Flora Growth (NASDAQ: FLGC)
- Plant-based wellness and lifestyle brand cultivator Flora Growth Corp. is building on its initial revenues from 2021 with distribution expansion into Mexico
- The company will initially distribute a portfolio of 12 Mind Naturals skincare products through e-commerce but intends to eventually locate its products in brick-and-mortar stores
- The company’s deal with Mexican department store Coppel gives it a reach nationwide through its online marketplace and, perhaps eventually, Coppel’s 1,253 stores
- Flora Growth’s products will also be distributed through global retail giant Walmart’s e-commerce platform — one of the leading retail chains in Central America
- The company also has an outdoor cultivation segment with operations based in central Colombia, where cannabis can be grown at a fraction of the cost of cultivation in the United States, helping Flora Growth to boost its potential profitability and competitiveness
is expanding its cannabis-derivative brand presence in Latin American countries through cannabidiol (“CBD”) product distribution deals with global retailer Walmart’s online marketplace and Mexican department store chain Coppel’s e-commerce outlet.
Flora Growth’s Mind Naturals skincare brand, built with premium CBD and other high-quality ingredients, as well as the company’s Awe CBD skincare brand, began rolling out in Spain and Mexico a few months ago. Mind Naturals will be distributing a portfolio of 12 products through its agreement with Walmart and Coppel, leading retail chains in Mexico and Central America.
“This agreement represents our first foray into the Mexican market and furthers our global foothold as a leader in plant-based wellness and lifestyle brands,” Flora Growth CEO Luis Merchan stated (https://cnw.fm/v80YI
). “As the cannabis market continues its rapid expansion across the globe and into various sectors, we are poised to meet the needs of the market at every touch point.”
The sales launch will initially take place through e-commerce, but the agreement includes plans to place the Mind Naturals products in brick-and-mortar stores throughout Mexico. Coppel has 1,253 stores in the country.
The Mind Naturals brand is designed to cater to younger consumers beginning a skincare regimen, whereas the Awe CBD brand is aimed more at the prestige market, according to the company (https://cnw.fm/DekXT
Flora’s goal is to become a plant-based wellness and lifestyle collective, distributing pharmaceutical, cosmetic and nutraceutical products around the world from its 100-hectare (about 247-acre) Cosechemos cultivation facilities in central Colombia.
Cosechemos operates economically in one of the world’s most fertile locations for legal cannabis production, growing cannabis flower at what the company estimates to be around 6 cents per gram of dried product.
The price in the United States ranges from 50 cents to $2, according to a CNN news report (https://cnw.fm/ATJrR
“We wanted to grow cannabis in an outdoor way at the lowest production cost in the world,” Merchan told Investor Brand Network’s Bell2Bell podcast earlier this month (https://cnw.fm/Vs1fp
). “We selected Colombia, one of the most beautiful geographies located alongside the equator in the world. Of course, we built a world-class team of agronomists who are helping us grow cannabis in an organic way at a cost that cannot be competed with anywhere, worldwide.”
Merchan said 2021 was a foundational year for the company as it established its infrastructure to capitalize on its first revenues and set the stage for continued growth.
“In 2022, we’re going to see the export of dried flower commence. We’re going to see the export of derivatives into countries such as Australia, South Africa and some portions of Europe, and that of course will also be complemented by organic growth in our portfolio products,” Merchan told the podcast. “We feel very strongly about the growth in our food and beverage category, which continues to increase, and we’re also going to penetrate the North American market with both special brands and other products in our portfolio that are being well received by the North American consumer.”
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://cnw.fm/FLGC
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