Flora Growth pleased after Colombian President changes cannabis law

Flora Growth pleased after Colombian President changes cannabis law
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NEW YORK – Near-perfect growing conditions, skilled labor and friendly regulations have underscored Colombia’s emergence in the legal cannabis space since the country first allowed the production of medical cannabis just over five years ago. However, until now, dried cannabis flower, or buds, could only be processed for export as a medicinal oil or extract for fear that flowers would find their way to the black market. The new law puts Colombia “at the forefront in terms of regulatory competitiveness,” according to President Duque, adding that his country will now participate in new markets, including food, beverages, cosmetics, and textiles, in addition to pharmaceuticals.

These circumstances appear favorable for Flora Growth Corp  (NASDAQ: FLGC), which is focused on cannabis cultivation and processing operations in Colombia to supply international markets. The new decree could prove to be a bonanza for established licensed producers, especially when considering the extremely low production costs and that dried cannabis flower represents the majority of sales in countries with mature markets, such as the United States, Germany, United Kingdom, and Australia.

Flora 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.

 

We seek Safe Harbor.

 

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