Flora Growth’s (NASDAQ: FLGC), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, has received its annual export quote from the Colombian Ministry of Health and Social Protection. The company announced that the quota is for a total of 43,600 kg of high-THC cannabis, an updated quota that allows adequate export of medical cannabis products to meet Flora’s existing and future supply agreements in both bulk dry flower and derivatives. That allotment means Flora can produce and export both high-THC dry flower and cannabis derivative products and start to fulfill its previously announced agreements, including the agreement to send 3,600 kg of high-THC flower to Israel-based Artos. The company anticipates producing and exporting both high-THC dry flower and cannabis derivative products. With the allotment, the company will be able to export its Good Agricultural and Collection Process (“GACP”)-certified products to legal cannabis jurisdictions around the world. According to the announcement, the Colombian government’s quota system only requires a quota for high-THC or psychoactive cannabis; the government does not limit the cultivation or production of high-CBD flower or derivatives with less than 1.0% THC. The company also announced that it had received approval from the Colombian Agricultural Institute for the cultivation of four additional strains. “With receipt of this expanded 2022 quota, we can now work towards fulfilling previous agreements, including the agreement with Artos Ltd. to send high-THC cannabis to Israel and other legal markets,” said Flora Growth chief commercial officer Jason Warnock in the press release. “The changes to the export quota this year represent a major milestone for Colombian exports and provide a clear pathway for the region to make a significant global impact on the cannabis industry.”
To view the full press release, visit https://ibn.fm/zIQ9a
About Flora Growth Corp.
Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands that delivers 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. 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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