- Cannabis product cultivator Flora Growth Corp. operates a premium growing facility in central Colombia and has received a growing list of authorizations to export its cannabis products for varied health and wellness purposes
- Flora Growth’s authorized distribution of low-THC CBD cannabis derivatives has been recently expanded to include a quota of up to 43,600 kg of products with high-THC cannabis
- Flora also reached agreement with Israel-based DNO Group to further commercialize Flora’s Mind Naturals skin care products through potential distribution outlets in Hong Kong, with plans to build into outlets in Israel and India later
- Colombia has also authorized the company to add four new genetic strains to its high-yield THC and high-yield CBD (cannabidiol) product portfolio for use in commercial products
Global cannabis brand builder Flora Growth (NASDAQ: FLGC) solidified distribution deals this month that expand the amount of high-THC (tetrahydrocannabinol) dry flower and cannabis derivative products it is permitted to export from its Colombia base of operations and open new market opportunities for its Mind Naturals skin care products in Asia and Eastern Europe.
Flora Growth is an internationally focused company with all-outdoor cultivation facilities in central Colombia where growing conditions are some of the most ideal in the world. Its 100-hectare (about 247-acre) Cosechemos facility benefits from a government that is increasingly friendly to cannabis production and transportation, having legalized exportation last year of dried flower for food, textile and medicinal purposes and having established the regulations just last month (https://cnw.fm/MkrMG).
On March 15, the company announced that the Colombian government’s Ministry of Health and Social Protection expanded authorization on its product exports to include not only cannabis derivative products with less than 1% of the psychoactive THC compound but also up to 43,600 kg of products with high-THC cannabis that are designed for health and wellness uses and not the recreational-use market.
“With receipt of this expanded 2022 quota, we can now work towards fulfilling previous agreements, including the agreement with Artos Ltd. to send high-THC cannabis to Israel and other legal markets,” Flora’s Chief Commercial Officer Jason Warnock stated (https://cnw.fm/8nFZy). “The changes to the export quota this year represent a major milestone for Colombian exports and provide a clear pathway for the region to make a significant global impact on the cannabis industry.”
The government’s Agricultural Institute (“ICA” or Instituto Colombiano Agropecuario) also authorized Flora to add four additional strains to its high-yield THC and high-yield CBD (cannabidiol) product portfolio, expanding potential commercialization opportunities for the company.
In the meantime, the new distribution agreement regarding its Mind Naturals premium CBD skin care brand teams Flora with Israel-based DNO Group, a company with over 50,000 points of sale throughout Asia as part of its broad global reach.
Together, the companies will use an omnichannel approach including brick and mortar retail, e-commerce and other wholesale markets to market Mind Naturals in Hong Kong with anticipated expansion to Israel and India during second-phase growth, according to the company (https://cnw.fm/zYNOW).
The agreement builds on Mind Natural’s 12-product retail launches through Walmart.com and Mexico’s Coppel, which has a network of 1,253 stores in the country (https://cnw.fm/k6nMb), and initial exports to Spain.
“With quality ingredients and a thoughtful customer experience, Mind offers something different in this competitive space. We look forward to working with DNO to bring this unique offering to key markets around the world,” CEO Luis Merchan stated.
For more information, visit Flora Growth’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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