultivation facilities in the world with the aim of marketing a higher-quality premium product at below-market prices. Flora Growth offers low-cost cannabis cultivation through its 10.8 million square feet (247 acres) of licensed cultivation land in Colombia, an expansive product and brand portfolio, as well as a strategic global distribution platform. 

For more information, visit the company’s website at www.FloraGrowth.ca.

NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://nnw.fm/FLGC

About NetworkNewsWire

NetworkNewsWire (“NNW”) is a financial news and content distribution company, one of 40+ 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 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

Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer

NetworkNewsWire (NNW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
Editor@NetworkNewsWire.com

NetworkNewsWire is part of the InvestorBrandNetwork

Archives

Select A Month

NetworkNewsWire Currently Accepts

Bitcoin

Bitcoin

Bitcoin Cash

Bitcoin Cash

Doge Coin

Dogecoin

Ethereum

Ethereum

Litecoin

Litecoin

USD Coin

USD Coin

Contact us: 212.418.1217