TORONTO – Flora Growth Corp. (NASDAQ: FLGC), an all-outdoor cultivator and manufacturer of cannabis-derived products and brands, provided an update on its cannabis cultivation activities in Colombia. The Company is in its eighth week of cultivating high-CBD strains of cannabis utilizing proven growing methodologies, while simultaneously preparing for commercial production of high-THC cannabis scheduled to begin in June 2021. Furthermore, the Company is awaiting the implementation of legislative changes in Colombia which are anticipated to facilitate an expansion of Flora’s wholesale enterprise, as it eyes new international cannabis markets.
Flora’s cultivation farm is in Bucaramanga, Colombia and is licensed to cultivate and process non-psychoactive (high-CBD) and psychoactive (high-THC) cannabis and derivatives on its 247-acre (100 hectares) land package.
The changing cannabis landscape in South America continues to present unique and favorable opportunities for Flora. Recently, the Colombian government announced a bill that would allow for both sale and export of dry flower globally. The law has passed through all requisite levels of the Colombian legislative process and now only awaits a signature from the Colombian President.
“Flora is uniquely positioned, from our low-cost cultivation process in Colombia, to our internationally renowned house of brands, and we could not be more thrilled to be executing on our vision in such an expedited fashion,” said Luis Merchan, President and CEO of Flora. “We selected Colombia for our cultivation as it has the perfect weather conditions for outdoor cannabis cultivation, enabling us to grow high-quality crops at a fraction of the cost of indoor growing, due to the reduction in energy and resource costs. We believe that while cannabis continues to commoditize, the winners of the global supply chain of cannabis derivatives will be those with the lowest production costs who are able to maintain quality. Not only are we able to meet those requirements, but we do it in a sustainable way that supports the local community. While we are only at phase one of our production capacity, we believe that we will quickly meet and surpass the production capacities and standards of existing global operators.”
While the Company prepares for entrance into the psychoactive plant cultivation space, the crop currently in production will be one of the largest outdoor CBD-rich crops at scale and anticipate its harvest will create a robust pipeline of cannabis derivatives for the Company to use in its own products, and for export to multiple international markets.
Flora is a cannabis company that works to leverage 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 world’s largest outdoor cannabis 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.
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