- This represents one of the first-ever exports of CBD containing food and beverage products from Colombia to the U.S. market.
- This export comes as a result of the recent Colombian law change, Resolution 227, that permits the manufacturing and export of food and beverage products that contain non-psychoactive cannabinoids, among other favorable changes.
- The initial products are from Flora’s Mambe brand and validate the pathway of bringing low-cost non-psychoactive cannabinoid products from Colombia into the U.S.
- Flora expects to import additional low-cost raw materials and finished product into the U.S. to be integrated into its supply chain and distribution network, including JustCBD’s extensive U.S. operations.
MIAMI & TORONTO--(BUSINESS WIRE)--Flora Growth Corp. (NASDAQ: FLGC) (“Flora” or the “Company”), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, announces that it has completed its first import of CBD-containing food and beverage products into the United States from Colombia under its Mambe brand. This announcement comes after Colombian President, Ivan Duque, signed Resolution 227 last week, which provided the necessary framework for the use, distribution and export of cannabis, dried flower, and other non-psychoactive derivatives.
Over the coming weeks and months, Flora expects to expand distribution of its CBD-containing food and beverage products, including juices, chocolates, and ghee, among others. Flora will also continue to expand distribution of non-psychoactive flower and derivatives from its Cosechemos cultivation and extraction facility.
“We are thrilled to be the first Colombian cannabis operator to capitalize on the law change President Duque signed into effect,” commented Flora Growth CEO, Luis Merchan. “We are grateful for the Colombian government’s forward-thinking approach to cannabis regulation and are excited to bring Colombian-made cannabis food and beverage products to the U.S. market. Our team anticipated this regulatory update and has been laying the necessary foundation to expand this new supply chain pathway allowing Flora to quickly bring our diverse product portfolio and low-cost cannabis inputs to new high-growth international markets.”
As noted earlier this week, Flora expects to capitalize on multiple synergies relating to its JustCBD acquisition. This includes the global expansion of the JustCBD brand into Colombia, and the inclusion of Flora’s existing product portfolio across JustCBD’s extensive U.S. distribution network and 300,000 loyal customers. Flora will also explore integrating its supply chain by utilizing the CBD oils and isolates from its Cosechemos cultivation in JustCBD products to leverage its owned, cost-advantaged cultivation to drive lower cost of goods.
You can read more about the JustCBD acquisition on Flora Growth's website.
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 [media] for more information.
Cautionary Statement Concerning Forward-Looking Statements
This document contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: the size of markets for cannabis and cannabis products; the expected and anticipated benefits with respect to Flora’s acquisition of JustCBD, the collaboration with third parties; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this document and other statements made from time to time by us or our representatives may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, or the forward-looking events discussed in this document and other statements made from time to time by us or our representatives not occurring, except as may be required by applicable law.
Contacts
Investor Relations:
Evan Veryard
evan.veryard@floragrowth.com
Public Relations:
Cassandra Dowell
+1 (858) 264-6600
flora@cmwmedia.com