CannabisNewsBreaks – Flora Growth Corp. (NASDAQ: FLGC) Announces LOI, Enters Promising Australian Medical Cannabis and OTC CBD Space

July 29, 2021 09:25:37

Flora Growth (NASDAQ: FLGC), an all-outdoor cultivator and manufacturer of cannabis-derived products and brands, as signed a Letter of Intent (“LOI”) with Evergreen Pharmacare Pty Ltd. Evergreen is a licensed importer and distributor of medical cannabis products based in Australia, and the LOI calls for Flora to provide raw and finished medical cannabis products for medical cannabis patients. Flora plans to ship the medical-grade cannabis products after the company obtains the correct export licenses and completes its first commercial harvest. The LOI is the second that Flora has signed since recent changes in Colombian law allow the company to sell and export raw cannabis materials, namely dried flower, in addition to derivatives. According to the company, the Australian medical cannabis market is forecast to surpass AU$200 million in 2021 and US$1.5 billion by 2025; some experts forecast that the pharmacist-only CBD market in Australia will reach AU$250 million with approximately 2 million consumers. A key factor in this growth is the decision by the Australian government to move cannabidiol (“CBD”) from Schedule 4 to Schedule 3, which makes it permissible to sell and buy CBD products over the counter. “The agreement with Evergreen will allow us to establish a local partner in Australia while generating incremental revenue from our Colombian cannabis facility and as legislation evolves within Australia,” said Flora Growth chief revenue officer Jason Warnock in the press release. “This agreement also provides significant potential upside by allowing us to work with Australian regulators directly and bring our premium brands and established product formulations to the over-the-counter CBD market. Down-scheduling CBD fits well with Flora’s long-term consumer product strategy of providing proven cannabinoid wellness and beauty products to consumers around the world and we are excited to work with our partners on this new opportunity.”

To view the full press releases, visit https://cnw.fm/5wSG8

About Flora Growth Corp.

Flora Growth is a cannabis company that leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its diverse business divisions of cosmetics, hemp textiles, and food and beverage. As the operator of one of the largest outdoor cultivation facilities, Flora strives to market a higher-quality premium product at below-market prices. By prioritizing natural ingredients and value-chain sustainability across its portfolio, Flora creates premium products that help consumers restore and thrive. For more information about the company, please visit www.FloraGrowth.ca.

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

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

To receive SMS text alerts from CannabisNewsWire, text “CANNABIS” to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CannabisNewsWire.com

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

Do you have questions or are you interested in working with CNW? Ask our Editor

CannabisNewsWire (CNW)
Denver, Colorado
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CannabisNewsWire is part of the InvestorBrandNetwork.