- Colombia completes required regulations to allow Colombian cannabis companies, including Flora Growth, to export THC and CBD dried flower globally
- Flora Growth reaffirms its ability to produce 43.6 tonnes of low-cost THC and CBD production costs of 6 cents per gram of dried flower along with full extraction and isolation capabilities at its Colombian cannabis cultivation facility
MIAMI, FLORIDA, TORONTO, ONTARIO – April 4, 2022 — Flora Growth Corp. (NASDAQ: FLGC) (“Flora” or the “Company”), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, is pleased to recognize Colombia’s final passing of all necessary checklists to permit the sale of THC and CBD dried flower to international markets via Resolution 539.
On April 1, the Government of Colombia finalized the cannabis flower regulatory checklist under Resolution 539 permitting licensed cannabis cultivators with export quotas, including Flora, to pass a mandatory approval process for the export of both CBD and THC flower. These export steps include adjustments to Flora’s approved 43.6-tonne quota, which allows the addition of dried flower to be included with all existing purchase agreements from countries including Germany, Israel, Australia, South Africa, Portugal, and Malta. This update also includes the requirement for genetics registrations attached to all high THC cultivars. Before the passage of this update, Flora Growth’s export quota already permitted the export of derivative products produced at its cultivation facility.
“Flora applauds the recent announcement by the Colombian Government as we have been working diligently to have all the necessary approvals and capabilities available to produce high THC flower, including multiple cannabis strains with THC levels over 20 percent,” said Jason Warnock, Flora’s Chief Commercial Officer. “This resolution also clears the path to export dried CBD flower to markets including the United States where Flora already sell hundreds of CBD products via owned brands like JustCBD, MIND, and Mambe.”
Flora maintains a low cost of cultivation of approximately 6 cents per gram on its fully integrated 254-acre licensed cannabis farm, Cosechemos, that includes on-site cryo-ethanol extraction, advanced drying systems, sterilization and cannabinoid isolation systems, and advanced testing within the onsite laboratory. The Cosechemos facility uses only organic farming cultivation techniques and is currently capable of producing 600 kg of dried cannabis daily, as well as over 10,000 kg of cannabis derivatives annually under EU-GMP guidelines.
With the passage of resolution 539, Flora can now include shipments of dried cannabis flower with derivatives exports including to its subsidiaries Flora Lab in Bogota, Colombia, and JustCBD in Fort Lauderdale, Florida, completing the vertical integration of certain Flora portfolio products including its CBD edible, topicals, and other infused products.
About Flora Growth Corp.
Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands that is designed to deliver one of 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 diverse business divisions of cosmetics, hemp textiles, and food and beverage. Visit www.floragrowth.com or follow @floragrowthcorp on social for more information.
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