Flora Growth (NASDAQ: FLGC), an all-outdoor cultivator and manufacturer of cannabis-derived products and brands, has announced that new Colombian regulations allow the company to increase revenue both long and short term. The regulations also enhance the company’s global supply chain of premium brands and products, and expand economics both domestically and abroad. The changes were made when the president of Colombia accepted and signed into effect revisions to existing Colombian cannabis laws. Revisions now allow for the sale and export of raw cannabis materials, including dried flower, to international markets. In addition, Colombian cultivators are now positioned to be leading suppliers to the global cannabis market. The revised regulations also permit the manufacturing, sale and export of ingestible cannabinoid products in Colombia, providing near-term revenue potential for Flora’s Kasa Wholefoods division. “This legislative update immediately accelerates Flora’s ability to generate revenue through the sale of our cannabis flower to international markets, as noted by our first international supply agreement. Having the ability to export our high-margin, high-quality cannabis flower – in addition to selling cannabinoid ingestible products – will meaningfully impact our growth and revenue generation,” Flora Growth Chief Revenue Officer Jason Warnock stated in the news release. “We are very excited to leverage our existing product portfolio and distribution channels to quickly deliver these new products to Colombians and our international partners.”
In addition, Argus Research, an independent investment research firm, released an Equity Research Report coverage on Flora Growth. The report noted that FLGC leverages cost-effective cannabis cultivation in Colombia and supplies cannabis as well as its derivatives for an expanding range of products, including cosmetics, pharmaceuticals, food and beverages, and hemp-based textiles. The report noted that FLGC’s Colombian cultivation operation benefits from favorable weather and produces harvest year-round, with costs lower than other Colombian producers. “In our view, Flora Growth is well positioned to participate in a global cannabis market that BDS Analytics projects will reach $56 billion by 2026, up from $21 billion in 2020,” the report states.
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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
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