- Panama’s National Assembly recently passed a bill legalizing cannabis for medical use
- Plans are already in place to establish a technical council on cannabis, a national register of qualified users, and the issuance of seven licenses for import and domestic production of cannabis-based medicinal products
- Robust Farms Inc., a Panama-based importer and distributor, is set to receive its cannabis import license
- Flora has entered into a non-binding LOI with Robust to initially supply its premium CBD-derivative products from its Kasa Wholefoods division
- This marks a significant move in Flora’s overall global expansion plan
Years of research have shown that medical cannabis is helpful for pain control. It has also proven effective as a muscle relaxant, and it has even been shown to lessen tremors in Parkinson’s disease. Other ailments it has been known to manage include endometriosis, fibromyalgia, interstitial cystitis, and other conditions where the final common pathway is chronic pain (https://ibn.fm/vubpZ).
Governments worldwide are slowly warming up to the idea of legalizing cannabis for medical use, having weighed the pros and cons of such a move. In the United States, 18 states, and Washington, DC, have legalized the product, and over 30 countries around the world have done so as well (https://ibn.fm/R3BWs). The latest addition to that list is Panama.
Having passed a bill in the National Assembly on August 30, 2021, it is now awaiting the president’s signature to be approved into law (https://ibn.fm/IAUDg). In the meantime, systems are already in place to establish a technical council on cannabis, a national register of qualified users, and the issuance of seven licenses for import and domestic production of cannabis-based medicinal products (https://ibn.fm/qU1s9). One of the licenses is set to be issued to Robust Farms Inc.
Flora Growth (NASDAQ: FLGC) has, since its inception, remained focused on global growth, as evidenced by its strategic global distribution platform, along with an expansive brand and product portfolio. With the legalization of cannabis for medical use in Panama, Flora recognizes the opportunity therein and has already entered into a non-binding Letter of Intent (“LOI”) with Robust to supply its premium cannabidiol (“CBD”)-derivative products from its Kasa Wholefoods division (https://ibn.fm/GcEti).
This move will see Panama added to the list of Flora user markets, including Australia, different countries in Latin America, Europe, and Asia (https://ibn.fm/Lfv0r). Additionally, it will position Flora strategically in the Central American market, mainly since Panama is the first country in that region to open a regulated market.
“We’re extremely pleased to enter into this agreement with Flora in order to pre-emptively secure access to their medical-grade cannabis products- which we believe is the first of its kind to be announced since the cannabis legislation passed- and look forward to supplying our clients with Flora’s premium portfolio of CBD-infused and non-CBD food and beverage products in the short term,” noted Maurice Holmes Mendez, the Chief Executive Officer (“CEO”) of Robust (https://ibn.fm/aZzEZ).
Already, Robust is doing all the requisite groundwork, building its medical cannabis sales channels in the Latin America (“LATAM”) region in readiness for its partnership with Flora.
This LOI marks a significant move for Flora as it sets its eyes on expanding even further to other regions and markets worldwide. It follows the recent €2 million investment in Hoshi international Inc. as part of its European expansion plan (https://ibn.fm/KTDE1). Given what the company has achieved so far, it is easy to see why its future looks promising.
For more information, visit the company’s website at 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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