FORT LAUDERDALE, FLORIDA, TORONTO, ONTARIO – September 26, 2022 — Flora Growth Corp. (NASDAQ: FLGC) (“Flora” or the “Company”), a leading all-outdoor cultivator, manufacturer and distributor of global cannabis products and brands, announced today that the Company has completed its first exports of Colombian grown high-CBD dried cannabis flower to Switzerland and the Czech Republic as well as CBD isolate to the United States.
“As our global distribution network continues to evolve, adding these three industry-leading countries to our footprint is a major milestone for Flora,” said Luis Merchan, Chairman and CEO of Flora Growth. “Our cultivation operation in Colombia, which provides high-quality, high-margin flower and derivatives, has experienced increasing demand. These exports are a testament to our team’s ability to execute in a very complex global regulatory environment and create new commercial revenue for our company.”
This announcement also marks the launch of Flora’s commercial website where approved buyers can learn about Flora’s cultivation and grow practices, and can also initiate orders for high-THC and high-CBD dry flower as well as derivative products.
The global CBD market is estimated to reach US$47 billion by 2028, up from US$4.9 billion in 2021. Switzerland recently announced a pilot project to open adult-use cannabis sales this summer in Basel, to test the viability of a fully legal recreational market.
“We are proud to help increase access to safe, legal CBD and THC to consumers all over the globe,” Merchan added. “We look forward to working closely with our partners in Europe and North America to bring high-quality Colombian cannabis products and raw materials to market.”
About Flora Growth Corp.
Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands, designed to deliver the most compelling customer experiences in the world, one community at a time. As the operator of one of the largest outdoor cannabis cultivation facilities, Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its commercial, house of brands, and life sciences divisions. Visit www.floragrowth.com or follow @floragrowthcorp on social media for more information.
Sean Mansouri, CFA
+1 (858) 221-8001