Flora Growth (NASDAQ: FLGC), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, has received its 2021 export quota from the Colombian Technical Quotas Group (“TQG”) of 7,900 kilograms of high-THC cannabis dried flower; the company anticipates using the dried flower for direct sale or to process into derivative products that will be exported. FLGC has already signed numerous agreements for the sale and distribution of the dried flower as well as derivative products into several international jurisdictions, including South Africa, Australia, Latin America and the European Union.
FLGC management stated that receiving the quota was a milestone for the company and noted that the new 2021 export quota allocation should be sufficient for the company to meet the international demand for its products for the remainder of 2021 and into 2022. According to the company, the highest prices in the industry are in the psychoactive cannabis market, with the average wholesale price of THC distillate oil projected to reach anywhere from $3,500 to $8,000 per kilogram. “We have been eagerly anticipating and preparing for this announcement by cloning thousands of plants, which we currently have in propagation waiting to be transferred into our fields,” said Flora Growth vice president of agriculture Javier Franco in the press release. “While awaiting this quota, we were focused on optimizing our cultivation strategy and demonstrating our industry-leading production costs of just $0.06 per gram, while continuing to build out our facilities and applying for third party certifications. While we prioritize planting the new high-THC cultivars, it’s also important to note we are actively harvesting our high-CBD crops, and anticipate that this harvest will create a robust pipeline of cannabis derivatives for Flora to use across its premium brands and products, as well as for export to multiple international markets.”
To view the full press release, visit https://ibn.fm/YXZFL
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://ibn.fm/FLGC
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